$IRAA
Iris Acquisition Corp

2024 Q3 Form 10-Q Financial Statement

#000141057824002058 Filed on November 27, 2024

View on sec.gov

Income Statement

Concept 2024 Q3
Revenue
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
YoY Change
Operating Profit -$1.020M
YoY Change 50.77%
Interest Expense $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $382.0K
YoY Change 1.58%
Pretax Income -$637.7K
YoY Change 112.37%
Income Tax $5.163K
% Of Pretax Income
Net Earnings -$642.9K
YoY Change 98.49%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $358.2K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables $1.256K
Total Short-Term Assets $394.2K
YoY Change 10.58%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.674M
YoY Change -36.36%
TOTAL ASSETS
Total Short-Term Assets $394.2K
Total Long-Term Assets $2.674M
Total Assets $3.068M
YoY Change -32.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.536M
YoY Change 63.67%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $7.536M
Total Long-Term Liabilities
Total Liabilities $17.32M
YoY Change 17.33%
SHAREHOLDERS EQUITY
Retained Earnings -$16.64M
YoY Change 16.07%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$16.71M
YoY Change
Total Liabilities & Shareholders Equity $3.068M
YoY Change -32.69%

Cashflow Statement

Concept 2024 Q3
OPERATING ACTIVITIES
Net Income -$642.9K
YoY Change 98.49%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
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
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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IRIS ACQUISITION CORP
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DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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dei Entity Address Address Line1
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3rd Floor Zephyr House
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122 Mary Street
dei Entity Address City Or Town
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us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><b style="font-style:normal;font-weight:bold;">Use of Estimates</b></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 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 condensed financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The Class A shares subject to possible redemption and the valuation of the Private Placement Warrants required management to exercise significant judgement in its estimates.</p>
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><b style="font-style:normal;font-weight:bold;">Concentration of Credit Risk</b></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 September 30, 2024 and December 31, 2023, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</p>
iraa Forgiveness Of Outstanding Vendor Payable
ForgivenessOfOutstandingVendorPayable
350000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
75000
CY2023Q3 iraa Forgiveness Of Unrelated Vendor Payable
ForgivenessOfUnrelatedVendorPayable
0
iraa Forgiveness Of Unrelated Vendor Payable
ForgivenessOfUnrelatedVendorPayable
275000
CY2024Q3 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.26
CY2023Q4 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
9.96
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11913333
CY2024Q3 us-gaap Interest Expense
InterestExpense
0
us-gaap Interest Expense
InterestExpense
1339
iraa Debt Embedded Derivative Redemption Feature Percentage Of Principal Amount
DebtEmbeddedDerivativeRedemptionFeaturePercentageOfPrincipalAmount
1.50
CY2024Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2024Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2023Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2024Q3 iraa Extension Deposit Due From Sponsor
ExtensionDepositDueFromSponsor
117669
CY2023Q4 iraa Extension Deposit Due From Sponsor
ExtensionDepositDueFromSponsor
0
CY2023Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
103587
CY2023 iraa Percentage Of Excise Tax Calculated On Fair Market Value Of Shares Redeemed
PercentageOfExciseTaxCalculatedOnFairMarketValueOfSharesRedeemed
0.01
CY2024Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
12657
CY2024Q1 iraa Percentage Of Excise Tax Calculated On Fair Market Value Of Shares Redeemed
PercentageOfExciseTaxCalculatedOnFairMarketValueOfSharesRedeemed
0.01
CY2024Q3 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
5372
CY2024Q3 iraa Percentage Of Excise Tax Calculated On Fair Market Value Of Shares Redeemed
PercentageOfExciseTaxCalculatedOnFairMarketValueOfSharesRedeemed
0.01
CY2024Q3 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
18029
iraa Percentage Of Excise Tax Calculated On Fair Market Value Of Shares Redeemed
PercentageOfExciseTaxCalculatedOnFairMarketValueOfSharesRedeemed
0.01
iraa Excise Tax Payable Percentage Of Interest On Additional Interest And Penalties
ExciseTaxPayablePercentageOfInterestOnAdditionalInterestAndPenalties
0.10
iraa Excise Tax Payable Underpayment Penalty Percentage
ExciseTaxPayableUnderpaymentPenaltyPercentage
0.05
iraa Excise Tax Payable Maximum Underpayment Penalty Percentage Of Total Liability
ExciseTaxPayableMaximumUnderpaymentPenaltyPercentageOfTotalLiability
0.25
CY2021Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.00
CY2021Q1 iraa Percentage Of Gross Proceeds On Total Equity Proceeds
PercentageOfGrossProceedsOnTotalEquityProceeds
0.60
CY2021Q1 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2024Q3 iraa Unfunded Extension Deposit Due From Sponsor
UnfundedExtensionDepositDueFromSponsor
117669
CY2024Q3 iraa Extension Deposit Due From Sponsor
ExtensionDepositDueFromSponsor
117669
CY2023Q4 iraa Extension Deposit Due From Sponsor
ExtensionDepositDueFromSponsor
0
CY2024Q3 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
CY2024Q3 iraa Underwriting Costs Noncurrent
UnderwritingCostsNoncurrent
5520000
iraa Deferred Underwriting Discount As Percentage Of Gross Proceeds From Initial Public Offering
DeferredUnderwritingDiscountAsPercentageOfGrossProceedsFromInitialPublicOffering
0.035
CY2024Q3 iraa Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
9660000
CY2024Q3 iraa Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
9660000
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2024Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2024Q3 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
-0.028
CY2024Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.008
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.079
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2024Q3 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
127562
CY2023Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
376444
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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