$IRAA
Iris Acquisition Corp

2022 Q1 Form 10-Q Financial Statement

#000141057822001824 Filed on May 23, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $0.00 $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 $580.0K $390.0K
YoY Change 48.72%
Operating Profit -$584.6K -$398.0K
YoY Change 46.88%
Interest Expense $10.00K
YoY Change
% of Operating Profit
Other Income/Expense, Net $4.400M -$1.565M
YoY Change -381.1%
Pretax Income $3.816M -$1.960M
YoY Change -294.68%
Income Tax
% Of Pretax Income
Net Earnings $3.816M -$1.963M
YoY Change -294.34%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.11 -$0.06
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $300.0K $1.000M
YoY Change -70.0%
Cash & Equivalents $272.7K $1.000M
Short-Term Investments
Other Short-Term Assets $0.00 $400.0K
YoY Change -100.0%
Inventory
Prepaid Expenses $438.7K
Receivables
Other Receivables
Total Short-Term Assets $318.6K $1.440M
YoY Change -77.87%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $276.0M $276.0M
YoY Change 0.0%
Other Assets
YoY Change
Total Long-Term Assets $276.0M $276.0M
YoY Change 0.01%
TOTAL ASSETS
Total Short-Term Assets $318.6K $1.440M
Total Long-Term Assets $276.0M $276.0M
Total Assets $276.3M $277.4M
YoY Change -0.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.500M $200.0K
YoY Change 650.0%
Accrued Expenses $300.0K $100.0K
YoY Change 200.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.862M $261.7K
YoY Change 611.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $15.80M $28.60M
YoY Change -44.76%
Total Long-Term Liabilities $15.80M $28.60M
YoY Change -44.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.862M $261.7K
Total Long-Term Liabilities $15.80M $28.60M
Total Liabilities $17.66M $28.73M
YoY Change -38.55%
SHAREHOLDERS EQUITY
Retained Earnings -$17.32M -$27.46M
YoY Change -36.95%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$17.32M -$27.46M
YoY Change
Total Liabilities & Shareholders Equity $276.3M $277.4M
YoY Change -0.4%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $3.816M -$1.963M
YoY Change -294.34%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$63.56K -$552.4K
YoY Change -88.49%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$276.0M
YoY Change -100.0%
Cash From Investing Activities $0.00 -$276.0M
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 277.6M
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -63.56K -552.4K
Cash From Investing Activities 0.000 -276.0M
Cash From Financing Activities 0.000 277.6M
Net Change In Cash -63.56K 999.7K
YoY Change -106.36%
FREE CASH FLOW
Cash From Operating Activities -$63.56K -$552.4K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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5000001
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The preparation of unaudited 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 unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the federal depository insurance coverage of $250,000. Through March 31, 2022 and December 31, 2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</p>
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CY2022Q1 atvcu Schedule Of Common Stock Reflected On Balance Sheet Are Reconciled
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of March 31, 2022 and December 31, 2021, the Class A common stock subject to possible redemptions reflected on the condensed balance sheets are reconciled in the following table:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:81.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.91%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:81.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">Gross proceeds from IPO</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.91%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">    </p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 276,000,000</p></td></tr><tr><td style="vertical-align:bottom;width:81.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">Less:</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.91%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">  </p></td></tr><tr><td style="vertical-align:bottom;width:81.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">Proceeds allocated to Public Warrants</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.91%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (10,503,221)</p></td></tr><tr><td style="vertical-align:bottom;width:81.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 6pt;">Common stock issuance costs</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.91%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (15,021,271)</p></td></tr><tr><td style="vertical-align:bottom;width:81.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">Plus:</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.91%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">  </p></td></tr><tr><td style="vertical-align:bottom;width:81.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 6pt;">Accretion of carrying value to redemption value</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.91%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 25,524,492</p></td></tr><tr><td style="vertical-align:bottom;width:81.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.91%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td></tr><tr><td style="vertical-align:bottom;width:81.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">Class A common stock subject to possible redemption </p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.91%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 276,000,000</p></td></tr></table>
CY2022Q1 us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock
276000000
CY2021 us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock
276000000
CY2022Q1 atvcu Temporary Equity Proceeds Allocated To Warrants
TemporaryEquityProceedsAllocatedToWarrants
-10503221
CY2021 atvcu Temporary Equity Proceeds Allocated To Warrants
TemporaryEquityProceedsAllocatedToWarrants
-10503221
CY2022Q1 atvcu Temporary Equity Issuance Costs
TemporaryEquityIssuanceCosts
-15021271
CY2021 atvcu Temporary Equity Issuance Costs
TemporaryEquityIssuanceCosts
-15021271
CY2022Q1 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
25524492
CY2021 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
25524492
CY2022Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
276000000
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
276000000
CY2021Q1 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2022Q1 atvcu Underwriter Cash Discount...
UnderwriterCashDiscount...
0.035
CY2022Q1 atvcu Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
9660000
CY2022Q1 atvcu Common Stock Number Of Votes Per Share
CommonStockNumberOfVotesPerShare
1
CY2022Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0

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