2022 Q4 Form 10-K Financial Statement

#000149315222028332 Filed on October 13, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q2 2022
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $413.9K $108.4K $199.7K
YoY Change 1855.08%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $413.9K $108.4K $199.7K
YoY Change 1855.08%
Operating Profit -$413.9K -$199.7K
YoY Change 2579.6%
Interest Expense $526.1K $106.4K $114.6K
YoY Change 228634.78%
% of Operating Profit
Other Income/Expense, Net $526.1K $114.5K
YoY Change 226660.78%
Pretax Income $112.2K -$2.010K -$85.17K
YoY Change -635.77%
Income Tax
% Of Pretax Income
Net Earnings $112.2K -$2.010K -$85.17K
YoY Change -635.79%
Net Earnings / Revenue
Basic Earnings Per Share $0.01 -$0.01
Diluted Earnings Per Share $0.01 -$310.30 -$13.15K
COMMON SHARES
Basic Shares Outstanding 8.921M shares 6.478M shares
Diluted Shares Outstanding 8.408M shares 6.478M shares

Balance Sheet

Concept 2022 Q4 2022 Q2 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $131.3K $483.0K $483.0K
YoY Change -83.87%
Cash & Equivalents $131.3K $483.0K
Short-Term Investments
Other Short-Term Assets $60.12K $110.1K $110.1K
YoY Change 100.4%
Inventory
Prepaid Expenses $60.12K $110.1K
Receivables
Other Receivables
Total Short-Term Assets $191.4K $593.1K $593.1K
YoY Change -77.31% 11773.49%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $21.82M $78.89M $78.89M
YoY Change -72.3%
Other Assets $2.600K $25.36K $25.36K
YoY Change
Total Long-Term Assets $21.83M $78.92M $78.92M
YoY Change -72.29% 32451.53%
TOTAL ASSETS
Total Short-Term Assets $191.4K $593.1K $593.1K
Total Long-Term Assets $21.83M $78.92M $78.92M
Total Assets $22.02M $79.51M $79.51M
YoY Change -72.35% 32034.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $222.0K $36.25K $36.25K
YoY Change 2063.45%
Accrued Expenses $15.00K $15.00K $15.00K
YoY Change -82.88%
Deferred Revenue
YoY Change
Short-Term Debt $430.0K $70.00K $70.00K
YoY Change 514.29%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $667.0K $121.3K $121.3K
YoY Change 297.27% -46.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.730M $2.730M $2.730M
YoY Change 0.0%
Total Long-Term Liabilities $2.730M $2.730M $2.730M
YoY Change 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $667.0K $121.3K $121.3K
Total Long-Term Liabilities $2.730M $2.730M $2.730M
Total Liabilities $3.397M $2.851M $2.851M
YoY Change 17.22% 1146.47%
SHAREHOLDERS EQUITY
Retained Earnings -$3.203M -$2.233M
YoY Change 35316.99%
Common Stock $235.00 $235.00
YoY Change 8.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.203M -$2.233M $76.66M
YoY Change
Total Liabilities & Shareholders Equity $22.02M $79.51M $79.51M
YoY Change -72.35% 32034.11%

Cashflow Statement

Concept 2022 Q4 2022 Q2 2022
OPERATING ACTIVITIES
Net Income $112.2K -$2.010K -$85.17K
YoY Change -635.79%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$210.1K -$52.01K -$265.2K
YoY Change -395.39%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $57.95M $0.00 -$78.78M
YoY Change -173.56%
Cash From Investing Activities $57.95M $0.00 -$78.78M
YoY Change -173.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -57.95M 0.000 $79.53M
YoY Change -172.93%
NET CHANGE
Cash From Operating Activities -210.1K -52.01K -$265.2K
Cash From Investing Activities 57.95M 0.000 -$78.78M
Cash From Financing Activities -57.95M 0.000 $79.53M
Net Change In Cash -210.1K -52.01K $483.0K
YoY Change -127.77%
FREE CASH FLOW
Cash From Operating Activities -$210.1K -$52.01K -$265.2K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84C_eus-gaap--UseOfEstimates_zGFKfuXhyh2h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_861_z7CeHWwjYAOd">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with US 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. Accordingly, the actual results could differ significantly from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
341230 usd
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q2 KACL Shares Subject To Mandatory Redemption Settlement Terms Shares
SharesSubjectToMandatoryRedemptionSettlementTermsShares
7800000 shares
CY2021Q2 KACL Shares Subject To Mandatory Redemption Settlement Terms Shares
SharesSubjectToMandatoryRedemptionSettlementTermsShares
0 shares
CY2022Q2 us-gaap Cash
Cash
482965 usd
CY2022Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2021Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q2 us-gaap Assets Held In Trust
AssetsHeldInTrust
78900000 usd
CY2022 KACL Offering Costs Associated With Initial Public Offering
OfferingCostsAssociatedWithInitialPublicOffering
<p id="xdx_843_ecustom--OfferingCostsAssociatedWithInitialPublicOffering_zO2kcgMu5wXc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_865_zQSzWh7IvREd">Offering Costs associated with the Initial Public Offering</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company complies with the requirements of the Financial Accounting Standards Board (“FASB”) ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A, <i>“Expenses of Offering.”</i> Offering costs of $<span id="xdx_90E_eus-gaap--OperatingCostsAndExpenses_c20210701__20220630__us-gaap--IncomeStatementLocationAxis__custom--OtherCostMember_zhctcla11fHg" title="Transaction costs">894,582</span> consisted principally of costs incurred in connection with preparation for the Initial Public Offering. These offering costs, together with the underwriter fees of $<span id="xdx_902_ecustom--UnderwriterFee_c20210701__20220630_zJy5FbQZ5NOh" title="Underwriter fees">4,289,900</span> (or $<span id="xdx_908_eus-gaap--PaymentsForUnderwritingExpense_c20210701__20220630_zOiz7GyMjDV8" title="Underwriting fees">1,559,900</span> paid in cash upon the closing of the Initial Public Offering and a deferred fee of $<span id="xdx_905_eus-gaap--OtherUnderwritingExpense_c20210701__20220630__us-gaap--SubsidiarySaleOfStockAxis__custom--DeferredUnderwritingCommissionsMember_zUnMcA1F3sl7" title="Deferred underwriter fees">2,730,000</span>), were charged to stockholders’ equity upon completion of the Initial Public Offering.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022 KACL Underwriter Fee
UnderwriterFee
4289900 usd
CY2022 us-gaap Payments For Underwriting Expense
PaymentsForUnderwritingExpense
1559900 usd
CY2022Q2 KACL Temporary Equity Subject To Possible Redemption
TemporaryEquitySubjectToPossibleRedemption
7800000 shares
CY2022Q2 KACL Temporary Equity Carrying Amount
TemporaryEquityCarryingAmount
78894512 usd
CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2022Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
CY2022 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Description
SharesSubjectToMandatoryRedemptionSettlementTermsDescription
if, and only if, the reported last sale price of the ordinary shares equals or exceeds $16.50 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30-trading day period commencing at any time after the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_841_eus-gaap--ConcentrationRiskCreditRisk_zH7KLRvJWrFl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86C_zKywL3bA9p42">Concentration of Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 $<span id="xdx_906_eus-gaap--CashFDICInsuredAmount_iI_c20220630_zpvcvUwmnSi6" title="Cash FDIC insured amount">250,000</span>. The Company has not experienced losses on this account. The Company has not experienced any losses on the Trust Account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
CY2022Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd

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