$KACL
Kairous Acquisition Corp. Ltd

2023 Q4 Form 10-Q Financial Statement

#000149315223041871 Filed on November 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $226.4K $360.0K $196.3K
YoY Change -45.3% 83.38% 3331.99%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $226.4K $357.5K $196.3K
YoY Change -45.3% 82.1% 1531.82%
Operating Profit -$226.4K -$357.5K -$196.3K
YoY Change -45.3% 82.1% 3329.56%
Interest Expense $307.5K $300.0K $355.6K
YoY Change -41.54% -15.63%
% of Operating Profit
Other Income/Expense, Net $307.5K $299.7K $355.6K
YoY Change -41.54% -15.73%
Pretax Income $81.13K -$60.00K $159.3K
YoY Change -27.69% -137.67% -1424.02%
Income Tax
% Of Pretax Income
Net Earnings $81.13K -$57.82K $159.3K
YoY Change -27.68% -136.3% -1424.06%
Net Earnings / Revenue
Basic Earnings Per Share $0.02 -$0.01 $0.02
Diluted Earnings Per Share $0.02 -$0.01 $15.70K
COMMON SHARES
Basic Shares Outstanding 4.436M shares 4.436M shares 10.15M shares
Diluted Shares Outstanding 4.297M shares 4.436M shares 10.15M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.810K $0.00 $341.4K
YoY Change -98.62% -100.0% 499.4%
Cash & Equivalents $1.809K $3.150K $341.4K
Short-Term Investments
Other Short-Term Assets $14.85K $40.00K $95.87K
YoY Change -75.3% -58.28% 3117.11%
Inventory
Prepaid Expenses $95.87K
Receivables
Other Receivables
Total Short-Term Assets $16.66K $45.06K $437.3K
YoY Change -91.29% -89.69% 629.41%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $23.46M $79.25M
YoY Change -100.0% -70.4%
Other Assets $15.44M $13.98K
YoY Change 593659.23% -94.45%
Total Long-Term Assets $15.44M $23.46M $79.26M
YoY Change -29.27% -70.4% 31382.73%
TOTAL ASSETS
Total Short-Term Assets $16.66K $45.06K $437.3K
Total Long-Term Assets $15.44M $23.46M $79.26M
Total Assets $15.45M $23.51M $79.70M
YoY Change -29.81% -70.51% 25468.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $244.0K $250.0K $65.37K
YoY Change 9.93% 282.44%
Accrued Expenses $0.00 $15.00K
YoY Change -100.0% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $2.278M $1.780M $70.00K
YoY Change 429.77% 2442.86% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.522M $2.034M $150.4K
YoY Change 278.13% 1252.67% -49.67%
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 $2.522M $2.034M $150.4K
Total Long-Term Liabilities $2.730M $2.730M $2.730M
Total Liabilities $5.252M $4.764M $2.880M
YoY Change 54.61% 65.4% 864.14%
SHAREHOLDERS EQUITY
Retained Earnings -$5.236M -$4.719M -$2.429M
YoY Change 63.45% 94.26%
Common Stock $235.00 $235.00 $235.00
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.235M -$4.719M -$2.429M
YoY Change
Total Liabilities & Shareholders Equity $15.45M $23.51M $79.70M
YoY Change -29.81% -70.51% 25468.25%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income $81.13K -$57.82K $159.3K
YoY Change -27.68% -136.3% -1424.06%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$207.3K -$198.2K -$141.5K
YoY Change -1.33% 40.03% 2374.62%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $8.332M -$360.0K
YoY Change -85.62%
Cash From Investing Activities $8.332M -$360.0K
YoY Change -85.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.126M $522.0K
YoY Change -85.98%
NET CHANGE
Cash From Operating Activities -207.3K -$198.2K -$141.5K
Cash From Investing Activities 8.332M -$360.0K
Cash From Financing Activities -8.126M $522.0K
Net Change In Cash -1.340K -$36.21K -$141.5K
YoY Change -99.36% -74.42% -348.46%
FREE CASH FLOW
Cash From Operating Activities -$207.3K -$198.2K -$141.5K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p id="xdx_846_eus-gaap--UseOfEstimates_zSLkHGJ0pAte" 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_863_zBCkGKy4A3Yd">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 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>
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CY2023Q3 KACL Offering Costs Associated With Initial Public Offering
OfferingCostsAssociatedWithInitialPublicOffering
<p id="xdx_845_ecustom--OfferingCostsAssociatedWithInitialPublicOffering_zyGbIeeQ8z6k" 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_zbz80r47oPB5">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_908_eus-gaap--OperatingCostsAndExpenses_c20230701__20230930_zWxtouUAN8eg" 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_90A_ecustom--UnderwriterFee_c20230701__20230930_zjp9BeA85eZ2" title="Underwriter fees">4,289,900</span> (or $<span id="xdx_90A_eus-gaap--PaymentsForUnderwritingExpense_c20230701__20230930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zQgSys0DXBBk" 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_909_eus-gaap--OtherUnderwritingExpense_c20230701__20230930__us-gaap--SubsidiarySaleOfStockAxis__custom--DeferredUnderwritingCommissionsMember_z2v20j1vU4ti" 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>
CY2023Q3 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
894582 usd
CY2023Q3 KACL Underwriter Fee
UnderwriterFee
4289900 usd
CY2023Q3 KACL Working Capital Loans Sponsor
WorkingCapitalLoansSponsor
582000 usd
CY2023Q3 KACL Extension Loans
ExtensionLoans
1200000 usd
CY2023Q3 us-gaap Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
5710184 shares
CY2023Q3 us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
58312401 usd
CY2023Q3 KACL Temporary Equity Subject To Possible Redemption
TemporaryEquitySubjectToPossibleRedemption
2089816 shares
CY2023Q2 KACL Temporary Equity Subject To Possible Redemption
TemporaryEquitySubjectToPossibleRedemption
2089816 shares
CY2023Q3 KACL Temporary Equity Carrying Amount
TemporaryEquityCarryingAmount
23461907 usd
CY2023Q2 KACL Temporary Equity Carrying Amount
TemporaryEquityCarryingAmount
22802239 usd
CY2023 us-gaap Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
5710184 shares
CY2023Q3 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_841_eus-gaap--ConcentrationRiskCreditRisk_zgkEF443Mi1" 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_86D_zVnIaAsnIL58">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_907_eus-gaap--CashFDICInsuredAmount_iI_c20230930_zq8kQOUkR8wi" title="Cah 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>
CY2023Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q3 KACL Working Capital Loans Sponsor
WorkingCapitalLoansSponsor
582000 usd
CY2023Q2 KACL Working Capital Loans Sponsor
WorkingCapitalLoansSponsor
420000 usd
CY2023Q3 KACL Extension Loans
ExtensionLoans
1200000 usd
CY2023Q2 KACL Extension Loans
ExtensionLoans
840000 usd
CY2023Q2 KACL Business Combination Ordinary Price Per Share
BusinessCombinationOrdinaryPricePerShare
10.10
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1125000 shares
CY2023Q3 KACL Percentage Of Underwriting Discountfee
PercentageOfUnderwritingDiscountfee
0.20
CY2023Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1725000 usd
CY2023Q3 KACL Deferred Fees Per Share
DeferredFeesPerShare
0.35
CY2023Q3 us-gaap Payments For Underwriting Expense
PaymentsForUnderwritingExpense
59900 usd
CY2023Q3 KACL Deferred Purchase Fee
DeferredPurchaseFee
100 usd
CY2023Q3 KACL Deferred Underwriting Fee
DeferredUnderwritingFee
105000 usd
CY2023Q3 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
39000 shares
CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
341230 usd
CY2022Q4 us-gaap Other Underwriting Expense
OtherUnderwritingExpense
2730000 usd
CY2022Q4 us-gaap Assets Held In Trust
AssetsHeldInTrust
2000000 usd
CY2022Q4 us-gaap Other Underwriting Expense
OtherUnderwritingExpense
2730000 usd
CY2022Q4 us-gaap Share Price
SharePrice
10.00
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Holders of ordinary shares are entitled to one vote for each share
CY2023Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2346143 shares
CY2023Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2346143 shares
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2346143 shares
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2346143 shares
CY2023Q3 KACL Shares Subject To Mandatory Redemption Settlement Terms Shares
SharesSubjectToMandatoryRedemptionSettlementTermsShares
2089816 shares
CY2023Q2 KACL Shares Subject To Mandatory Redemption Settlement Terms Shares
SharesSubjectToMandatoryRedemptionSettlementTermsShares
2089816 shares
CY2023 us-gaap Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
5710184 shares
CY2023 us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
58312401 usd
CY2023Q3 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
CY2023Q3 KACL Shares Issuable Upon Conversion As Percentage On Shares Outstanding After Conversion
SharesIssuableUponConversionAsPercentageOnSharesOutstandingAfterConversion
0.098 pure

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