$GATE
Marblegate Acquisition Corp.

2022 Q4 Form 10-K Financial Statement

#000119312523088468 Filed on April 03, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021
Revenue $0.00 $0.00 $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 $944.8K $1.670M $503.6K
YoY Change 88.21% 231.69% 50258.0%
Operating Profit -$1.670M -$503.6K
YoY Change 231.7%
Interest Expense $1.644M $3.306M $18.93K
YoY Change 8585.58% 17363.13%
% of Operating Profit
Other Income/Expense, Net -$7.280K $3.540M $259.4K
YoY Change -102.81% 1264.81%
Pretax Income $692.1K $1.869M -$267.6K
YoY Change -360.15% -798.44% 26664.0%
Income Tax $359.7K $639.0K $0.00
% Of Pretax Income 51.98% 34.18%
Net Earnings $332.4K $1.230M -$267.6K
YoY Change -224.94% -559.7% 26664.0%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.01 $0.03 -$6.494K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $568.4K $568.4K $380.2K
YoY Change 49.51% 49.51%
Cash & Equivalents $568.4K
Short-Term Investments
Other Short-Term Assets $325.7K $325.7K $344.3K
YoY Change -5.4% -5.4%
Inventory
Prepaid Expenses $325.7K
Receivables
Other Receivables
Total Short-Term Assets $894.1K $894.1K $724.4K
YoY Change 23.41% 23.41%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.33M $10.33M $301.5M
YoY Change -96.58% -96.58%
Other Assets $0.00 $0.00 $237.9K
YoY Change -100.0% -100.0% 459.76%
Total Long-Term Assets $10.33M $10.33M $301.8M
YoY Change -96.58% -96.58% 709916.07%
TOTAL ASSETS
Total Short-Term Assets $894.1K $894.1K $724.4K
Total Long-Term Assets $10.33M $10.33M $301.8M
Total Assets $11.22M $11.22M $302.5M
YoY Change -96.29% -96.29% 711620.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $567.8K $567.8K
YoY Change
Accrued Expenses $348.0K
YoY Change 34695.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.207M $1.207M $348.0K
YoY Change 247.33% 246.83% 699.89%
LONG-TERM LIABILITIES
Long-Term Debt $200.0K $200.0K $0.00
YoY Change
Other Long-Term Liabilities $15.21M $15.21M $15.25M
YoY Change -0.27% -0.27%
Total Long-Term Liabilities $15.41M $15.41M $15.25M
YoY Change 1.04% 1.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.207M $1.207M $348.0K
Total Long-Term Liabilities $15.41M $15.41M $15.25M
Total Liabilities $16.62M $16.62M $15.60M
YoY Change 6.52% 6.52% 35757.93%
SHAREHOLDERS EQUITY
Retained Earnings -$15.79M
YoY Change 8.0%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$15.79M -$5.395M $286.9M
YoY Change
Total Liabilities & Shareholders Equity $11.22M $11.22M $302.5M
YoY Change -96.29% -96.29% 711620.64%

Cashflow Statement

Concept 2022 Q4 2022 2021
OPERATING ACTIVITIES
Net Income $332.4K $1.230M -$267.6K
YoY Change -224.94% -559.7% 26664.0%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$456.2K -$1.001M -$739.3K
YoY Change -38.2% 35.44%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $294.5M $294.5M -$301.5M
YoY Change -197.68% -197.68%
Cash From Investing Activities $294.5M $294.5M -$301.5M
YoY Change -197.68% -197.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $303.1M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -293.5M -293.3M 302.6M
YoY Change -196.99% -196.92%
NET CHANGE
Cash From Operating Activities -456.2K -1.001M -739.3K
Cash From Investing Activities 294.5M 294.5M -301.5M
Cash From Financing Activities -293.5M -293.3M 302.6M
Net Change In Cash 533.3K 188.2K 380.2K
YoY Change 40.29% -50.5%
FREE CASH FLOW
Cash From Operating Activities -$456.2K -$1.001M -$739.3K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2022Q4 gate Net Working Capital
NetWorkingCapital
326232
CY2022Q4 gate Interest Income Credited To Trust Account
InterestIncomeCreditedToTrustAccount
171418
CY2022 gate Cash Withdrawn From Trust Account To Pay Franchise And Income Taxes
CashWithdrawnFromTrustAccountToPayFranchiseAndIncomeTaxes
989480
CY2022 gate Cash Withdrawn From Trust Account In Connection With Redemption
CashWithdrawnFromTrustAccountInConnectionWithRedemption
293509365
CY2022 gate Working Capital Deficits
WorkingCapitalDeficits
600000
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Use of Estimates </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The preparation of the financial statements in conformity with 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 and the reported amounts of expenses during the reporting period. </div> <div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liability. Accordingly, the actual results could differ significantly from those estimates. </div>
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
300000000
CY2021Q4 gate Temporary Equity Proceeds Allocated To Warrants
TemporaryEquityProceedsAllocatedToWarrants
15600000
CY2022Q4 gate Temporary Equity Issuance Costs
TemporaryEquityIssuanceCosts
-21504526
CY2021 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
38604526
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
301500000
CY2022 gate Redemption Of Common Stock
RedemptionOfCommonStock
293509365
CY2022 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
2399146
CY2022Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
10389781
CY2021 gate Offering Costs
OfferingCosts
42630587
CY2021 gate Offering Costs Charged To Stockholders Deficit
OfferingCostsChargedToStockholdersDeficit
42588262
CY2022Q4 gate Fair Value Of The Founder Shares Attributable To Certain Anchor Investors
FairValueOfTheFounderSharesAttributableToCertainAnchorInvestors
20615450
CY2022 gate Offering Costs Charged To Income Statement
OfferingCostsChargedToIncomeStatement
41314
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.342
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;"><div style="font-style: italic; letter-spacing: 0px; top: 0px;;display:inline;">Concentration of Credit Risk </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 Deposit Insurance Corporation maximum coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. </div>
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021 us-gaap Dilutive Securities
DilutiveSecurities
0
CY2022 us-gaap Dilutive Securities
DilutiveSecurities
0
CY2022 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
20656764
CY2022Q4 gate Fair Value Of The Founder Shares Attributable To Certain Anchor Investors
FairValueOfTheFounderSharesAttributableToCertainAnchorInvestors
20615450
CY2022 gate Offering Costs Charged To Income Statement
OfferingCostsChargedToIncomeStatement
41314
CY2022 gate Underwriters Option Vesting Period
UnderwritersOptionVestingPeriod
P45D
CY2022 gate Minimum Lock In Period For Transfer Assign Or Sell Warrants After Completion Of Businescombination
MinimumLockInPeriodForTransferAssignOrSellWarrantsAfterCompletionOfBusinescombination
P30D
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022 gate Percentage Of Proceeds From Share Issuances
PercentageOfProceedsFromShareIssuances
0.60
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
0
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
42160
CY2022Q4 gate Deferred Tax Asset Startup Costs
DeferredTaxAssetStartupCosts
396253
CY2021Q4 gate Deferred Tax Asset Startup Costs
DeferredTaxAssetStartupCosts
63590
CY2022Q4 gate Unrealized Gain Losses On Trading Securities
UnrealizedGainLossesOnTradingSecurities
0
CY2021Q4 gate Unrealized Gain Losses On Trading Securities
UnrealizedGainLossesOnTradingSecurities
3975
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
396253
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
101775
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
396253
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
101775
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
638962
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-294477
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-101775
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
294477
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
101775
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
638962
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
294477
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
101775
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0
CY2022 gate Effective Tax Rate Reconciliation Change In Fair Value Of Warrants Liabilities Rate
EffectiveTaxRateReconciliationChangeInFairValueOfWarrantsLiabilitiesRate
-0.026
CY2021 gate Effective Tax Rate Reconciliation Change In Fair Value Of Warrants Liabilities Rate
EffectiveTaxRateReconciliationChangeInFairValueOfWarrantsLiabilitiesRate
0.2035
CY2022 gate Effective Tax Rate Reconciliation Transaction Costs Of Initial Public Offering Rate
EffectiveTaxRateReconciliationTransactionCostsOfInitialPublicOfferingRate
0
CY2021 gate Effective Tax Rate Reconciliation Transaction Costs Of Initial Public Offering Rate
EffectiveTaxRateReconciliationTransactionCostsOfInitialPublicOfferingRate
-0.0332
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.158
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.3803
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.342
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0

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