2023 Q1 Form 10-K Financial Statement

#000156459023004568 Filed on March 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $3.340M $12.23M
YoY Change 142.05%
Gross Profit $1.118M $10.12M
YoY Change -60.72%
Gross Profit Margin
Selling, General & Admin $3.808M $20.60M
YoY Change 80.27%
% of Gross Profit 340.61% 203.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.571M $7.128M
YoY Change 113.73%
% of Gross Profit 140.52% 70.42%
Operating Expenses $933.0K $1.432M $2.941M
YoY Change 54.95% -52.73% -20.6%
Operating Profit -$933.0K -$2.941M
YoY Change 54.95% -20.6%
Interest Expense $1.951K $2.241M $3.984M
YoY Change -97.31% 6905.25% 3351.22%
% of Operating Profit
Other Income/Expense, Net $46.79K -$123.5K $8.569M
YoY Change -97.43% -112.92% 699.76%
Pretax Income -$886.2K $686.0K $5.628M
YoY Change -172.77% -133.62% -313.77%
Income Tax $35.56K $478.5K $795.2K
% Of Pretax Income 69.76% 14.13%
Net Earnings -$921.8K $207.5K $4.833M
YoY Change -175.69% -110.17% -283.57%
Net Earnings / Revenue
Basic Earnings Per Share -$0.10 $0.14
Diluted Earnings Per Share -$0.10 $0.02 $0.14
COMMON SHARES
Basic Shares Outstanding 9.367M 34.50M 6.900M
Diluted Shares Outstanding 6.900M 6.900M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $246.7K $992.2K $992.2K
YoY Change -0.39% 114.63% 114.63%
Cash & Equivalents $246.7K $992.2K
Short-Term Investments
Other Short-Term Assets $94.97K $1.171M $1.171M
YoY Change -55.24% 341.41% 341.41%
Inventory
Prepaid Expenses $94.97K $77.77K
Receivables
Other Receivables $295.0K
Total Short-Term Assets $1.082M $2.163M $2.163M
YoY Change 135.23% 197.32% 197.32%
LONG-TERM ASSETS
Property, Plant & Equipment $37.79M $37.16M $39.71M
YoY Change 75.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.941M
YoY Change -53.03%
Other Assets $25.69M $25.04M $25.04M
YoY Change -90.69% -90.93% -90.93%
Total Long-Term Assets $25.69M $25.04M $25.04M
YoY Change -90.69% -90.93% -90.93%
TOTAL ASSETS
Total Short-Term Assets $1.082M $2.163M $2.163M
Total Long-Term Assets $25.69M $25.04M $25.04M
Total Assets $26.77M $27.20M $27.20M
YoY Change -90.32% -90.17% -90.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.876M $4.598M $4.598M
YoY Change 312.38%
Accrued Expenses $5.966M $4.807M $4.807M
YoY Change 81.72% 52.43% 52.43%
Deferred Revenue
YoY Change
Short-Term Debt $502.7K $1.393M $1.393M
YoY Change 235.12% 828.8% 828.8%
Long-Term Debt Due $446.1K $1.044M
YoY Change
Total Short-Term Liabilities $7.468M $7.135M $7.135M
YoY Change 114.49% 114.73% 114.73%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.373M $7.221M $7.221M
YoY Change -43.1% -50.89% -50.89%
Total Long-Term Liabilities $7.373M $7.221M $7.221M
YoY Change -43.1% -50.89% -50.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.468M $7.135M $7.135M
Total Long-Term Liabilities $7.373M $7.221M $7.221M
Total Liabilities $14.84M $14.36M $14.36M
YoY Change -9.72% -20.36% -20.36%
SHAREHOLDERS EQUITY
Retained Earnings -$14.45M -$13.53M
YoY Change -9.42% -21.21%
Common Stock $523.9K $1.104M
YoY Change 75821.88% 159859.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$13.93M -$12.43M $12.85M
YoY Change
Total Liabilities & Shareholders Equity $26.77M $27.20M $27.20M
YoY Change -90.32% -90.17% -90.17%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$921.8K $207.5K $4.833M
YoY Change -175.69% -110.17% -283.57%
Depreciation, Depletion And Amortization $1.571M $7.128M
YoY Change 113.73%
Cash From Operating Activities -$948.1K -$234.2K -$965.7K
YoY Change 152.44% 218.49% 43.64%
INVESTING ACTIVITIES
Capital Expenditures $23.00K $14.11M
YoY Change -43.07%
Acquisitions
YoY Change
Other Investing Activities -$444.1K $254.9M $255.1M
YoY Change -375.86% -192.41%
Cash From Investing Activities -$444.1K $254.9M $255.1M
YoY Change -375.86% -192.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 646.8K -253.7M -253.6M
YoY Change -191.51%
NET CHANGE
Cash From Operating Activities -948.1K -234.2K -965.7K
Cash From Investing Activities -444.1K 254.9M 255.1M
Cash From Financing Activities 646.8K -253.7M -253.6M
Net Change In Cash -745.5K 961.3K 529.9K
YoY Change 247.4% -1407.06% 24.2%
FREE CASH FLOW
Cash From Operating Activities -$948.1K -$234.2K -$965.7K
Capital Expenditures $23.00K $14.11M
Free Cash Flow -$971.1K -$15.08M
YoY Change -40.78%

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462274
CY2022 adex Deferred Underwriting Commissions Charged To Additional Paid In Capital
DeferredUnderwritingCommissionsChargedToAdditionalPaidInCapital
-2898000
CY2021 adex Deferred Underwriting Commissions Charged To Additional Paid In Capital
DeferredUnderwritingCommissionsChargedToAdditionalPaidInCapital
9660000
CY2021 adex Initial Value Of Common Stock Subject To Possible Redemption
InitialValueOfCommonStockSubjectToPossibleRedemption
276000000
CY2022 adex Noncash Remeasurement Of Carrying Value To Redemption Value
NoncashRemeasurementOfCarryingValueToRedemptionValue
2986368
CY2021 adex Deferred Offering Costs Paid By Sponsor Loan
DeferredOfferingCostsPaidBySponsorLoan
18773
CY2021 us-gaap Payments For Repurchase Of Private Placement
PaymentsForRepurchaseOfPrivatePlacement
6000476
CY2022 adex Reduction Of Deferred Underwriting Fee Payable
ReductionOfDeferredUnderwritingFeePayable
2898000
CY2021Q1 adex Sale Of Private Placement Warrants
SaleOfPrivatePlacementWarrants
6550000
CY2021Q1 adex Cost Of Per Private Placement Warrant
CostOfPerPrivatePlacementWarrant
1.00
CY2021Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
6550000
CY2021Q1 adex Period Of Underwriters Option To Purchase Units
PeriodOfUnderwritersOptionToPurchaseUnits
P45D
CY2021Q1 adex Deferred Underwriting Fees
DeferredUnderwritingFees
720000
CY2021Q1 adex Sale Of Private Placement Warrants
SaleOfPrivatePlacementWarrants
720000
CY2021Q1 adex Cost Of Per Private Placement Warrant
CostOfPerPrivatePlacementWarrant
1.00
CY2021Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
720000
CY2021Q1 us-gaap Deferred Offering Costs
DeferredOfferingCosts
13800000
CY2021Q1 adex Underwriting Discount
UnderwritingDiscount
4800000
CY2021Q1 adex Deferred Underwriting Discounts And Commissions
DeferredUnderwritingDiscountsAndCommissions
8400000
CY2021Q1 adex Other Offering Costs
OtherOfferingCosts
600000
CY2021Q1 us-gaap Assets Held In Trust
AssetsHeldInTrust
276000000
CY2022Q4 adex Anticipated Stock Redemption Price Per Share
AnticipatedStockRedemptionPricePerShare
10.00
CY2022Q4 adex Business Combination Minimum Threshold Limit Of Net Intangible Assets Required
BusinessCombinationMinimumThresholdLimitOfNetIntangibleAssetsRequired
5000001
CY2022 adex Restriction On Public Share Redemption In Case Of Stockholder Approval Of Business Combination
RestrictionOnPublicShareRedemptionInCaseOfStockholderApprovalOfBusinessCombination
0.15
CY2022 adex Business Combination Incomplete Percentage Of Stock Redemption
BusinessCombinationIncompletePercentageOfStockRedemption
1
CY2022 adex Business Combination Completion Date Of Acquisition
BusinessCombinationCompletionDateOfAcquisition
2023-07-14
CY2022Q4 adex Temporary Equity Shares Redeemed
TemporaryEquitySharesRedeemed
25132578
CY2022Q4 adex Temporary Equity Redemption Value
TemporaryEquityRedemptionValue
253600000
CY2022Q4 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.09
CY2022 adex Price Per Share Reduction To Amount Held In Trust
PricePerShareReductionToAmountHeldInTrust
10.00
CY2022Q4 adex Operating Bank Account Balance
OperatingBankAccountBalance
1000000.0
CY2022Q4 adex Working Capital Deficit
WorkingCapitalDeficit
5200000
CY2022Q4 adex Federal Income Tax And Prepaid Franchise Tax Payable
FederalIncomeTaxAndPrepaidFranchiseTaxPayable
700000
CY2022Q4 adex Operating Bank Account Balance
OperatingBankAccountBalance
1000000.0
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#212529;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;color:#212529;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of <span style="color:#000000;">consolidated</span> financial statements in conformity with GAAP requires the Company’s 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<span style="color:#000000;"> consolidated</span> financial statements and the reported amounts of revenues and expenses during the reporting<span style="color:#000000;"> periods</span>.</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;color:#212529;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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<span style="color:#000000;"> consolidated</span> 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.</p>
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021 adex Allocation Of Net Loss Including Shares Of Common Stock Subject To Possible Redemption
AllocationOfNetLossIncludingSharesOfCommonStockSubjectToPossibleRedemption
-541088
CY2022 adex Weighted Average Redeemable Common Diluted
WeightedAverageRedeemableCommonDiluted
27393431
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#212529;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;color:#212529;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 Depository Insurance Coverage of $250,000. At December 31, <span style="color:#000000;">2022 and December 31,</span> 2021, the Company has not experienced losses on this account, and management believes <span style="color:#000000;">that</span> the Company is not exposed to significant risks on such account.</p>
CY2022 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
250000
CY2022Q4 adex Number Of Additional Extension Month For Initial Business Combination
NumberOfAdditionalExtensionMonthForInitialBusinessCombination
P1M
CY2022Q4 adex Number Of Business Days
NumberOfBusinessDays
10
CY2022Q4 adex Temporary Equity Shares Redeemed
TemporaryEquitySharesRedeemed
25132578
CY2022Q4 adex Temporary Equity Redemption Value
TemporaryEquityRedemptionValue
253600000
CY2022Q4 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.09
CY2022Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
2467422
CY2022 adex Allocation Of Net Loss Including Shares Of Redeemable Common Stock Subject To Possible Redemption
AllocationOfNetLossIncludingSharesOfRedeemableCommonStockSubjectToPossibleRedemption
3860456
CY2022 adex Allocation Of Net Loss Including Shares Of Redeemable Common Stock Subject To Possible Redemption
AllocationOfNetLossIncludingSharesOfRedeemableCommonStockSubjectToPossibleRedemption
3860456
CY2022 adex Allocation Of Net Loss Including Shares Of Common Stock Subject To Possible Redemption
AllocationOfNetLossIncludingSharesOfCommonStockSubjectToPossibleRedemption
972392
CY2021 adex Allocation Of Net Loss Including Shares Of Redeemable Common Stock Subject To Possible Redemption
AllocationOfNetLossIncludingSharesOfRedeemableCommonStockSubjectToPossibleRedemption
-2091672
CY2021 adex Allocation Of Net Loss Including Shares Of Redeemable Common Stock Subject To Possible Redemption
AllocationOfNetLossIncludingSharesOfRedeemableCommonStockSubjectToPossibleRedemption
-2091672
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6900000
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6900000
CY2021 adex Weighted Average Redeemable Common Diluted
WeightedAverageRedeemableCommonDiluted
26492055
CY2021 adex Weighted Average Redeemable Common Basic And Diluted
WeightedAverageRedeemableCommonBasicAndDiluted
26492055
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6853151
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6853151
CY2022 adex Earnings Per Share Redeemable Common Stock Basic
EarningsPerShareRedeemableCommonStockBasic
0.14
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.14
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.14
CY2021 adex Earnings Per Share Redeemable Common Stock Diluted
EarningsPerShareRedeemableCommonStockDiluted
-0.08
CY2021 adex Earnings Per Share Redeemable Common Stock Basic
EarningsPerShareRedeemableCommonStockBasic
-0.08
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2022 us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#212529;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Derivative Financial Instruments</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;color:#212529;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-40,  “Derivatives and Hedging – Contracts in Entity’s Own Stock (“ASC 815-40”).” The classification </p> <p style="margin-top:10pt;margin-bottom:0pt;color:#212529;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#212529;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.</span></p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;color:#212529;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At December 31,<span style="color:#000000;"> 2022 and December 31,</span> 2021, the Company has evaluated both the <span style="color:#000000;">Public Warrants (as defined below) and Private Placement Warrants </span>under ASC 480 and ASC 815-40. <span style="Background-color:#FFFFFF;color:#000000;">Such guidance provides that because the Private Placement Warrants do not meet the criteria for equity treatment thereunder, each Private Placement Warrant must be recorded as a liability. Accordingly, the Company classified each </span><span style="color:#000000;">Private Placement Warrant </span><span style="Background-color:#FFFFFF;color:#000000;">as a liability at its fair value. This liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liability will be adjusted to fair value, with the change in fair value recognized in the Company’s consolidated statement</span><span style="color:#000000;">s</span><span style="Background-color:#FFFFFF;color:#000000;"> of operations. </span><span style="color:#000000;">On the date of the IPO, the Company’s </span><span style="Background-color:#FFFFFF;color:#000000;">Private Placement Warrants met the </span><span style="color:#000000;">criteria </span><span style="Background-color:#FFFFFF;color:#000000;">for equity accounting treatment. On December 23, 2021, the Private Placement Warrants were modified such that the Private Placement Warrants no longer meet the criteria for equity treatment. As such, the Private Placement Warrants were treated as derivative liability instruments from the date of the modification.</span></p>
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
12.00
CY2022 adex Minimum Share Holding Period Upon Closing Of Business Combination
MinimumShareHoldingPeriodUponClosingOfBusinessCombination
P150D
CY2021Q2 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
400000
CY2021Q2 adex Related Party Transaction Units Profit Interest Percentage
RelatedPartyTransactionUnitsProfitInterestPercentage
0.005
CY2021Q2 us-gaap Related Party Transaction Description Of Transaction
RelatedPartyTransactionDescriptionOfTransaction
The cash payment will be due and payable upon the  closing of the Merger.
CY2022Q3 adex Us Federal Excise Tax On Repurchase Of Stock Rate
USFederalExciseTaxOnRepurchaseOfStockRate
0.01
CY2022Q3 adex Us Federal Excise Tax On Repurchase Of Stock Rate
USFederalExciseTaxOnRepurchaseOfStockRate
0.01
CY2022Q4 adex Temporary Equity Shares Redeemed
TemporaryEquitySharesRedeemed
25132578
CY2022Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
2467422
CY2022Q4 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.24
CY2022 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
276000000
CY2022 adex Proceeds Allocated To Public Warrants
ProceedsAllocatedToPublicWarrants
16771351
CY2022 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
14849933
CY2021 adex Remeasurement Of Carrying Value To Redemption Value
RemeasurementOfCarryingValueToRedemptionValue
31621284
CY2021Q4 us-gaap Temporary Equity Aggregate Amount Of Redemption Requirement
TemporaryEquityAggregateAmountOfRedemptionRequirement
276000000
CY2022 adex Remeasurement Of Carrying Value To Redemption Value
RemeasurementOfCarryingValueToRedemptionValue
2986368
CY2022 adex Redemption Of Common Stock
RedemptionOfCommonStock
253712545
CY2022Q4 us-gaap Temporary Equity Aggregate Amount Of Redemption Requirement
TemporaryEquityAggregateAmountOfRedemptionRequirement
25273823
CY2021Q1 adex Sale Of Private Placement Warrants
SaleOfPrivatePlacementWarrants
6550000
CY2021Q1 adex Cost Of Per Private Placement Warrant
CostOfPerPrivatePlacementWarrant
1.00
CY2021Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
6550000
CY2021Q1 adex Sale Of Private Placement Warrants
SaleOfPrivatePlacementWarrants
720000
CY2021Q1 adex Cost Of Per Private Placement Warrant
CostOfPerPrivatePlacementWarrant
1.00
CY2021Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
720000
CY2022 adex Share Holding Period Upon Closing Of Business Combination
ShareHoldingPeriodUponClosingOfBusinessCombination
P1Y
CY2022 adex Related Party Transaction Vesting Description
RelatedPartyTransactionVestingDescription
The units vested as to one-fourth on April 16, 2022 and have vested and will continue to vest 1/36th on the 17th day of each month thereafter, subject to such entity’s continued service through such vesting dates, provided, however, that any unvested units shall fully vest upon the consummation of a merger with a special purpose acquisition company, qualified initial public offering, or other change of control transaction.
CY2022 adex Proceeds From Related Parties
ProceedsFromRelatedParties
139000
CY2021 adex Proceeds From Related Parties
ProceedsFromRelatedParties
19000
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.00
CY2022Q4 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
25041388
CY2022Q4 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
25041388
CY2021Q4 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
276115444
CY2021Q4 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Gain
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain
4535
CY2021Q4 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
276119979
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.1320
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0121
CY2021Q4 us-gaap Share Price
SharePrice
9.88
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
11.50
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.083
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.1170
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0474
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0120
CY2022Q4 us-gaap Share Price
SharePrice
10.11
CY2021Q4 us-gaap Share Price
SharePrice
9.90
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
11.50
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
11.50
CY2022 adex Registration Rights Agreement Term
RegistrationRightsAgreementTerm
The holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of the Working Capital Loans (and any shares of common stock issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of Working Capital Loans) are entitled to registration rights pursuant to a registration rights agreement signed on January 11, 2021, requiring the Company to register such securities for resale. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The registration rights agreement does not contain liquidating damages or other cash settlement provisions resulting from delays in registering the Company’s securities. The Company will bear the expenses incurred in connection with the filing of any such registration statements.
CY2022 adex Registration Rights Agreement Date
RegistrationRightsAgreementDate
2021-01-11
CY2021Q3 adex Contingent Fee Upon Consummation Of Merger
ContingentFeeUponConsummationOfMerger
500000
CY2021Q3 adex Contingent Fee Upon Consummation Of Merger
ContingentFeeUponConsummationOfMerger
250000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
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 Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 adex Common Stock Shares Issued Including Shares Subject To Possible Redemption
CommonStockSharesIssuedIncludingSharesSubjectToPossibleRedemption
9367422
CY2021Q4 adex Common Stock Shares Issued Including Shares Subject To Possible Redemption
CommonStockSharesIssuedIncludingSharesSubjectToPossibleRedemption
9367422
CY2022Q4 adex Common Stock Shares Outstanding Including Shares Subject To Possible Redemption
CommonStockSharesOutstandingIncludingSharesSubjectToPossibleRedemption
34500000
CY2021Q4 adex Common Stock Shares Outstanding Including Shares Subject To Possible Redemption
CommonStockSharesOutstandingIncludingSharesSubjectToPossibleRedemption
34500000
CY2022Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
2467422
CY2021Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
27600000
CY2022 adex Warrants Exercisable Period After Completion Of Business Combination
WarrantsExercisablePeriodAfterCompletionOfBusinessCombination
P30D
CY2022 adex Warrant Expiration Period After Completion Of Business Combination Earlier Upon Redemption Liquidation
WarrantExpirationPeriodAfterCompletionOfBusinessCombinationEarlierUponRedemptionLiquidation
P5Y
CY2022Q4 adex Class Of Warrant Or Right Exercisable
ClassOfWarrantOrRightExercisable
0
CY2022Q4 adex Class Of Warrant Or Right Redemption Price
ClassOfWarrantOrRightRedemptionPrice
0.01
CY2022 adex Minimum Period Of Prior Written Notice Of Redemption Of Warrants
MinimumPeriodOfPriorWrittenNoticeOfRedemptionOfWarrants
P30D
CY2022Q4 adex Minimum Price Per Share Required For Redemption Of Warrants
MinimumPricePerShareRequiredForRedemptionOfWarrants
18.00
CY2022Q4 adex Redemption Triggering Price Of Warrants
RedemptionTriggeringPriceOfWarrants
18.00
CY2022Q4 adex Class Of Warrants Redemption Exercise Price Per Share
ClassOfWarrantsRedemptionExercisePricePerShare
11.50
CY2022Q4 adex Maximum Effective Issue Price To Closing Of Business Combination
MaximumEffectiveIssuePriceToClosingOfBusinessCombination
9.20
CY2022Q4 adex Minimum Percentage Of Equity Proceeds From Issuances
MinimumPercentageOfEquityProceedsFromIssuances
0.60
CY2022Q4 adex Percentage Of Exercise Price Of Warrants Adjusted Equal To Higher Of Market Value And Newly Issued Price
PercentageOfExercisePriceOfWarrantsAdjustedEqualToHigherOfMarketValueAndNewlyIssuedPrice
1.15
CY2022Q4 adex Redemption Triggering Price Of Warrants
RedemptionTriggeringPriceOfWarrants
18.00
CY2022Q4 adex Percentage Of Warrant Redemption Trigger Price Adjusted Equal To Higher Of Market Value And Newly Issued Price
PercentageOfWarrantRedemptionTriggerPriceAdjustedEqualToHigherOfMarketValueAndNewlyIssuedPrice
1.80
CY2022Q4 adex Deferred Tax Assets Organizational Costs Startup Expenses
DeferredTaxAssetsOrganizationalCostsStartupExpenses
321981
CY2021Q4 adex Deferred Tax Assets Organizational Costs Startup Expenses
DeferredTaxAssetsOrganizationalCostsStartupExpenses
152688
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
17851
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
321981
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
170539
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
321981
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
170539
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
795203
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-151332
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-170539
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
151332
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
170539
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
795203
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
151332
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
170539
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.000
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.000
CY2022 adex Effective Income Tax Rate Reconciliation Change In Fair Value Of Warrants
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrants
-0.171
CY2021 adex Effective Income Tax Rate Reconciliation Change In Fair Value Of Warrants
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrants
0.076
CY2022 adex Effective Income Tax Rate Reconciliation Acquisition Related Expenses
EffectiveIncomeTaxRateReconciliationAcquisitionRelatedExpenses
0.075
CY2021 adex Effective Income Tax Rate Reconciliation Acquisition Related Expenses
EffectiveIncomeTaxRateReconciliationAcquisitionRelatedExpenses
-0.221
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.027
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.065
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.141

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