$ICU
SeaStar Medical Holding Corp

2022 Q4 Form 10-Q Financial Statement

#000119312522284622 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.020M $1.040M
YoY Change 1237.35% 152.8%
% of Gross Profit
Research & Development $1.260M $730.0K
YoY Change 152.0% -26.26%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $7.720M $1.770M
YoY Change 1956.64% 330.24%
Operating Profit -$1.662M
YoY Change 303.96%
Interest Expense -$1.330M -$120.0K
YoY Change -370.9% -118.54%
% of Operating Profit
Other Income/Expense, Net -$10.17M $0.00
YoY Change
Pretax Income -$19.22M -$1.890M
YoY Change -16729.17% -900.92%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$19.22M -$619.6K
YoY Change -16729.17% -362.57%
Net Earnings / Revenue
Basic Earnings Per Share -$0.26
Diluted Earnings Per Share -$1.51 -$0.15
COMMON SHARES
Basic Shares Outstanding 12.70M 7.239M
Diluted Shares Outstanding 7.239M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.00K $50.00K
YoY Change -3.04% -69.85%
Cash & Equivalents $47.00K $116.8K
Short-Term Investments
Other Short-Term Assets $2.980M $1.050M
YoY Change 889.87% 128.74%
Inventory
Prepaid Expenses $2.977M $132.9K
Receivables
Other Receivables $12.00K
Total Short-Term Assets $3.036M $107.3M
YoY Change -97.13% 17077.73%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.730M $0.00
YoY Change -98.36% -100.0%
Total Long-Term Assets $1.731M $0.00
YoY Change -100.0%
TOTAL ASSETS
Total Short-Term Assets $3.036M $107.3M
Total Long-Term Assets $1.731M $0.00
Total Assets $4.767M $107.3M
YoY Change -95.5% 1.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.927M $1.290M
YoY Change 2167.06%
Accrued Expenses $2.245M $840.0K
YoY Change 495.96% 202.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $350.0K
YoY Change
Long-Term Debt Due $1.178M $410.0K
YoY Change
Total Short-Term Liabilities $5.350M $9.386M
YoY Change -51.05% 3284.82%
LONG-TERM LIABILITIES
Long-Term Debt $7.650M $4.110M
YoY Change
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $7.650M $4.110M
YoY Change -27.51% -62.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.350M $9.386M
Total Long-Term Liabilities $7.650M $4.110M
Total Liabilities $13.00M $9.386M
YoY Change 18.96% -17.04%
SHAREHOLDERS EQUITY
Retained Earnings -$99.33M -$8.896M
YoY Change 840.06% -16.72%
Common Stock $1.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.235M -$8.895M
YoY Change
Total Liabilities & Shareholders Equity $4.767M $107.3M
YoY Change -95.5% 1.07%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$19.22M -$619.6K
YoY Change -16729.17% -362.57%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$5.300M -$910.0K
YoY Change 564.89% 1606.04%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.300M 350.0K
YoY Change 685.51% -401.39%
NET CHANGE
Cash From Operating Activities -5.300M -910.0K
Cash From Investing Activities
Cash From Financing Activities 5.300M 350.0K
Net Change In Cash 0.0000000009313 -560.0K
YoY Change -100.0% 222.06%
FREE CASH FLOW
Cash From Operating Activities -$5.300M -$910.0K
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="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Use of Estimates </div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in conformity with US 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 financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. </div></div>
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us-gaap Derivatives Embedded Derivatives
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<div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Derivative Warrant Liabilities </div></div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">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 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">ASC 815-15. The</div> classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">is re-assessed at</div> the end of each reporting period. In accordance with <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">ASC 825-10 “Financial</div> Instruments”, offering costs attributable to the issuance of the derivative warrant liabilities have been allocated based on their relative fair value of total proceeds and are recognized in the statement of operations as incurred. </div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">The 10,350,000 warrants issued in connection with the IPO (the “Public Warrants”) and the 5,738,000 Private Placement Warrants are recognized as derivative liabilities in accordance with <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">ASC 815-40. Accordingly,</div> the Company recognizes the warrant instruments as liabilities at fair value and adjust the instruments to fair value at each reporting period. The liabilities are subject <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">to re-measurement at</div> each balance sheet date until exercised. The fair value of the Public Warrants issued are estimated using the quoted market price and Private Placement Warrants have been estimated using a Monte Carlo simulation model each measurement date. Derivative warrant liabilities are classified <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">as non-current liabilities</div> as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. </div>
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icu Redemption Of Warrants Description
RedemptionOfWarrantsDescription
if: (x) the Company issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of its Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Company’s Sponsor or its affiliates, without taking into account any founder shares held by the Company’s Sponsor or its affiliates, prior to such issuance) (the “Newly Issued Price”); (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Business Combination on the date of the consummation of the Business Combination (net of redemptions); and (z) the volume weighted average trading price of the Company’s common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below under “Redemption of warrants” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.
icu Redemption Of Warrants
RedemptionOfWarrants
18
icu Warrants Expiration
WarrantsExpiration
P5Y
icu Warrant Agreement Description
WarrantAgreementDescription
In addition, the warrant agreement includes a provision that in the event of a tender or exchange offer made to and accepted by holders of more than 50% of the outstanding shares of a single class of common shares, all holders of the warrants would be entitled to receive cash for their warrants (the “tender offer provision”).
CY2022Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-680522
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-5801362
CY2021Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-644720
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-702400

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