2022 Q3 Form 10-Q Financial Statement

#000121390022048121 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $179.7K $232.7K
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $179.7K $232.7K $5.010K
YoY Change
Operating Profit -$179.7K -$232.7K -$5.010K
YoY Change 1123187.5%
Interest Expense $312.2K $146.4K
YoY Change
% of Operating Profit
Other Income/Expense, Net $678.4K -$122.5K
YoY Change
Pretax Income $810.9K -$208.8K -$5.010K
YoY Change
Income Tax $79.75K
% Of Pretax Income 9.84%
Net Earnings $731.1K -$208.8K -$5.010K
YoY Change -4569606.25%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $49.05K -$14.45K -$386.10
COMMON SHARES
Basic Shares Outstanding 14.91M shares
Diluted Shares Outstanding 2.500M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $414.1K $447.4K $6.670K
YoY Change
Cash & Equivalents $414.1K $447.4K $6.670K
Short-Term Investments
Other Short-Term Assets $141.0K $218.2K $250.3K
YoY Change
Inventory
Prepaid Expenses $141.0K $218.2K
Receivables
Other Receivables
Total Short-Term Assets $555.1K $665.6K $256.9K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $116.6M $116.3M
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $116.6M $116.3M $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $555.1K $665.6K $256.9K
Total Long-Term Assets $116.6M $116.3M $0.00
Total Assets $117.2M $117.0M $256.9K
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $60.00K $30.00K $40.50K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $200.0K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $218.4K $69.30K $240.5K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.344M $5.023M
YoY Change
Total Long-Term Liabilities $4.344M $5.023M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $218.4K $69.30K $240.5K
Total Long-Term Liabilities $4.344M $5.023M $0.00
Total Liabilities $4.563M $5.092M $240.5K
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$4.008M -$4.280M
YoY Change
Common Stock $340.00 $340.00 $287.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.008M -$4.280M $16.43K
YoY Change
Total Liabilities & Shareholders Equity $117.2M $117.0M $256.9K
YoY Change

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $731.1K -$208.8K -$5.010K
YoY Change -4569606.25%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$33.24K -$392.9K $6.290K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$116.2M
YoY Change
Cash From Investing Activities $0.00 -$116.2M
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 0.000 117.0M -4.570K
YoY Change
NET CHANGE
Cash From Operating Activities -33.24K -392.9K 6.290K
Cash From Investing Activities 0.000 -116.2M
Cash From Financing Activities 0.000 117.0M -4.570K
Net Change In Cash -33.24K 440.7K 1.720K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$33.24K -$392.9K $6.290K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2022-06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
001-41340
dei Entity Registrant Name
EntityRegistrantName
Redwoods Acquisition Corp.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
86-2727441
dei Entity Address Address Line1
EntityAddressAddressLine1
1115 Broadway
dei Entity Address Address Line2
EntityAddressAddressLine2
12th Floor
dei Entity Address City Or Town
EntityAddressCityOrTown
New York
dei Entity Address State Or Province
EntityAddressStateOrProvince
NY
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
10010
dei City Area Code
CityAreaCode
(646)
dei Local Phone Number
LocalPhoneNumber
916-5315
dei Security12b Title
Security12bTitle
Common Stock
dei Trading Symbol
TradingSymbol
RWOD
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rwodu Description Of Business Combination Percentage
DescriptionOfBusinessCombinationPercentage
the Company’s initial Business Combination must occur with one or more target businesses having an aggregate fair market value equal to at least 80% of the value of the funds in the Trust account (excluding any deferred underwriting discounts and commissions and taxes payable on the income earned on the Trust Account), which the Company refers to as the 80% test, at the time of the execution of a definitive agreement for its initial Business Combination, although the Company may structure a Business Combination with one or more target businesses whose fair market value significantly exceeds 80% of the trust account balance. If the Company is no longer listed on Nasdaq, it will not be required to satisfy the 80% test. The Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act.
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<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"><b>Use of Estimates</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">In preparing these unaudited condensed financial statements in conformity with U.S. GAAP, the Company’s management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported expenses during the reporting period.</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">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 unaudited 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. </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: 6pt"> </span></p>
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us-gaap Concentration Risk Credit Risk
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<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"><b>Concentration of Credit Risk</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">Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution and money market funds held in the Trust Account. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. As of June 30, 2022 and December 31, 2021, approximately $116 million and $Nil, respectively, was over the Federal Deposit Insurance Corporation (FDIC) limit.</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"><b> </b></span></p>
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rwodu Initial Stockholders Description
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The Initial Stockholders have agreed, subject to certain limited exceptions, not to transfer, assign or sell any of their Insider Shares until, with respect to 50% of the Insider Shares, the earlier of six months after the consummation of a Business Combination and the date on which the closing price of the common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing after a Business Combination and, with respect to the remaining 50% of the Insider Shares, until the six months after the consummation of a Business Combination, or earlier, in either case, if, subsequent to a Business Combination, the Company completes a liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property.
CY2022Q1 rwodu Aggregate Amount
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CY2022Q1 rwodu Aggregate Amount
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AccruedExpenses
30000 usd
CY2022Q2 us-gaap Interest Costs Incurred
InterestCostsIncurred
30000 usd
CY2022Q2 rwodu Prospectus To Purchase
ProspectusToPurchase
1500000 shares
us-gaap Underwriting Expense Ratio
UnderwritingExpenseRatio
0.025 pure
rwodu Generating Gross Proceeds
GeneratingGrossProceeds
2875000 usd
rwodu Deferred Fee
DeferredFee
0.0375 pure
CY2022Q2 us-gaap Purchase Options Land
PurchaseOptionsLand
100 usd
rwodu Unit Purchase Option
UnitPurchaseOption
345000 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
11.5
CY2022Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
3967500 shares
us-gaap Line Of Credit Facility Expiration Period
LineOfCreditFacilityExpirationPeriod
P5Y
us-gaap Dividends Share Based Compensation Cash
DividendsShareBasedCompensationCash
100 usd
rwodu Market Price Percentage
MarketPricePercentage
1.15 pure
rwodu Market Valuein Percentage
MarketValueinPercentage
1.65 pure
CY2022Q2 us-gaap Preferred Stock Redemption Price Per Share
PreferredStockRedemptionPricePerShare
16.5
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
usd
rwodu Right Of First Refusal Description
RightOfFirstRefusalDescription
The Company has granted Chardan a right of first refusal, for a period of 18 months after the date of the consummation of a Business Combination, to act as a book-running manager or placement agent, with at least 30% of the economics, for any and all future public and private equity, equity linked and debt offerings of the Company or any of its successors or subsidiaries.
CY2022Q2 rwodu Price Per Warrant
PricePerWarrant
0.01
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
16.5
CY2022Q2 rwodu Warrants Liability
WarrantsLiability
710200 usd
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
usd
CY2022Q2 rwodu Fair Value
FairValue
587717 usd
rwodu Change In Fair Value
ChangeInFairValue
122483 usd
CY2022Q2 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
710200 usd
CY2022Q2 rwodu Fair Value Of Private Warrants
FairValueOfPrivateWarrants
529495 usd
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
11.5
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
11.5
CY2022Q2 rwodu Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Underlying Share Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsUnderlyingSharePrice
7.88
CY2022Q2 rwodu Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Underlying Share Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsUnderlyingSharePrice
8.08
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3307 pure
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.2562 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0301 pure
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0242 pure
rwodu Initial Classification Of Common Stock Subject To Redemption
InitialClassificationOfCommonStockSubjectToRedemption
usd
us-gaap Payments For Repurchase Of Initial Public Offering
PaymentsForRepurchaseOfInitialPublicOffering
usd
us-gaap Other Underwriting Expense
OtherUnderwritingExpense
usd
rwodu Allocation Of Offering Costs To Common Stock Subject To Redemption
AllocationOfOfferingCostsToCommonStockSubjectToRedemption
usd
CY2021Q4 rwodu Deferred Underwriting Fee Payables
DeferredUnderwritingFeePayables
usd
CY2021Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
usd
us-gaap Franchisor Costs
FranchisorCosts
usd
us-gaap Investment Income Interest
InvestmentIncomeInterest
usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
usd
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
usd
us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
usd
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
usd
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
usd
rwodu Payment Of Underwriters Commissions
PaymentOfUnderwritersCommissions
usd
rwodu Payment Of Deferred Offering Costs
PaymentOfDeferredOfferingCosts
usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
usd
rwodu Accretion Of Common Stock To Redemption Value
AccretionOfCommonStockToRedemptionValue
usd
CY2022Q2 us-gaap Long Term Debt Term
LongTermDebtTerm
P5Y
CY2021Q4 rwodu Warrants Liability
WarrantsLiability
usd
CY2021Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001907223

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