2023 Q2 Form 10-Q Financial Statement

#000149315223017380 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $100.0K $213.8K $70.14K
YoY Change -7.76% 204.79%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $100.0K $213.8K $70.14K
YoY Change -7.76% 204.78%
Operating Profit -$213.8K -$70.14K
YoY Change 204.79%
Interest Expense $270.0K $230.9K $7.920K
YoY Change 153.78% 2815.53%
% of Operating Profit
Other Income/Expense, Net $230.9K $7.920K
YoY Change 2815.53%
Pretax Income $160.0K $17.13K -$62.22K
YoY Change -8060.2% -127.53%
Income Tax
% Of Pretax Income
Net Earnings $160.0K $17.13K -$62.22K
YoY Change -8060.2% -127.54%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 -$0.01
Diluted Earnings Per Share $0.04 $0.00 -$6.225K
COMMON SHARES
Basic Shares Outstanding 4.436M shares 4.436M shares 9.995M shares
Diluted Shares Outstanding 4.436M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.00K $123.3K $535.0K
YoY Change -91.72% -76.95%
Cash & Equivalents $39.36K $123.3K $535.0K
Short-Term Investments
Other Short-Term Assets $70.00K $153.7K $126.0K
YoY Change -36.43% 21.97%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $112.2K $277.0K $661.0K
YoY Change -81.09% -58.09%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $22.80M $22.41M $78.79M
YoY Change -71.1% -71.55%
Other Assets $0.00 $0.00 $36.60K
YoY Change -100.0% -100.0%
Total Long-Term Assets $22.80M $22.41M $78.82M
YoY Change -71.11% -71.56%
TOTAL ASSETS
Total Short-Term Assets $112.2K $277.0K $661.0K
Total Long-Term Assets $22.80M $22.41M $78.82M
Total Assets $22.91M $22.69M $79.49M
YoY Change -71.18% -71.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $120.0K $218.8K $7.000K
YoY Change 231.03% 3025.29%
Accrued Expenses $0.00 $15.00K $15.00K
YoY Change -100.0% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $1.260M $1.090M $70.00K
YoY Change 1700.0% 1457.14%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.384M $1.324M $92.00K
YoY Change 1041.14% 1338.88%
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% 0.0%
Total Long-Term Liabilities $2.730M $2.730M $2.730M
YoY Change 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.384M $1.324M $92.00K
Total Long-Term Liabilities $2.730M $2.730M $2.730M
Total Liabilities $4.114M $4.054M $2.822M
YoY Change 44.27% 43.65%
SHAREHOLDERS EQUITY
Retained Earnings -$4.002M -$3.777M
YoY Change 79.2%
Common Stock $235.00 $235.00
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.001M -$3.777M $76.66M
YoY Change
Total Liabilities & Shareholders Equity $22.91M $22.69M $79.49M
YoY Change -71.18% -71.45%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $160.0K $17.13K -$62.22K
YoY Change -8060.2% -127.54%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$120.0K -$308.0K -$278.6K
YoY Change 130.72% 10.53%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$120.0K -$360.0K $0.00
YoY Change
Cash From Investing Activities -$120.0K -$360.0K $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 150.0K 660.0K 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -120.0K -308.0K -278.6K
Cash From Investing Activities -120.0K -360.0K 0.000
Cash From Financing Activities 150.0K 660.0K 0.000
Net Change In Cash -90.00K -7.950K -278.6K
YoY Change 73.04% -97.15%
FREE CASH FLOW
Cash From Operating Activities -$120.0K -$308.0K -$278.6K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2021Q4 KACL Other Offering Costs
OtherOfferingCosts
553352 usd
CY2021Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
2730000 usd
KACL Condition For Future Business Combination Use Of Proceeds Percentage
ConditionForFutureBusinessCombinationUseOfProceedsPercentage
0.80 pure
KACL Condition For Future Business Combination Threshold Percentage Ownership
ConditionForFutureBusinessCombinationThresholdPercentageOwnership
0.50 pure
KACL Threshold Percentage Of Public Shares Subject To Redemption Without Companys Prior Written Consent
ThresholdPercentageOfPublicSharesSubjectToRedemptionWithoutCompanysPriorWrittenConsent
0.15 pure
KACL Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
1 pure
KACL Redemption Period Upon Closure
RedemptionPeriodUponClosure
P12M
KACL Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
1 pure
KACL Maximum Net Interest To Pay Dissolution Expenses
MaximumNetInterestToPayDissolutionExpenses
100000 usd
CY2023Q1 KACL Working Capital Deficit
WorkingCapitalDeficit
1046758 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
123327 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84A_eus-gaap--UseOfEstimates_zuzxqQBVTBU1" 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_zKHKri7KbDe7">Use of Estimates</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 preparation of condensed 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 condensed 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 condensed 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>
CY2023Q1 us-gaap Cash
Cash
123327 usd
CY2022Q2 us-gaap Cash
Cash
482965 usd
CY2023Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q1 us-gaap Assets Held In Trust
AssetsHeldInTrust
22400000 usd
CY2022Q2 us-gaap Assets Held In Trust
AssetsHeldInTrust
78900000 usd
KACL Offering Costs Associated With Initial Public Offering
OfferingCostsAssociatedWithInitialPublicOffering
<p id="xdx_842_ecustom--OfferingCostsAssociatedWithInitialPublicOffering_zcqViuJwTHB7" 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_868_zuMiLiBpC2r">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_90F_eus-gaap--OperatingCostsAndExpenses_c20220701__20230331__us-gaap--IncomeStatementLocationAxis__custom--OtherCostMember_zVfgTUrmw3Vg" 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_900_ecustom--UnderwriterFee_c20220701__20230331_zObVkhkdgmL7" title="Underwriter fees">4,289,900</span> (or $<span id="xdx_90D_eus-gaap--PaymentsForUnderwritingExpense_c20220701__20230331__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zAy259foqNpl" 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_90C_eus-gaap--OtherUnderwritingExpense_c20220701__20230331__us-gaap--SubsidiarySaleOfStockAxis__custom--DeferredUnderwritingCommissionsMember_zddZtKnJvLva" 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>
KACL Underwriter Fee
UnderwriterFee
4289900 usd
us-gaap Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
5710184 shares
us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
58312401 usd
CY2023Q1 KACL Temporary Equity Subject To Possible Redemption
TemporaryEquitySubjectToPossibleRedemption
2089816 shares
CY2022Q2 KACL Temporary Equity Subject To Possible Redemption
TemporaryEquitySubjectToPossibleRedemption
7800000 shares
CY2023Q1 KACL Temporary Equity Carrying Amount
TemporaryEquityCarryingAmount
22414675 usd
CY2022Q2 KACL Temporary Equity Carrying Amount
TemporaryEquityCarryingAmount
78894512 usd
us-gaap Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
5710184 shares
CY2023Q1 KACL Redemption Of Ordinary Share
RedemptionOfOrdinaryShare
-58312401 usd
CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2022Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
CY2023Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_842_eus-gaap--ConcentrationRiskCreditRisk_zyAxLwqzCea2" 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_z6qF16tlQbR8">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_901_eus-gaap--CashFDICInsuredAmount_iI_c20230331_z3lB9WhYhqF2" 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"><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"/></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"/> </p>
CY2023Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q1 KACL Working Capital Loans Sponsor
WorkingCapitalLoansSponsor
370000 usd
CY2022Q2 KACL Working Capital Loans Sponsor
WorkingCapitalLoansSponsor
70000 usd
CY2023Q1 KACL Extension Loans
ExtensionLoans
720000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1125000 shares
KACL Percentage Of Underwriting Discountfee
PercentageOfUnderwritingDiscountfee
0.20
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1725000 usd
KACL Deferred Fees Per Share
DeferredFeesPerShare
0.35
us-gaap Payments For Underwriting Expense
PaymentsForUnderwritingExpense
59900 usd
KACL Deferred Purchase Fee
DeferredPurchaseFee
100 usd
KACL Deferred Underwriting Fee
DeferredUnderwritingFee
105000 usd
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
39000 shares
us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
341230 usd
us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
26732672 shares
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
270000000 usd
KACL Stock Issued During Period Value New Issuess
StockIssuedDuringPeriodValueNewIssuess
26465345 shares
KACL Number Of Shares On Hold Back By Purchaser
NumberOfSharesOnHoldBackByPurchaser
267327 shares
KACL Number Of Additional Shares Issued Upon Contingent Post Closing Earnout Consideration
NumberOfAdditionalSharesIssuedUponContingentPostClosingEarnoutConsideration
5400000 shares
CY2023Q1 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
5600000 usd
CY2023Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.10
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2346143 shares
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2346143 shares
CY2022Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2346143 shares
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2346143 shares
CY2023Q1 KACL Shares Subject To Mandatory Redemption Settlement Terms Shares
SharesSubjectToMandatoryRedemptionSettlementTermsShares
2089816 shares
CY2022Q2 KACL Shares Subject To Mandatory Redemption Settlement Terms Shares
SharesSubjectToMandatoryRedemptionSettlementTermsShares
7800000 shares
us-gaap Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
5710184 shares
us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
58312401 usd
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;
KACL Shares Issuable Upon Conversion As Percentage On Shares Outstanding After Conversion
SharesIssuableUponConversionAsPercentageOnSharesOutstandingAfterConversion
0.098 pure

Files In Submission

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kacl-20230331_cal.xml Edgar Link unprocessable
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