$GLST
Global Star Acquisition Inc

2022 Q4 Form 10-K Financial Statement

#000119312523154178 Filed on May 25, 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 $290.0K $550.0K
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $290.0K $547.9K $1.699K
YoY Change 32146.5%
Operating Profit
YoY Change
Interest Expense $800.0K $840.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net $0.00 $852.0K $0.00
YoY Change
Pretax Income $510.0K $304.1K -$1.699K
YoY Change -18000.82%
Income Tax $140.0K $135.3K $0.00
% Of Pretax Income 27.45% 44.49%
Net Earnings $380.0K $168.8K -$1.699K
YoY Change -10036.08%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.03 $0.01 $0.00
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $880.0K $880.0K $0.00
YoY Change
Cash & Equivalents $877.6K
Short-Term Investments
Other Short-Term Assets $231.5K $230.0K $30.00K
YoY Change 666.67%
Inventory
Prepaid Expenses $0.00
Receivables
Other Receivables
Total Short-Term Assets $1.109M $1.110M $50.00K
YoY Change 2115.03% 2120.0% 66.67%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $95.13M $95.13M
YoY Change
Other Assets $49.53K $50.00K $30.00K
YoY Change 66.67%
Total Long-Term Assets $95.18M $95.18M $30.00K
YoY Change 306945.82% 317166.67%
TOTAL ASSETS
Total Short-Term Assets $1.109M $1.110M $50.00K
Total Long-Term Assets $95.18M $95.18M $30.00K
Total Assets $96.29M $96.29M $80.00K
YoY Change 118676.49% 120262.5% 166.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $180.0K $180.0K
YoY Change
Accrued Expenses $400.0K $400.0K $20.00K
YoY Change 1900.0%
Deferred Revenue
YoY Change
Short-Term Debt $20.00K $20.00K $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $603.6K $600.0K $60.00K
YoY Change 923.45% 900.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.220M $3.220M
YoY Change
Total Long-Term Liabilities $3.220M $3.220M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $603.6K $600.0K $60.00K
Total Long-Term Liabilities $3.220M $3.220M $0.00
Total Liabilities $3.824M $3.820M $60.00K
YoY Change 6382.92% 6266.67%
SHAREHOLDERS EQUITY
Retained Earnings -$2.328M
YoY Change 79940.91%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.328M $92.47M $20.00K
YoY Change
Total Liabilities & Shareholders Equity $96.29M $96.29M $80.00K
YoY Change 118676.49% 120262.5% 166.67%

Cashflow Statement

Concept 2022 Q4 2022 2021
OPERATING ACTIVITIES
Net Income $380.0K $168.8K -$1.699K
YoY Change -10036.08%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$410.0K -$461.8K $16.00K
YoY Change -2150.0% -2986.41%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$12.30M -$94.30M
YoY Change
Cash From Investing Activities -$12.30M -$94.30M $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $25.00K $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.19M 95.64M -16.00K
YoY Change -61050.0% -597846.16%
NET CHANGE
Cash From Operating Activities -410.0K -461.8K 16.00K
Cash From Investing Activities -12.30M -94.30M 0.000
Cash From Financing Activities 12.19M 95.64M -16.00K
Net Change In Cash -520.0K 877.6K 0.000
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$410.0K -$461.8K $16.00K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2022 glst Adjustments To Additional Paid In Capital Increase In Carrying Amount Of Redeemable Common Stock
AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemableCommonStock
8100000
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
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">Concentration of Credit Risk </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 concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. As of December 31, 2022, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. The cash at bank is $877,560 as of December 31 2022. </div>
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2022Q4 us-gaap Cash
Cash
877560
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-73052
CY2022Q2 glst Share Based Compensation Arrangement By Share Based Payment Award Options Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsFairValue
1150000
CY2022 glst Number Of Days After Which Business Combination With In Which Securities Registration Shall Be Effective
NumberOfDaysAfterWhichBusinessCombinationWithInWhichSecuritiesRegistrationShallBeEffective
P60D
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
0
CY2022Q3 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
119720
CY2022Q4 glst Advances From Related Party Current
AdvancesFromRelatedPartyCurrent
0
CY2021Q4 glst Advances From Related Party Current
AdvancesFromRelatedPartyCurrent
42384
CY2022 glst Underwriting Discount Paid Per Unit
UnderwritingDiscountPaidPerUnit
0.2
CY2022 us-gaap Payments For Underwriting Expense
PaymentsForUnderwritingExpense
1840000
CY2022 glst Reimbursement Of Underwriting Expenses
ReimbursementOfUnderwritingExpenses
920000
CY2022 glst Deferred Underwriting Commission Per Unit
DeferredUnderwritingCommissionPerUnit
0.35
CY2022Q4 glst Deferred Underwriting Commissions Noncurrent
DeferredUnderwritingCommissionsNoncurrent
3220000
CY2022Q4 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 glst Period After Which The Warrants Are Exercisable
PeriodAfterWhichTheWarrantsAreExercisable
P30D
CY2022 glst Warrants Exercisable Term From The Closing Of Ipo
WarrantsExercisableTermFromTheClosingOfIPO
P12M
CY2022Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
0
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
CY2022 glst Effective Income Tax Rate Reconciliation Change In Fair Value Of Warrants Percent
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrantsPercent
0.005
CY2021 glst Effective Income Tax Rate Reconciliation Change In Fair Value Of Warrants Percent
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrantsPercent
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.24
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.445
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
135321
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-73052
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
135321
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-73052
CY2022Q4 glst Deferred Tax Assets Start Up Costs
DeferredTaxAssetsStartUpCosts
73052
CY2021Q4 glst Deferred Tax Assets Start Up Costs
DeferredTaxAssetsStartUpCosts
0
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
71302
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
73052
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
73052
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0

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