$GATE
Marblegate Acquisition Corp.

2023 Q4 Form 10-K Financial Statement

#000119312524083642 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
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.092M $5.747M $1.670M
YoY Change 15.58% 244.09% 231.69%
Operating Profit -$5.747M -$1.670M
YoY Change 244.09% 231.7%
Interest Expense $95.80K $427.8K $3.306M
YoY Change -94.17% -87.06% 17363.13%
% of Operating Profit
Other Income/Expense, Net $24.34K $436.7K $3.540M
YoY Change -434.34% -87.66% 1264.81%
Pretax Income -$971.9K -$5.311M $1.869M
YoY Change -240.43% -384.11% -798.44%
Income Tax $18.69K $78.83K $639.0K
% Of Pretax Income 34.18%
Net Earnings -$990.6K -$5.390M $1.230M
YoY Change -398.03% -538.06% -559.7%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.08 -$0.45 $0.03
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $123.9K $123.9K $568.4K
YoY Change -78.21% -78.21% 49.51%
Cash & Equivalents $123.9K
Short-Term Investments
Other Short-Term Assets $35.60K $35.60K $325.7K
YoY Change -89.07% -89.07% -5.4%
Inventory
Prepaid Expenses $35.60K
Receivables
Other Receivables
Total Short-Term Assets $159.5K $159.5K $894.1K
YoY Change -82.16% -82.16% 23.41%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $6.781M $6.781M $10.33M
YoY Change -34.33% -34.33% -96.58%
Other Assets $0.00 $0.00 $0.00
YoY Change -100.0%
Total Long-Term Assets $6.781M $6.781M $10.33M
YoY Change -34.33% -34.33% -96.58%
TOTAL ASSETS
Total Short-Term Assets $159.5K $159.5K $894.1K
Total Long-Term Assets $6.781M $6.781M $10.33M
Total Assets $6.940M $6.940M $11.22M
YoY Change -38.14% -38.14% -96.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $373.8K $373.8K $567.8K
YoY Change -34.18% -34.18%
Accrued Expenses $38.79K $38.79K
YoY Change
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 $483.5K $483.5K $1.207M
YoY Change -59.94% -59.94% 246.83%
LONG-TERM LIABILITIES
Long-Term Debt $2.225M $2.225M $200.0K
YoY Change 1012.5% 1012.5%
Other Long-Term Liabilities $2.225M $18.94M $15.21M
YoY Change -85.37% 24.5% -0.27%
Total Long-Term Liabilities $2.225M $21.16M $15.41M
YoY Change -85.56% 37.33% 1.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $483.5K $483.5K $1.207M
Total Long-Term Liabilities $2.225M $21.16M $15.41M
Total Liabilities $21.64M $21.64M $16.62M
YoY Change 30.26% 30.26% 6.52%
SHAREHOLDERS EQUITY
Retained Earnings -$21.48M
YoY Change 36.09%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$21.48M -$14.70M -$5.395M
YoY Change
Total Liabilities & Shareholders Equity $6.940M $6.940M $11.22M
YoY Change -38.14% -38.14% -96.29%

Cashflow Statement

Concept 2023 Q4 2023 2022
OPERATING ACTIVITIES
Net Income -$990.6K -$5.390M $1.230M
YoY Change -398.03% -538.06% -559.7%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$282.9K -$2.563M -$1.001M
YoY Change -37.98% 155.96% 35.44%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $1.313M $3.973M $294.5M
YoY Change -99.55% -98.65% -197.68%
Cash From Investing Activities $1.313M $3.973M $294.5M
YoY Change -99.55% -98.65% -197.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.879M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -964.2K -1.854M -293.3M
YoY Change -99.67% -99.37% -196.92%
NET CHANGE
Cash From Operating Activities -282.9K -2.563M -1.001M
Cash From Investing Activities 1.313M 3.973M 294.5M
Cash From Financing Activities -964.2K -1.854M -293.3M
Net Change In Cash 65.51K -444.5K 188.2K
YoY Change -87.72% -336.18% -50.5%
FREE CASH FLOW
Cash From Operating Activities -$282.9K -$2.563M -$1.001M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2022 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
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CY2022Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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10389781
CY2023 gate Redemption Of Common Stock
RedemptionOfCommonStock
3879175
CY2023 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
269598
CY2023Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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CY2023 gate Offering Costs
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CY2023 gate Offering Costs Charged To Stockholders Deficit
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CY2023Q4 gate Fair Value Of The Founder Shares Attributable To Certain Anchor Investors
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20615450
CY2023 gate Offering Costs Charged To Income Statement
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0
CY2023Q4 us-gaap Unrecognized Tax Benefits
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0
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022Q4 us-gaap Preferred Stock Shares Authorized
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1000000
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.0001
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.0001
CY2022Q4 us-gaap Preferred Stock Shares Issued
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0
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
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0
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q2 gate Percentage Of Common Stock Issued And Outstanding
PercentageOfCommonStockIssuedAndOutstanding
40
CY2023Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2023 us-gaap Dilutive Securities
DilutiveSecurities
0
CY2022 us-gaap Dilutive Securities
DilutiveSecurities
0
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top: 0pt; 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>
CY2023Q4 us-gaap Cash Fdic Insured Amount
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250000
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20656764
CY2023Q4 gate Fair Value Of The Founder Shares Attributable To Certain Anchor Investors
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20615450
CY2023 gate Offering Costs Charged To Income Statement
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41314
CY2023Q4 gate Debt Instrument Convertible Into Equity Warrants Value
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1500000
CY2023 gate Underwriters Option Vesting Period
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P45D
CY2023Q3 gate Deferred Underwriters Fee Waived
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12000000
CY2023Q3 gate Deferred Underwriters Fee
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CY2023Q3 gate Reversal Of Deferred Underwriting Fee
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15000000
CY2023 gate Minimum Lock In Period For Transfer Assign Or Sell Warrants After Completion Of Businescombination
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P30D
CY2023 gate Percentage Of Proceeds From Share Issuances
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0.60
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2023Q4 gate Deferred Tax Asset Startup Costs
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802539
CY2022Q4 gate Deferred Tax Asset Startup Costs
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396253
CY2023Q4 us-gaap Deferred Tax Assets Gross
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802539
CY2022Q4 us-gaap Deferred Tax Assets Gross
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396253
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
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802539
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
396253
CY2023Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2023 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
78830
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
638962
CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
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CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-294477
CY2023 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
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0
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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294477
CY2023 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
294477
CY2023 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
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0
CY2023 gate Effective Tax Rate Reconciliation Change In Fair Value Of Warrants Liabilities Rate
EffectiveTaxRateReconciliationChangeInFairValueOfWarrantsLiabilitiesRate
0
CY2022 gate Effective Tax Rate Reconciliation Change In Fair Value Of Warrants Liabilities Rate
EffectiveTaxRateReconciliationChangeInFairValueOfWarrantsLiabilitiesRate
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CY2023 gate Effective Tax Rate Reconciliation Transaction Costs Of Initial Public Offering Rate
EffectiveTaxRateReconciliationTransactionCostsOfInitialPublicOfferingRate
0
CY2022 gate Effective Tax Rate Reconciliation Transaction Costs Of Initial Public Offering Rate
EffectiveTaxRateReconciliationTransactionCostsOfInitialPublicOfferingRate
0.0001
CY2023 gate Effective Income Tax Rate Reconciliation Business Acquisition Cost
EffectiveIncomeTaxRateReconciliationBusinessAcquisitionCost
-0.15
CY2022 gate Effective Income Tax Rate Reconciliation Business Acquisition Cost
EffectiveIncomeTaxRateReconciliationBusinessAcquisitionCost
0
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.158
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.017
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.342

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