2022 Q2 Form 10-Q Financial Statement

#000121390022047411 Filed on August 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $19.74M
YoY Change
Gross Profit -$1.270M
YoY Change
Gross Profit Margin
Selling, General & Admin $2.980M
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $259.0K $248.0K
YoY Change
% of Gross Profit
Operating Expenses $577.0K $347.9K $449.7K
YoY Change 2801.06%
Operating Profit -$577.0K -$4.500M
YoY Change 15189.45%
Interest Expense $468.3K $27.41K $5.600K
YoY Change
% of Operating Profit
Other Income/Expense, Net $19.00K $159.0K $170.0K
YoY Change
Pretax Income -$108.7K -$320.5K -$274.1K
YoY Change 446.41%
Income Tax $400.0K $1.000K
% Of Pretax Income
Net Earnings -$108.7K -$320.5K -$274.1K
YoY Change 2779.7% 1888.67%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$2.637K -$7.775K -$16.31K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.630K $163.8K $359.6K
YoY Change
Cash & Equivalents $2.632K $9.054M $359.6K
Short-Term Investments
Other Short-Term Assets $486.4K $511.4K $475.5K
YoY Change 1.32%
Inventory
Prepaid Expenses $486.4K $475.5K
Receivables
Other Receivables
Total Short-Term Assets $489.0K $675.2K $835.1K
YoY Change 1.87%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $330.3M $329.8M $329.8M
YoY Change
Other Assets $103.4K $215.3K $326.0K
YoY Change
Total Long-Term Assets $330.4M $330.0M $330.1M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $489.0K $675.2K $835.1K
Total Long-Term Assets $330.4M $330.0M $330.1M
Total Assets $330.8M $330.7M $330.9M
YoY Change 68817.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $548.1K $296.6K $218.4K
YoY Change 80.02%
Deferred Revenue
YoY Change
Short-Term Debt $27.50K $0.00 $1.030K
YoY Change -83.87%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $575.6K $296.6K $219.5K
YoY Change 21.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.54M $11.54M $11.54M
YoY Change
Total Long-Term Liabilities $11.54M $11.54M $11.54M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $575.6K $296.6K $219.5K
Total Long-Term Liabilities $11.54M $11.54M $11.54M
Total Liabilities $12.12M $11.84M $11.76M
YoY Change 2451.23%
SHAREHOLDERS EQUITY
Retained Earnings -$744.6K -$315.5K
YoY Change
Common Stock $139.00 $139.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.345M $318.8M $3.276M
YoY Change
Total Liabilities & Shareholders Equity $330.8M $330.7M $330.9M
YoY Change 68817.21%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$108.7K -$320.5K -$274.1K
YoY Change 2779.7% 1888.67%
Depreciation, Depletion And Amortization $259.0K $248.0K
YoY Change
Cash From Operating Activities -$161.2K -$195.8K -$277.2K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $377.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$29.75M
YoY Change
Cash From Investing Activities -$377.0K -$29.75M
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 $4.186M 29.75M
YoY Change
NET CHANGE
Cash From Operating Activities -161.2K -195.8K -277.2K
Cash From Investing Activities -$377.0K -29.75M
Cash From Financing Activities $4.186M 29.75M
Net Change In Cash -161.2K -195.8K -277.2K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$161.2K -$195.8K -$277.2K
Capital Expenditures $377.0K
Free Cash Flow -$572.8K
YoY Change

Facts In Submission

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dei Entity Registrant Name
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INFLECTION POINT ACQUISITION CORP.
dei Entity Incorporation State Country Code
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001-40823
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34 East 51st Street
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ipax Public Shares Held In Trust Account Description
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The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per Public Share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act.
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ipax Warrant Description
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The Sponsor will have the option, at any time on or prior to the Maturity Date, to convert up to $1,000,000 outstanding under the Note into warrants to purchase Class A ordinary shares at a conversion price of $1.00 per warrant, with each warrant entitling the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to the same adjustments applicable to the Private Placement Warrants. As of August 12, 2022, there were no amounts outstanding under the Note.
us-gaap Substantial Doubt About Going Concern Conditions Or Events
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These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time, which is considered to be one year from the issuance date of these unaudited condensed financial statements.
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b>Use of Estimates</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>The preparation of the financial statements in conformity with US GAAP requires 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"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>Making estimates requires management to exercise significant judgement. 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"> </p>
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><b>Concentration of credit risk</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times, may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on this account.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
us-gaap Federal Deposit Insurance Corporation Premium Expense
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us-gaap Derivatives Reporting Of Derivative Activity
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b>Derivative Financial Instruments</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. Derivative instruments are initially recorded at fair value on the grant date and re-valued at each reporting date, with changes in the fair value reported in the unaudited condensed statements of operations. Derivative assets and liabilities are classified in the condensed balance sheets as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the unaudited condensed statements of operations. The Company has analyzed the Public Warrants and Private Placement Warrants and determined they meet all of the requirements for equity classification under ASC 815 (see Notes 3 and 4).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span> </span></p>
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us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
usd
ipax Redemption Of Warrants Description
RedemptionOfWarrantsDescription
Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 Once the warrants become exercisable, the Company may redeem the outstanding warrants:  ●in whole and not in part; ●at a price of $0.01 per warrant; ●upon a minimum of 30 days’ prior written notice of redemption (the “30-day redemption period”); and ●if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three business days before we send the notice of redemption to the warrant holders.
ipax Equity Proceeds Percentage
EquityProceedsPercentage
0.60 pure
ipax Aggregate Purchase Price Amount
AggregatePurchasePriceAmount
6250000 usd
CY2021Q4 ipax Gross Proceeds
GrossProceeds
595000 usd
ipax Fair Value Of Founder Shares
FairValueOfFounderShares
9680000 usd
CY2022Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
5.96
CY2021Q3 us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
188805 usd
CY2022Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
500000 usd
us-gaap Class Of Warrant Or Right Expense Or Revenue Recognized
ClassOfWarrantOrRightExpenseOrRevenueRecognized
The Sponsor will have the option, at any time on or prior to the Maturity Date, to convert up to $1,000,000 outstanding under the Note into warrants to purchase Class A ordinary shares at a conversion price of $1.00 per warrant, with each warrant entitling the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to the same adjustments applicable to the Private Placement Warrants. As of August 12, 2022, there were no amounts outstanding under the Note.
CY2022Q2 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
45000 usd
us-gaap Administrative Fees Expense
AdministrativeFeesExpense
90000 usd
CY2022Q2 ipax Compensation Services
CompensationServices
37500 usd
ipax Compensation Services
CompensationServices
75000 usd
CY2022Q2 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
12500 usd
CY2021Q3 ipax Aggregate Units
AggregateUnits
10000000 shares
CY2021Q3 ipax Underwriting Discount
UnderwritingDiscount
0.02 pure
CY2021Q3 ipax Underwriting Discountvalue
UnderwritingDiscountvalue
4000000 usd
ipax Registration Rights Description
RegistrationRightsDescription
Pursuant to the registration rights agreement and assuming $1,500,000 of working capital loans are converted into additional Private Placement Warrants, the Company will be obligated to register up to 21,588,750 Class A ordinary shares and 8,345,000 Private Placement Warrants. The number of Class A ordinary shares includes (i) 8,243,750 Class A ordinary shares to be issued upon conversion of the Founder Shares, (ii) 5,000,000 Forward Purchase Shares, (iii) 6,845,000 Class A ordinary shares underlying the Private Placement Warrants and (iv) 1,500,000 Class A ordinary shares underlying the Private Placement Warrants issuable upon conversion of working capital loans. The number of warrants includes 6,845,000 Private Placement Warrants and 1,500,000 additional Private Placement Warrants issuable upon the conversion of working capital loans.
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q2 ipax Ordinary Share Subject To Possible Redemption
OrdinaryShareSubjectToPossibleRedemption
31588011 shares
CY2022Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2022Q2 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2022Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2021Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
usd
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
usd
CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
usd
ipax Formation Cost Paid By The Sponsor In Exchange For Issuance Of Class B Ordinary Shares
FormationCostPaidByTheSponsorInExchangeForIssuanceOfClassBOrdinaryShares
usd
ipax Operating Costs Paid By Related Party
OperatingCostsPaidByRelatedParty
usd
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
usd
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
usd
us-gaap Stock Issued1
StockIssued1
usd
ipax Deferred Offering Cost Paid By Related Party
DeferredOfferingCostPaidByRelatedParty
usd
ipax Accrued Offering Costs
AccruedOfferingCosts
usd
ipax Accretion Of Class A Ordinary Shares Subject To Possible Redemptionin Shares
AccretionOfClassAOrdinarySharesSubjectToPossibleRedemptioninShares
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
0001844452

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