$IRAA
Iris Acquisition Corp

2023 Q2 Form 10-Q Financial Statement

#000141057823002062 Filed on August 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q4 2022 Q2
Revenue $0.00 $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 $380.0K $1.320M $290.0K
YoY Change 31.03% -8.97% -27.5%
Operating Profit -$375.7K -$292.0K
YoY Change 28.67% -26.12%
Interest Expense $0.00 $2.870M $160.0K
YoY Change -100.0% 28600.0%
% of Operating Profit
Other Income/Expense, Net $598.2K -$1.170M $4.005M
YoY Change -85.06% -200.0% 1610.17%
Pretax Income $222.5K $390.0K $3.713M
YoY Change -94.01% -244.44% -2420.43%
Income Tax -$10.50K $400.0K
% Of Pretax Income -4.72% 102.56%
Net Earnings $233.0K -$10.00K $3.713M
YoY Change -93.72% -96.3% -2405.1%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.03 $0.00 $0.11
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2022 Q4 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.0K $300.0K $100.0K
YoY Change 0.0% 0.0% -85.71%
Cash & Equivalents $115.2K $280.6K $50.43K
Short-Term Investments
Other Short-Term Assets $100.0K $100.0K $300.0K
YoY Change -66.67% 0.0% 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables $1.256K $1.256K
Total Short-Term Assets $183.1K $360.6K $386.6K
YoY Change -52.64% -14.52% -61.9%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $14.50M $15.10M $275.8M
YoY Change -94.74% -94.53% -0.07%
Other Assets $0.00
YoY Change
Total Long-Term Assets $14.53M $15.13M $275.8M
YoY Change -94.73% -94.52% -0.07%
TOTAL ASSETS
Total Short-Term Assets $183.1K $360.6K $386.6K
Total Long-Term Assets $14.53M $15.13M $275.8M
Total Assets $14.72M $15.49M $276.2M
YoY Change -94.67% -94.4% -0.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.900M $1.500M $1.400M
YoY Change 35.71% 36.36% 1300.0%
Accrued Expenses $100.0K $400.0K $300.0K
YoY Change -66.67% 100.0% 200.0%
Deferred Revenue
YoY Change
Short-Term Debt $1.400M $1.000M $300.0K
YoY Change 366.67%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.023M $3.591M $2.082M
YoY Change 93.23% 160.17% 796.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.10M $10.60M $11.60M
YoY Change -12.93% -47.52% -59.15%
Total Long-Term Liabilities $10.10M $10.60M $11.60M
YoY Change -12.93% -47.52% -59.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.023M $3.591M $2.082M
Total Long-Term Liabilities $10.10M $10.60M $11.60M
Total Liabilities $14.14M $14.19M $13.67M
YoY Change 3.44% -34.2% -52.29%
SHAREHOLDERS EQUITY
Retained Earnings -$14.09M -$13.97M -$13.42M
YoY Change 5.0% -33.87% -51.42%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$13.95M -$13.83M -$13.28M
YoY Change
Total Liabilities & Shareholders Equity $14.72M $15.49M $276.2M
YoY Change -94.67% -94.4% -0.29%

Cashflow Statement

Concept 2023 Q2 2022 Q4 2022 Q2
OPERATING ACTIVITIES
Net Income $233.0K -$10.00K $3.713M
YoY Change -93.72% -96.3% -2405.1%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$190.0K -$50.00K -$530.0K
YoY Change -64.15% -80.0% 70.97%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$10.00K $264.0M $0.00
YoY Change
Cash From Investing Activities -$10.00K $264.0M $0.00
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 280.0K -263.8M 300.0K
YoY Change -6.67%
NET CHANGE
Cash From Operating Activities -190.0K -50.00K -530.0K
Cash From Investing Activities -10.00K 264.0M 0.000
Cash From Financing Activities 280.0K -263.8M 300.0K
Net Change In Cash 80.00K 150.0K -230.0K
YoY Change -134.78% -160.0% -25.81%
FREE CASH FLOW
Cash From Operating Activities -$190.0K -$50.00K -$530.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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. As of June 30, 2023 and December 31, 2022, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">On May 1, 2023, JPMorgan Chase &amp; Co. acquired all deposit accounts and substantially all the assets and assumed certain of the liabilities of First Republic Bank (“FRB”) following a seizure by the U.S. Federal Deposit Insurance Corporation. The Company maintained cash deposits with FRB. The Company experienced no material impact on its condensed financial statements or day-to-day operations as a result of these developments.</p>
iraa Forgiveness Of Outstanding Vendor Payable
ForgivenessOfOutstandingVendorPayable
350000
CY2023Q2 iraa Forgiveness Of Outstanding Vendor Payable
ForgivenessOfOutstandingVendorPayable
350000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
75000
CY2023Q2 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
75000
iraa Forgiveness Of Unrelated Vendor Payable
ForgivenessOfUnrelatedVendorPayable
275000
CY2023Q2 iraa Forgiveness Of Unrelated Vendor Payable
ForgivenessOfUnrelatedVendorPayable
275000
CY2023Q2 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.28
CY2022Q4 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.71
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11913333
CY2023Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q2 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
CY2021Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.00
CY2023Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
14523768
CY2023Q2 iraa Temporary Equity Stock Redeemed Or Called During Period Value
TemporaryEquityStockRedeemedOrCalledDuringPeriodValue
6577
CY2021Q1 iraa Percentage Of Gross Proceeds On Total Equity Proceeds
PercentageOfGrossProceedsOnTotalEquityProceeds
0.60
CY2021Q1 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2021Q1 iraa Redemption Period
RedemptionPeriod
P30D
CY2023Q2 iraa Maximum Number Of Demands For Registration Of Securities
MaximumNumberOfDemandsForRegistrationOfSecurities
3
iraa Underwriting Discount As Percentage Of Gross Proceeds From Initial Public Offering
UnderwritingDiscountAsPercentageOfGrossProceedsFromInitialPublicOffering
0.02
CY2023Q2 iraa Underwriting Costs Noncurrent
UnderwritingCostsNoncurrent
5520000
iraa Deferred Underwriting Discount As Percentage Of Gross Proceeds From Initial Public Offering
DeferredUnderwritingDiscountAsPercentageOfGrossProceedsFromInitialPublicOffering
0.035
CY2023Q2 iraa Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
9660000
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q2 iraa Common Stock Number Of Votes Per Share
CommonStockNumberOfVotesPerShare
1
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.008
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q2 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
454098
CY2022Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
942646

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