2021 Q4 Form 10-K Financial Statement
#000156459022013725 Filed on April 06, 2022
Income Statement
Concept | 2021 Q4 | 2021 | 2020 Q4 |
---|---|---|---|
Revenue | $0.00 | $0.00 | |
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $375.4K | $1.122M | |
YoY Change | 21320.61% | ||
% of Gross Profit | |||
Research & Development | $500.0K | $2.766M | |
YoY Change | -31.36% | ||
% of Gross Profit | |||
Depreciation & Amortization | |||
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $375.4K | $1.122M | |
YoY Change | 21320.61% | ||
Operating Profit | -$1.122M | -$5.236K | |
YoY Change | |||
Interest Expense | $491.0K | $1.198M | |
YoY Change | -136.19% | ||
% of Operating Profit | |||
Other Income/Expense, Net | $0.00 | -$148.0K | |
YoY Change | -192.5% | ||
Pretax Income | $115.6K | $75.32K | |
YoY Change | -1537.4% | ||
Income Tax | $0.00 | -$1.000K | |
% Of Pretax Income | 0.0% | -1.33% | |
Net Earnings | $115.6K | $75.32K | -$5.236K |
YoY Change | -2307.41% | -1537.35% | |
Net Earnings / Revenue | |||
Basic Earnings Per Share | -$0.63 | ||
Diluted Earnings Per Share | $8.857K | $6.171K | |
COMMON SHARES | |||
Basic Shares Outstanding | 7.239M | ||
Diluted Shares Outstanding | 7.239M |
Balance Sheet
Concept | 2021 Q4 | 2021 | 2020 Q4 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $51.57K | $51.57K | |
YoY Change | 34.33% | ||
Cash & Equivalents | $51.57K | $38.39K | |
Short-Term Investments | |||
Other Short-Term Assets | $301.1K | $301.1K | |
YoY Change | 30.43% | ||
Inventory | $0.00 | ||
Prepaid Expenses | $14.82K | ||
Receivables | |||
Other Receivables | $58.00K | ||
Total Short-Term Assets | $105.9M | $352.6K | $269.2K |
YoY Change | 39250.41% | 30.98% | |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | |||
YoY Change | |||
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $105.6M | $105.6M | |
YoY Change | |||
Total Long-Term Assets | $0.00 | $105.6M | $0.00 |
YoY Change | |||
TOTAL ASSETS | |||
Total Short-Term Assets | $105.9M | $352.6K | $269.2K |
Total Long-Term Assets | $0.00 | $105.6M | $0.00 |
Total Assets | $105.9M | $105.9M | $269.2K |
YoY Change | 39250.41% | 39250.11% | |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $85.00K | $90.00K | |
YoY Change | -76.32% | ||
Accrued Expenses | $376.7K | $190.0K | $123.0K |
YoY Change | 206.18% | -72.06% | |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | |
YoY Change | -100.0% | ||
Long-Term Debt Due | $2.380M | ||
YoY Change | 11800.0% | ||
Total Short-Term Liabilities | $10.93M | $376.7K | $249.4K |
YoY Change | 4281.72% | 51.02% | |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | |
YoY Change | |||
Other Long-Term Liabilities | $10.55M | $10.55M | |
YoY Change | |||
Total Long-Term Liabilities | $10.55M | $10.55M | |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $10.93M | $376.7K | $249.4K |
Total Long-Term Liabilities | $10.55M | $10.55M | |
Total Liabilities | $10.93M | $10.93M | $249.4K |
YoY Change | 4281.72% | 4281.79% | |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$10.57M | -$5.236K | |
YoY Change | 201690.87% | ||
Common Stock | |||
YoY Change | |||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$10.57M | $95.00M | $19.76K |
YoY Change | |||
Total Liabilities & Shareholders Equity | $105.9M | $105.9M | $269.2K |
YoY Change | 39250.41% | 39250.11% |
Cashflow Statement
Concept | 2021 Q4 | 2021 | 2020 Q4 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | $115.6K | $75.32K | -$5.236K |
YoY Change | -2307.41% | -1537.35% | |
Depreciation, Depletion And Amortization | |||
YoY Change | |||
Cash From Operating Activities | -$797.1K | -$1.170M | -$113.0K |
YoY Change | 605.26% | 934.97% | |
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $8.130K | -$105.6M | |
YoY Change | |||
Cash From Investing Activities | $8.130K | -$105.6M | |
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 | 674.7K | 106.8M | 151.4K |
YoY Change | 345.62% | 70405.91% | |
NET CHANGE | |||
Cash From Operating Activities | -797.1K | -1.170M | -113.0K |
Cash From Investing Activities | 8.130K | -105.6M | |
Cash From Financing Activities | 674.7K | 106.8M | 151.4K |
Net Change In Cash | -114.3K | 13.18K | 38.39K |
YoY Change | -397.67% | -65.66% | |
FREE CASH FLOW | |||
Cash From Operating Activities | -$797.1K | -$1.170M | -$113.0K |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
Facts In Submission
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MaloneBailey, LLP | |
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Deferred Underwriting Commissions In Initial Public Offering
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Investment Income Interest
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Stockholders Equity
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Units Issued During Period Value New Issues
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Formation Costs Paid By Related Parties
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Fair Value Adjustment Of Warrants
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Interest Income Operating
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Increase Decrease In Prepaid Expense
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Net Cash Provided By Used In Investing Activities
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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Reclassification Of Warrants To Liability
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Deferred Underwriting Commissions In Connection With Initial Public Offering
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Initial Classification Of Class A Shares Subject To Redemption
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Class A Issued To Maxim
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Class B Dividend Stock Issued To Sponsor
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Use Of Estimates
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|
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p> | |
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Cash Cash Equivalents And Short Term Investments
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0 | |
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Cash Cash Equivalents And Short Term Investments
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0 | |
CY2020Q4 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | |
CY2021Q4 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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|
0 | |
CY2021 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;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. As of December 31, 2021 and 2020, the Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</p> | |
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Malpractice Insurance Coverage Floor
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|
250000 | |
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Derivatives Embedded Derivatives
DerivativesEmbeddedDerivatives
|
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Derivative Warrant Liabilities</p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;text-indent:0%;color:#000000;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 815-15. The classification 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. In accordance with ASC 825-10 “Financial 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.</p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The 10,350,000 warrants issued in connection with the IPO (the “Public Warrants”) and the 5,768,000 Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815-40. Accordingly, 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 to re-measurement at each balance sheet date until exercised. The fair value of the Public Warrants issued and Private Placement Warrants have been estimated using a Monte Carlo simulation model each measurement date. Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.</p> | |
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Offering Costs Total
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|
6211902 | |
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Deferred Offering Costs
DeferredOfferingCosts
|
3622500 | |
CY2021Q4 | us-gaap |
Other Ownership Interests Offering Costs
OtherOwnershipInterestsOfferingCosts
|
518402 | |
CY2021Q4 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | |
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Debt Instrument Maturity Date
DebtInstrumentMaturityDate
|
2021-06-30 | |
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Working Capital Loans
WorkingCapitalLoans
|
0 | |
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Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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|
0 | |
CY2021 | us-gaap |
Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
|
0 | |
CY2020 | us-gaap |
Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
|
0 | |
CY2021 | lmao |
Initial Business Combination Completion Period
InitialBusinessCombinationCompletionPeriod
|
P18M | |
CY2020Q4 | lmao |
Principal Amount Borrowed For Expenses Of Ipo
PrincipalAmountBorrowedForExpensesOfIPO
|
300000 | |
CY2021Q4 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
16088000 | |
CY2021 | lmao |
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 | |
CY2021 | lmao |
Redemption Of Warrants
RedemptionOfWarrants
|
18.00 | |
CY2021 | us-gaap |
Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable
|
2021-12-31 | |
CY2021 | lmao |
Warrants Expiration
WarrantsExpiration
|
P5Y | |
CY2021 | lmao |
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”). | |
CY2021 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
-1185940 |