$IRRX
INTEGRATED RAIL & RESOURCES ACQUISITION CORP

2022 Q4 Form 10-K Financial Statement

#000119312523088126 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.033M $2.036M
YoY Change 137.94% 368.93%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.033M $2.036M
YoY Change 244.74% 368.93%
Operating Profit -$2.036M
YoY Change
Interest Expense $1.210M $12.22M
YoY Change -4456.77% -44097.55%
% of Operating Profit
Other Income/Expense, Net -$857.0K $12.22M
YoY Change -19.26% -1251.56%
Pretax Income $177.0K $10.19M
YoY Change -112.75% -768.63%
Income Tax $423.6K $602.1K
% Of Pretax Income 239.31% 5.91%
Net Earnings -$246.6K $9.584M
YoY Change -82.24% -729.1%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.01 $0.33
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.17K $54.17K
YoY Change -94.61% -94.61%
Cash & Equivalents $54.17K
Short-Term Investments
Other Short-Term Assets $433.6K $433.6K
YoY Change 5.99% 5.99%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $487.8K $487.8K
YoY Change -65.49% -65.49%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $237.5M $237.5M
YoY Change 2.25% 2.25%
Other Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $237.5M $237.5M
YoY Change 2.1% 2.1%
TOTAL ASSETS
Total Short-Term Assets $487.8K $487.8K
Total Long-Term Assets $237.5M $237.5M
Total Assets $238.0M $238.0M
YoY Change 1.69% 1.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $84.49K $84.49K
YoY Change 322.44% 322.45%
Accrued Expenses $597.3K $667.9K
YoY Change 887.19% 158.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.094M $1.094M
YoY Change 275.99% 275.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.98M $10.98M
YoY Change -45.04% -45.04%
Total Long-Term Liabilities $10.98M $10.98M
YoY Change -45.04% -45.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.094M $1.094M
Total Long-Term Liabilities $10.98M $10.98M
Total Liabilities $12.33M $12.33M
YoY Change -39.15% -39.15%
SHAREHOLDERS EQUITY
Retained Earnings -$11.43M
YoY Change -38.18%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$11.43M $225.7M
YoY Change
Total Liabilities & Shareholders Equity $238.0M $238.0M
YoY Change 1.69% 1.69%

Cashflow Statement

Concept 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$246.6K $9.584M
YoY Change -82.24% -729.1%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$269.7K -$1.241M
YoY Change -62.25% 36.35%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$2.268M -$2.009M
YoY Change -99.02% -99.14%
Cash From Investing Activities -$2.268M -$2.009M
YoY Change -99.02% -99.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.300M 2.300M
YoY Change -99.02% -99.02%
NET CHANGE
Cash From Operating Activities -269.7K -1.241M
Cash From Investing Activities -2.268M -2.009M
Cash From Financing Activities 2.300M 2.300M
Net Change In Cash -237.3K -950.1K
YoY Change -124.24% -194.61%
FREE CASH FLOW
Cash From Operating Activities -$269.7K -$1.241M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2022 us-gaap Use Of Estimates
UseOfEstimates
<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 GAAP requires the Company’s 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. </div></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="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"/></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><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;"/></div></div></div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 8pt;"> </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liabilities. Accordingly, the actual results could differ significantly from those estimates. </div>
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><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;">Concentration of Credit Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. </div>
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
232300000
CY2022 us-gaap Investment Income Interest
InvestmentIncomeInterest
291009
CY2022 irrx Dissolution Expense
DissolutionExpense
100000
CY2022Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
237537270
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022Q3 irrx Excise Tax Rate
ExciseTaxRate
0.01
CY2022Q4 irrx Estimated Fair Value Of The Shares
EstimatedFairValueOfTheShares
7.71
CY2021Q4 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
232300000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
667250
CY2021Q2 irrx Share Based Compensation Arrangement By Share Based Payment Award Options Grants Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsDateFairValue
6.63
CY2022Q2 irrx Share Based Compensation Arrangement By Share Based Payment Award Options Grants Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsDateFairValue
6.8
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
74637
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
74637
CY2022Q4 irrx Share Based Compensation Arrangement By Share Based Payment Award Options Grants Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsDateFairValue
1.49
CY2022Q4 irrx Share Based Compensation Arrangement By Share Based Payment Award Options Grants Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsDateFairValue
1.49
CY2021Q1 irrx Maximum Borrowing Capacity Of Related Party Promissory Note
MaximumBorrowingCapacityOfRelatedPartyPromissoryNote
300000
CY2022Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
1500000
CY2022 irrx Class Of Warrants Or Rights Warrants Issued During The Period Units
ClassOfWarrantsOrRightsWarrantsIssuedDuringThePeriodUnits
20900000
CY2022 irrx Number Of Days From Which Warrants Become Exercisable After The Completion Of A Business Combination
NumberOfDaysFromWhichWarrantsBecomeExercisableAfterTheCompletionOfABusinessCombination
P30D
CY2022 irrx Threshold Business Days After The Closing Of Business Combination Make Efforts To File With Sec For Effective Registration
ThresholdBusinessDaysAfterTheClosingOfBusinessCombinationMakeEffortsToFileWithSecForEffectiveRegistration
P20D
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
211961
irrx Number Of Days After The Consummation Of Business Combination For Warrants To Be Exercised
NumberOfDaysAfterTheConsummationOfBusinessCombinationForWarrantsToBeExercised
P30D
irrx Number Of Trading Days For Determining The Exercise Price Of Warrants
NumberOfTradingDaysForDeterminingTheExercisePriceOfWarrants
P10D
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
341854
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
48264
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-90648
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
211961
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
90648
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
602079
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q4 irrx Deferred Tax Assets Startupcosts
DeferredTaxAssetsStartupcosts
302609
CY2021Q4 irrx Deferred Tax Assets Startupcosts
DeferredTaxAssetsStartupcosts
57242
CY2022Q4 us-gaap Deferred Tax Liabilities Unrealized Gains On Trading Securities
DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities
260225
CY2021Q4 us-gaap Deferred Tax Liabilities Unrealized Gains On Trading Securities
DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities
CY2022Q4 irrx Deferred Tax Asset Business Combination Expenses
DeferredTaxAssetBusinessCombinationExpenses
CY2021Q4 irrx Deferred Tax Asset Business Combination Expenses
DeferredTaxAssetBusinessCombinationExpenses
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
33406
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
42384
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
90648
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
302609
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
90648
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
260225
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0
CY2022 irrx Effective Income Tax Rate Reconciliation Business Combination Costs
EffectiveIncomeTaxRateReconciliationBusinessCombinationCosts
0.0138
irrx Effective Income Tax Rate Reconciliation Business Combination Costs
EffectiveIncomeTaxRateReconciliationBusinessCombinationCosts
0
CY2022 irrx Effective Income Tax Rate Reconciliation Permanent Difference Warrant Issue Costs
EffectiveIncomeTaxRateReconciliationPermanentDifferenceWarrantIssueCosts
0
irrx Effective Income Tax Rate Reconciliation Permanent Difference Warrant Issue Costs
EffectiveIncomeTaxRateReconciliationPermanentDifferenceWarrantIssueCosts
-0.1463
CY2022 irrx Effective Income Tax Rate Reconciliation Permanent Differences Change In Fv Of Warrant Liability
EffectiveIncomeTaxRateReconciliationPermanentDifferencesChangeInFvOfWarrantLiability
-0.1855
irrx Effective Income Tax Rate Reconciliation Permanent Differences Change In Fv Of Warrant Liability
EffectiveIncomeTaxRateReconciliationPermanentDifferencesChangeInFvOfWarrantLiability
-0.0042
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.0208
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.0595
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0591
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
237537270

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