$KLTO

2023 Q4 Form 10-Q Financial Statement

#000121390023088042 Filed on November 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $324.9K $292.2K
YoY Change 35.64% 62.59%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $324.9K $292.2K
YoY Change 35.64% 62.59%
Operating Profit -$292.2K
YoY Change 62.6%
Interest Expense $509.9K $741.8K
YoY Change -54.43% 137.61%
% of Operating Profit
Other Income/Expense, Net $15.90K -$10.60K
YoY Change -101.56%
Pretax Income $200.9K $439.0K
YoY Change -77.15% -45.86%
Income Tax $112.0K $148.9K
% Of Pretax Income 55.75% 33.91%
Net Earnings $88.92K $290.1K
YoY Change -87.58% -60.32%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.01 $0.03
COMMON SHARES
Basic Shares Outstanding 8.802M shares 8.802M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $172.5K $146.3K
YoY Change -49.4% -64.67%
Cash & Equivalents $172.5K $146.3K
Short-Term Investments
Other Short-Term Assets $27.00K $57.48K
YoY Change -72.78% -59.23%
Inventory
Prepaid Expenses $27.00K $57.48K
Receivables
Other Receivables
Total Short-Term Assets $199.5K $203.8K
YoY Change -54.67% -63.29%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $19.26M $57.81M
YoY Change -83.65% -50.42%
Other Assets $2.186M
YoY Change
Total Long-Term Assets $19.26M $57.81M
YoY Change -83.65% -50.42%
TOTAL ASSETS
Total Short-Term Assets $199.5K $203.8K
Total Long-Term Assets $19.26M $57.81M
Total Assets $19.46M $58.02M
YoY Change -83.55% -50.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $151.3K
YoY Change
Accrued Expenses $1.497M $327.6K
YoY Change 966.13% 446.07%
Deferred Revenue
YoY Change
Short-Term Debt $65.00K $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.313M $1.664M
YoY Change 356.91% 662.12%
LONG-TERM LIABILITIES
Long-Term Debt $1.540M $1.140M
YoY Change
Other Long-Term Liabilities $4.371M $4.387M
YoY Change 0.61% 0.98%
Total Long-Term Liabilities $5.911M $5.527M
YoY Change 36.06% 27.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.313M $1.664M
Total Long-Term Liabilities $5.911M $5.527M
Total Liabilities $8.242M $7.243M
YoY Change 67.19% 58.73%
SHAREHOLDERS EQUITY
Retained Earnings -$7.351M -$6.436M
YoY Change 81.73% 60.58%
Common Stock $340.00 $340.00
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.21M -$6.436M
YoY Change
Total Liabilities & Shareholders Equity $19.46M $58.02M
YoY Change -83.55% -50.48%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $88.92K $290.1K
YoY Change -87.58% -60.32%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$248.8K -$123.9K
YoY Change 239.98% 272.62%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $39.07M -$121.3K
YoY Change
Cash From Investing Activities $39.07M -$121.3K
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 -38.79M 270.6K
YoY Change
NET CHANGE
Cash From Operating Activities -248.8K -123.9K
Cash From Investing Activities 39.07M -121.3K
Cash From Financing Activities -38.79M 270.6K
Net Change In Cash 26.20K 25.37K
YoY Change -135.8% -176.32%
FREE CASH FLOW
Cash From Operating Activities -$248.8K -$123.9K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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rwod Description Of Contingent Consideration Shares
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(i) 2,000,000 Contingent Consideration Shares upon the Company achieving a closing price equal to or exceeding $12.50 for 10 trading days within a 20-day trading period in the first three years following the closing of the Merger; (ii) 2,000,000 Contingent Consideration Shares upon the Company achieving a closing price equal to or exceeding $15.00 for 10 trading days within a 20-day trading period in the first three years following the closing of the Merger; and (iii) 1,000,000 Contingent Consideration Shares upon the Company achieving a closing price equal to or exceeding $20.00 for 10 trading days within a 20-day trading period in the first five years following the closing of the Merger
us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
2875000 shares
rwod Founder Shares
FounderShares
1375000 shares
rwod Description Of Deferred Shares
DescriptionOfDeferredShares
(i) 458,333 Deferred Shares upon the Company achieving a closing price equal to or exceeding $12.50 for 10 trading days within a 20-day trading period in the first three years following the closing of the Merger; (ii) 458,333 Deferred Shares upon the Company achieving a closing price equal to or exceeding $15.00 for 10 trading days within a 20-day trading period in the first three years following the closing of the Merger; and (iii) 458,333 Deferred Shares upon the Company achieving a closing price equal to or exceeding $20.00 for 10 trading days within a 20-day trading period in the first five years following the closing of the Merger.
CY2023Q3 us-gaap Cash Available For Distributions
CashAvailableForDistributions
146334 usd
CY2023Q3 rwod Working Capital Deficit
WorkingCapitalDeficit
755526 usd
CY2023Q1 rwod Sponsor Provided Loan
SponsorProvidedLoan
150000 usd
CY2023Q1 rwod Sponsor Provided Loan
SponsorProvidedLoan
360000 usd
CY2023Q2 rwod Sponsor Provided Loan
SponsorProvidedLoan
360000 usd
CY2023Q3 rwod Sponsor Provided Loan
SponsorProvidedLoan
-150000 usd
CY2023Q3 rwod Sponsor Provided Loan
SponsorProvidedLoan
120000 usd
CY2023Q3 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
631696 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In preparing these unaudited condensed consolidated 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 consolidated 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">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 consolidated 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>
us-gaap Dividends Cash
DividendsCash
146334 usd
CY2022 us-gaap Dividends Cash
DividendsCash
340962 usd
CY2023Q3 us-gaap Deferred Offering Costs
DeferredOfferingCosts
8365339 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.3391 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0984 pure
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.3152 pure
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.1336 pure
CY2023Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
290145 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
731121 usd
us-gaap Net Income Loss
NetIncomeLoss
1257210 usd
us-gaap Net Income Loss
NetIncomeLoss
517286 usd
CY2023Q3 rwod Accretion Of Common Stock To Redemption Value1
AccretionOfCommonStockToRedemptionValue1
679973 usd
CY2022Q3 rwod Accretion Of Common Stock To Redemption Value1
AccretionOfCommonStockToRedemptionValue1
27171067 usd
rwod Accretion Of Common Stock To Redemption Value1
AccretionOfCommonStockToRedemptionValue1
3016544 usd
rwod Accretion Of Common Stock To Redemption Value1
AccretionOfCommonStockToRedemptionValue1
27171067 usd
CY2023Q3 rwod Net Loss Including Accretion Of Common Stock To Redemption Value
NetLossIncludingAccretionOfCommonStockToRedemptionValue
-389828 usd
CY2022Q3 rwod Net Loss Including Accretion Of Common Stock To Redemption Value
NetLossIncludingAccretionOfCommonStockToRedemptionValue
-26439946 usd
rwod Net Loss Including Accretion Of Common Stock To Redemption Value
NetLossIncludingAccretionOfCommonStockToRedemptionValue
-1759334 usd
rwod Net Loss Including Accretion Of Common Stock To Redemption Value
NetLossIncludingAccretionOfCommonStockToRedemptionValue
-26653781 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Concentration of Credit Risk</b></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.</p>
us-gaap Interest Income Securities Us Treasury
InterestIncomeSecuritiesUSTreasury
57811916 usd
CY2022 us-gaap Interest Income Securities Us Treasury
InterestIncomeSecuritiesUSTreasury
117806478 usd
CY2023Q3 us-gaap Assets Held In Trust Current
AssetsHeldInTrustCurrent
57811916 usd
CY2022Q4 us-gaap Assets Held In Trust Current
AssetsHeldInTrustCurrent
117806478 usd
CY2023Q3 us-gaap Other Additional Capital
OtherAdditionalCapital
1500000 usd
CY2023Q3 us-gaap Long Term Debt Term
LongTermDebtTerm
P5Y
us-gaap Partners Capital Account Units Sold In Public Offering
PartnersCapitalAccountUnitsSoldInPublicOffering
11500000 shares
CY2022 rwod Gross Proceed
GrossProceed
115000000 usd
CY2022Q4 rwod Proceeds Allocated To Public Warrants
ProceedsAllocatedToPublicWarrants
-10695000 usd
CY2022Q4 rwod Proceeds Allocated To Public Rights
ProceedsAllocatedToPublicRights
-9430000 usd
CY2022Q4 rwod Offering Costs Of Public Shares
OfferingCostsOfPublicShares
-6901405 usd
CY2022 rwod Accretion Of Carrying Value To Redemption Value
AccretionOfCarryingValueToRedemptionValue
29388057 usd
CY2022Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
117361652 usd
rwod Accretion Of Carrying Value To Redemption Value
AccretionOfCarryingValueToRedemptionValue
3016543 usd
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
-63169451 usd
CY2023Q3 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
57208744 usd
rwod Market Price Percentage
MarketPricePercentage
1.15 pure
rwod Aggregate Private Units
AggregatePrivateUnits
477500 shares
CY2023Q3 rwod Sale Of Stock Price Per Shares
SaleOfStockPricePerShares
10
rwod Aggregate Purchase Price
AggregatePurchasePrice
4775000 usd
rwod Additional Aggregates Private Units
AdditionalAggregatesPrivateUnits
52500 shares
us-gaap Sale Leaseback Transaction Gross Proceeds Financing Activities
SaleLeasebackTransactionGrossProceedsFinancingActivities
525000 usd
CY2023Q1 us-gaap Investment Owned Balance Principal Amount
InvestmentOwnedBalancePrincipalAmount
150000 usd
CY2023Q1 us-gaap Investment Owned Balance Principal Amount
InvestmentOwnedBalancePrincipalAmount
360000 usd
CY2023Q3 us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
150000 usd
CY2023Q3 us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
120000 usd
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
1140000 usd
rwod Accrued Expenses
AccruedExpenses
90000 usd
us-gaap Interest Costs Incurred
InterestCostsIncurred
30000 usd
us-gaap Interest Costs Incurred
InterestCostsIncurred
180000 usd
CY2023 rwod Accrued Expenses
AccruedExpenses
90000 usd
CY2023Q3 rwod Prospectus To Purchase
ProspectusToPurchase
1500000 shares
us-gaap Underwriting Expense Ratio
UnderwritingExpenseRatio
0.025 pure
rwod Generating Gross Proceeds
GeneratingGrossProceeds
2875000 usd
rwod Deferred Fee
DeferredFee
0.0375 pure
CY2023Q3 us-gaap Purchase Options Land
PurchaseOptionsLand
100 usd
rwod Unit Purchase Option
UnitPurchaseOption
345000 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
11.5
rwod Aggregate Exercise Price
AggregateExercisePrice
3967500 usd
us-gaap Line Of Credit Facility Expiration Period
LineOfCreditFacilityExpirationPeriod
P5Y
us-gaap Dividends Share Based Compensation Cash
DividendsShareBasedCompensationCash
100 usd
rwod 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.
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3405000 shares
CY2023Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3405000 shares
CY2023Q3 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Number Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsNumberOfShares
5396650 shares
CY2023Q3 us-gaap Preferred Stock Redemption Price Per Share
PreferredStockRedemptionPricePerShare
16.5
rwod Market Valuein Percentage
MarketValueinPercentage
1.65 pure
CY2023Q3 rwod Price Per Warrant
PricePerWarrant
0.01
CY2023Q3 us-gaap Derivative Instruments And Hedges Liabilities
DerivativeInstrumentsAndHedgesLiabilities
74200 usd
CY2022Q4 us-gaap Derivative Instruments And Hedges Liabilities
DerivativeInstrumentsAndHedgesLiabilities
31800 usd
CY2022Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
31800 usd
rwod Change In Fair Value
ChangeInFairValue
42400 usd
CY2023Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
74200 usd
CY2022Q2 rwod Fair Value Of Private Warrants
FairValueOfPrivateWarrants
587717 usd
CY2023Q3 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
CY2023Q3 rwod Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Underlying Share Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsUnderlyingSharePrice
10.67
CY2022Q2 rwod 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
0.0524 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
0.046 pure
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0242 pure
CY2022Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
usd
CY2023Q3 rwod Change In Fair Value Of Convertible Notes
ChangeInFairValueOfConvertibleNotes
usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
usd
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
usd
us-gaap Proceeds From Sale Of Insurance Investments
ProceedsFromSaleOfInsuranceInvestments
usd
us-gaap Proceeds From Sale Of Investment Projects
ProceedsFromSaleOfInvestmentProjects
usd
us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
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 Other Equity
ProceedsFromOtherEquity
usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
usd
rwod Repayment Of Advance From Related Party
RepaymentOfAdvanceFromRelatedParty
usd
us-gaap Payments For Repurchase Of Private Placement
PaymentsForRepurchaseOfPrivatePlacement
usd
rwod Payment Of Deferred Offering Costs
PaymentOfDeferredOfferingCosts
usd
rwod Initial Classification Of Common Stock Subject To Redemption
InitialClassificationOfCommonStockSubjectToRedemption
usd
rwod Initial Recognition Of Warrant Liabilities
InitialRecognitionOfWarrantLiabilities
usd
us-gaap Other Underwriting Expense
OtherUnderwritingExpense
usd
rwod Allocation Of Offering Costs To Common Stock Subject To Redemption
AllocationOfOfferingCostsToCommonStockSubjectToRedemption
usd
rwod Exercise Taxliability
ExerciseTaxliability
usd
CY2023Q3 us-gaap Long Term Debt Term
LongTermDebtTerm
P5Y
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001907223

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