2024 Q3 Form 10-Q Financial Statement

#000119312524254195 Filed on November 08, 2024

View on sec.gov

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

Facts In Submission

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us-gaap Use Of Estimates
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<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;">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: &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;">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

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