2024 Q3 Form 10-Q Financial Statement
#000119312524254195 Filed on November 08, 2024
Income Statement
Concept | 2024 Q3 |
---|---|
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 | $604.7K |
YoY Change | -37.01% |
Operating Profit | -$604.7K |
YoY Change | -37.01% |
Interest Expense | $69.72K |
YoY Change | -30.28% |
% of Operating Profit | |
Other Income/Expense, Net | $70.99K |
YoY Change | -24.77% |
Pretax Income | -$533.7K |
YoY Change | -38.35% |
Income Tax | $32.10K |
% Of Pretax Income | |
Net Earnings | -$565.8K |
YoY Change | -36.14% |
Net Earnings / Revenue | |
Basic Earnings Per Share | |
Diluted Earnings Per Share | -$0.05 |
COMMON SHARES | |
Basic Shares Outstanding | |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2024 Q3 |
---|---|
SHORT-TERM ASSETS | |
Cash & Short-Term Investments | $96.70K |
YoY Change | -3.3% |
Cash & Equivalents | $96.70K |
Short-Term Investments | |
Other Short-Term Assets | $26.62K |
YoY Change | -86.69% |
Inventory | |
Prepaid Expenses | $26.62K |
Receivables | |
Other Receivables | |
Total Short-Term Assets | $123.3K |
YoY Change | -45.18% |
LONG-TERM ASSETS | |
Property, Plant & Equipment | |
YoY Change | |
Goodwill | |
YoY Change | |
Intangibles | |
YoY Change | |
Long-Term Investments | $4.028M |
YoY Change | -49.65% |
Other Assets | $0.00 |
YoY Change | |
Total Long-Term Assets | $4.028M |
YoY Change | -49.65% |
TOTAL ASSETS | |
Total Short-Term Assets | $123.3K |
Total Long-Term Assets | $4.028M |
Total Assets | $4.152M |
YoY Change | -49.53% |
SHORT-TERM LIABILITIES | |
YoY Change | |
Accounts Payable | $412.9K |
YoY Change | 3.24% |
Accrued Expenses | $68.07K |
YoY Change | |
Deferred Revenue | |
YoY Change | |
Short-Term Debt | $0.00 |
YoY Change | |
Long-Term Debt Due | |
YoY Change | |
Total Short-Term Liabilities | $535.7K |
YoY Change | 4.38% |
LONG-TERM LIABILITIES | |
Long-Term Debt | $3.070M |
YoY Change | 70.56% |
Other Long-Term Liabilities | $19.92M |
YoY Change | 991.45% |
Total Long-Term Liabilities | $22.99M |
YoY Change | 1159.67% |
TOTAL LIABILITIES | |
Total Short-Term Liabilities | $535.7K |
Total Long-Term Liabilities | $22.99M |
Total Liabilities | $23.52M |
YoY Change | 14.41% |
SHAREHOLDERS EQUITY | |
Retained Earnings | -$23.38M |
YoY Change | 15.3% |
Common Stock | |
YoY Change | |
Preferred Stock | |
YoY Change | |
Treasury Stock (at cost) | |
YoY Change | |
Treasury Stock Shares | |
Shareholders Equity | -$23.38M |
YoY Change | |
Total Liabilities & Shareholders Equity | $4.152M |
YoY Change | -49.53% |
Cashflow Statement
Concept | 2024 Q3 |
---|---|
OPERATING ACTIVITIES | |
Net Income | -$565.8K |
YoY Change | -36.14% |
Depreciation, Depletion And Amortization | |
YoY Change | |
Cash From Operating Activities | -$263.1K |
YoY Change | 9.63% |
INVESTING ACTIVITIES | |
Capital Expenditures | |
YoY Change | |
Acquisitions | |
YoY Change | |
Other Investing Activities | $2.971M |
YoY Change | 16.04% |
Cash From Investing Activities | $2.971M |
YoY Change | 16.04% |
FINANCING ACTIVITIES | |
Cash Dividend Paid | |
YoY Change | |
Common Stock Issuance & Retirement, Net | |
YoY Change | |
Debt Paid & Issued, Net | |
YoY Change | |
Cash From Financing Activities | -2.648M |
YoY Change | 16.14% |
NET CHANGE | |
Cash From Operating Activities | -263.1K |
Cash From Investing Activities | 2.971M |
Cash From Financing Activities | -2.648M |
Net Change In Cash | 59.40K |
YoY Change | 48.5% |
FREE CASH FLOW | |
Cash From Operating Activities | -$263.1K |
Capital Expenditures | |
Free Cash Flow | |
YoY Change |
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Income Taxes Paid
IncomeTaxesPaid
|
646886 | ||
us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
158001 | ||
us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
71241 | ||
dei |
Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
|
2020-12-10 | ||
CY2021Q4 | gate |
Total Transaction Cost
TotalTransactionCost
|
42630587 | |
CY2021Q4 | us-gaap |
Payments For Underwriting Expense
PaymentsForUnderwritingExpense
|
6000000 | |
CY2021Q4 | us-gaap |
Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
|
15000000 | |
CY2021Q4 | gate |
Other Offering Costs
OtherOfferingCosts
|
1015137 | |
CY2021Q4 | gate |
Fair Value Of The Private Warrants Included In The Private Placement Units
FairValueOfThePrivateWarrantsIncludedInThePrivatePlacementUnits
|
509600 | |
CY2021Q4 | gate |
Stock Issuance Costs
StockIssuanceCosts
|
505537 | |
CY2021Q4 | gate |
Fair Value Of The Founder Shares Attributable To Certain Anchor Investors
FairValueOfTheFounderSharesAttributableToCertainAnchorInvestors
|
20615450 | |
CY2021Q4 | us-gaap |
Payments To Acquire Restricted Investments
PaymentsToAcquireRestrictedInvestments
|
301500000 | |
CY2021Q4 | gate |
Per Share Value Of Restricted Assets
PerShareValueOfRestrictedAssets
|
10.05 | |
CY2021Q4 | gate |
Term Of Restricted Investments
TermOfRestrictedInvestments
|
P185D | |
CY2024Q3 | us-gaap |
Minimum Net Worth Required For Compliance
MinimumNetWorthRequiredForCompliance
|
5000001 | |
CY2024Q3 | gate |
Percentage Of Public Shares To Be Redeemed In Case Business Combination Is Not Completed
PercentageOfPublicSharesToBeRedeemedInCaseBusinessCombinationIsNotCompleted
|
1 | |
CY2022Q4 | gate |
Temporary Equity Shares Subject To Redemption
TemporaryEquitySharesSubjectToRedemption
|
28989609 | |
CY2022Q4 | gate |
Amount Withdrawn From Trust Account In Connection With Redemption
AmountWithdrawnFromTrustAccountInConnectionWithRedemption
|
293500000 | |
CY2022Q4 | gate |
Per Share Amount Withdrawn From The Trust Account To Pay The Holders Of Temporary Equity
PerShareAmountWithdrawnFromTheTrustAccountToPayTheHoldersOfTemporaryEquity
|
10.12 | |
CY2022Q4 | us-gaap |
Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
|
1010391 | |
CY2023Q2 | gate |
Temporary Equity Shares Subject To Redemption
TemporaryEquitySharesSubjectToRedemption
|
244327 | |
CY2023Q2 | gate |
Amount Withdrawn From Trust Account In Connection With Redemption
AmountWithdrawnFromTrustAccountInConnectionWithRedemption
|
2500000 | |
CY2023Q2 | gate |
Per Share Amount Withdrawn From The Trust Account To Pay The Holders Of Temporary Equity
PerShareAmountWithdrawnFromTheTrustAccountToPayTheHoldersOfTemporaryEquity
|
10.29 | |
CY2023Q2 | us-gaap |
Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
|
766064 | |
CY2023Q4 | gate |
Temporary Equity Shares Subject To Redemption
TemporaryEquitySharesSubjectToRedemption
|
128459 | |
CY2023Q4 | gate |
Amount Withdrawn From Trust Account In Connection With Redemption
AmountWithdrawnFromTrustAccountInConnectionWithRedemption
|
1400000 | |
CY2023Q4 | gate |
Per Share Amount Withdrawn From The Trust Account To Pay The Holders Of Temporary Equity
PerShareAmountWithdrawnFromTheTrustAccountToPayTheHoldersOfTemporaryEquity
|
10.62 | |
CY2023Q4 | us-gaap |
Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
|
637605 | |
CY2024Q3 | gate |
Temporary Equity Shares Subject To Redemption
TemporaryEquitySharesSubjectToRedemption
|
268726 | |
CY2024Q3 | gate |
Amount Withdrawn From Trust Account In Connection With Redemption
AmountWithdrawnFromTrustAccountInConnectionWithRedemption
|
2900000 | |
CY2024Q3 | gate |
Per Share Amount Withdrawn From The Trust Account To Pay The Holders Of Temporary Equity
PerShareAmountWithdrawnFromTheTrustAccountToPayTheHoldersOfTemporaryEquity
|
10.9 | |
CY2024Q3 | us-gaap |
Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
|
368879 | |
CY2024Q3 | us-gaap |
Liquidation Basis Of Accounting Accrued Costs To Dispose Of Assets And Liabilities
LiquidationBasisOfAccountingAccruedCostsToDisposeOfAssetsAndLiabilities
|
100000 | |
CY2023Q2 | gate |
Temporary Equity Shares Subject To Redemption
TemporaryEquitySharesSubjectToRedemption
|
244327 | |
CY2023Q2 | gate |
Amount Withdrawn From Trust Account In Connection With Redemption
AmountWithdrawnFromTrustAccountInConnectionWithRedemption
|
2515240 | |
CY2023Q4 | gate |
Temporary Equity Shares Subject To Redemption
TemporaryEquitySharesSubjectToRedemption
|
128459 | |
CY2023Q4 | gate |
Amount Withdrawn From Trust Account In Connection With Redemption
AmountWithdrawnFromTrustAccountInConnectionWithRedemption
|
1363936 | |
CY2024Q3 | gate |
Temporary Equity Shares Subject To Redemption
TemporaryEquitySharesSubjectToRedemption
|
268726 | |
CY2024Q3 | gate |
Amount Withdrawn From Trust Account In Connection With Redemption
AmountWithdrawnFromTrustAccountInConnectionWithRedemption
|
2927998 | |
CY2024Q3 | us-gaap |
Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
|
68072 | |
CY2024Q3 | gate |
Excise Tax Interest Rate
ExciseTaxInterestRate
|
0.10 | |
CY2024Q3 | gate |
Penalty For Under Payment Tax
PenaltyForUnderPaymentTax
|
0.05 | |
CY2024Q3 | gate |
Percentage Of Penalty For Total Liablity
PercentageOfPenaltyForTotalLiablity
|
0.25 | |
CY2024Q3 | us-gaap |
Cash
Cash
|
96701 | |
CY2024Q3 | us-gaap |
Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
|
4028377 | |
CY2024Q3 | gate |
Net Working Capital
NetWorkingCapital
|
357691 | |
CY2024Q3 | gate |
Interest Income Credited To Trust Account
InterestIncomeCreditedToTrustAccount
|
321143 | |
gate |
Working Capital Deficits
WorkingCapitalDeficits
|
600000 | ||
CY2023Q4 | us-gaap |
Debt Instrument Face Amount
DebtInstrumentFaceAmount
|
450000 | |
us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman";"><div style="font-weight:bold;display:inline;"><div style="font-style: italic; letter-spacing: 0px; top: 0px;display:inline;">Use of Estimates </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The preparation of the condensed 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 condensed 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 condensed 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. One of the significant accounting estimates included in these condensed financial statements is the determination of the fair value of the warrant liability. There are other items in our financial statements that require estimation but are not deemed to be significant, as defined above. </div> | ||
CY2023Q4 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
0 | |
CY2024Q3 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
0 | |
CY2024Q3 | gate |
Cash Withdrawn From Trust Account To Tax Obligations
CashWithdrawnFromTrustAccountToTaxObligations
|
35400 | |
CY2023Q4 | gate |
Cash Withdrawn From Trust Account To Tax Obligations
CashWithdrawnFromTrustAccountToTaxObligations
|
35400 | |
CY2023Q4 | gate |
Temporary Equity Shares Attributable To Parent
TemporaryEquitySharesAttributableToParent
|
637605 | |
CY2023Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
6780204 | |
CY2024Q1 | us-gaap |
Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
|
72669 | |
CY2024Q1 | gate |
Temporary Equity Shares Attributable To Parent
TemporaryEquitySharesAttributableToParent
|
637605 | |
CY2024Q1 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
6852873 | |
CY2024Q2 | us-gaap |
Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
|
38303 | |
CY2024Q2 | gate |
Temporary Equity Shares Attributable To Parent
TemporaryEquitySharesAttributableToParent
|
637605 | |
CY2024Q2 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
6891176 | |
CY2024Q3 | gate |
Extention Of Temporary Equity Share
ExtentionOfTemporaryEquityShare
|
-268726 | |
CY2024Q3 | gate |
Extention Of Temporary Equity Value
ExtentionOfTemporaryEquityValue
|
-2927998 | |
CY2024Q3 | us-gaap |
Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
|
47030 | |
CY2024Q3 | gate |
Temporary Equity Shares Attributable To Parent
TemporaryEquitySharesAttributableToParent
|
368879 | |
CY2024Q3 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
4010208 | |
gate |
Offering Costs
OfferingCosts
|
42630587 | ||
gate |
Offering Costs Charged To Stockholders Deficit
OfferingCostsChargedToStockholdersDeficit
|
42588262 | ||
CY2024Q3 | gate |
Fair Value Of The Founder Shares Attributable To Certain Anchor Investors
FairValueOfTheFounderSharesAttributableToCertainAnchorInvestors
|
20615450 | |
gate |
Offering Costs Charged To Income Statement
OfferingCostsChargedToIncomeStatement
|
41314 | ||
CY2024Q3 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.0601 | |
CY2023Q3 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.0234 | |
us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.038 | ||
us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.0139 | ||
CY2023Q3 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | |
us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | ||
us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | ||
CY2024Q3 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | |
CY2024Q3 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | |
CY2023Q4 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | |
CY2024Q3 | us-gaap |
Income Tax Examination Penalties Accrued
IncomeTaxExaminationPenaltiesAccrued
|
12097 | |
CY2023Q4 | us-gaap |
Income Tax Examination Penalties Accrued
IncomeTaxExaminationPenaltiesAccrued
|
0 | |
us-gaap |
Dilutive Securities
DilutiveSecurities
|
0 | ||
us-gaap |
Dilutive Securities
DilutiveSecurities
|
0 | ||
us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman";"><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;">Concentration of Credit Risk </div></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> | ||
CY2024Q3 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
250000 | |
us-gaap |
Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
|
20656764 | ||
CY2024Q3 | gate |
Fair Value Of The Founder Shares Attributable To Certain Anchor Investors
FairValueOfTheFounderSharesAttributableToCertainAnchorInvestors
|
20615450 | |
gate |
Offering Costs Charged To Income Statement
OfferingCostsChargedToIncomeStatement
|
41314 | ||
CY2024Q3 | gate |
Debt Instrument Convertible Into Equity Warrants Value
DebtInstrumentConvertibleIntoEquityWarrantsValue
|
1500000 | |
gate |
Underwriters Option Vesting Period
UnderwritersOptionVestingPeriod
|
P45D | ||
CY2023Q3 | gate |
Deferred Underwriters Fee Waived
DeferredUnderwritersFeeWaived
|
12000000 | |
CY2023Q3 | gate |
Deferred Underwriters Fee
DeferredUnderwritersFee
|
15000000 | |
CY2023Q3 | us-gaap |
Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
|
-3000000 | |
CY2023Q3 | gate |
Reversal Of Deferred Underwriting Fee
ReversalOfDeferredUnderwritingFee
|
15000000 | |
gate |
Minimum Lock In Period For Transfer Assign Or Sell Warrants After Completion Of Businescombination
MinimumLockInPeriodForTransferAssignOrSellWarrantsAfterCompletionOfBusinescombination
|
P30D | ||
CY2023Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | |
CY2024Q3 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | |
CY2023Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2024Q3 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2024Q3 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
CY2023Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
CY2023Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
CY2024Q3 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
CY2023Q2 | gate |
Percentage Of Common Stock Issued And Outstanding
PercentageOfCommonStockIssuedAndOutstanding
|
40 | |
gate |
Percentage Of Proceeds From Share Issuances
PercentageOfProceedsFromShareIssuances
|
0.60 |