$MDAI
Spectral AI, Inc.

2022 Q4 Form 10-K Financial Statement

#000114036123015385 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $14.50M
YoY Change
Gross Profit $10.84M
YoY Change
Gross Profit Margin
Selling, General & Admin $300.1K $1.251M $1.783M
YoY Change -83.17% -63.43%
% of Gross Profit 11.54%
Research & Development $16.50M
YoY Change
% of Gross Profit 152.26%
Depreciation & Amortization $11.00K
YoY Change
% of Gross Profit 0.1%
Operating Expenses $300.1K $1.251M $1.783M
YoY Change -83.17% -63.43%
Operating Profit -$1.251M
YoY Change -63.43%
Interest Expense $2.003M $12.90M -$2.911M
YoY Change -168.81% 654.38%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 $0.00
YoY Change -100.0%
Pretax Income $1.703M $11.65M -$4.694M
YoY Change -136.28% -642.45%
Income Tax $362.5K $614.3K
% Of Pretax Income 21.29% 5.27%
Net Earnings $1.341M $11.04M -$4.694M
YoY Change -128.56% -613.86%
Net Earnings / Revenue
Basic Earnings Per Share -$0.22
Diluted Earnings Per Share $0.04 $0.35 -$148.3K
COMMON SHARES
Basic Shares Outstanding 13.14M shares
Diluted Shares Outstanding 13.14M shares

Balance Sheet

Concept 2022 Q4 2022 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $785.0K $785.0K $769.4K
YoY Change 2.03% 2.03%
Cash & Equivalents $785.0K $785.0K $769.4K
Short-Term Investments
Other Short-Term Assets $153.6K $153.6K $313.1K
YoY Change -50.95% -50.95%
Inventory
Prepaid Expenses $153.6K $313.1K
Receivables $2.294M
Other Receivables
Total Short-Term Assets $938.6K $938.6K $1.083M
YoY Change -13.3% -13.3%
LONG-TERM ASSETS
Property, Plant & Equipment $21.00K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.626M $4.626M $253.0M
YoY Change -98.17% -98.17%
Other Assets
YoY Change
Total Long-Term Assets $4.626M $4.626M $253.0M
YoY Change -98.17% -98.17%
TOTAL ASSETS
Total Short-Term Assets $938.6K $938.6K $1.083M
Total Long-Term Assets $4.626M $4.626M $253.0M
Total Assets $5.565M $5.565M $254.1M
YoY Change -97.81% -97.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.759M
YoY Change
Accrued Expenses $3.352M $3.352M $2.909M
YoY Change 15.25% 14.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.624M $3.624M $2.937M
YoY Change 23.38% 23.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.249M $9.249M $19.00M
YoY Change -51.31% -51.31%
Total Long-Term Liabilities $9.249M $9.249M $19.00M
YoY Change -51.31% -51.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.624M $3.624M $2.937M
Total Long-Term Liabilities $9.249M $9.249M $19.00M
Total Liabilities $12.87M $12.87M $21.93M
YoY Change -41.31% -41.31%
SHAREHOLDERS EQUITY
Retained Earnings -$12.10M -$20.83M
YoY Change -41.91%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$12.10M -$7.308M -$20.82M
YoY Change
Total Liabilities & Shareholders Equity $5.565M $5.565M $254.1M
YoY Change -97.81% -97.81%

Cashflow Statement

Concept 2022 Q4 2022 2021 Q4
OPERATING ACTIVITIES
Net Income $1.341M $11.04M -$4.694M
YoY Change -128.56% -613.86%
Depreciation, Depletion And Amortization $11.00K
YoY Change
Cash From Operating Activities -$421.4K -$1.019M -$94.34K
YoY Change 346.67% 23.43%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $251.2M $251.6M $0.00
YoY Change -199.43%
Cash From Investing Activities $251.2M $251.6M $0.00
YoY Change -199.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $250.5M
YoY Change 1697.81%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -250.5M -250.5M 0.000
YoY Change -198.4%
NET CHANGE
Cash From Operating Activities -421.4K -1.019M -94.34K
Cash From Investing Activities 251.2M 251.6M 0.000
Cash From Financing Activities -250.5M -250.5M 0.000
Net Change In Cash 267.2K 15.61K -94.34K
YoY Change -383.23% -97.97%
FREE CASH FLOW
Cash From Operating Activities -$421.4K -$1.019M -$94.34K
Capital Expenditures
Free Cash Flow
YoY Change

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<div style="text-align: justify; font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Use of Estimates</div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The preparation of the financial statements in conformity with U.S. 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 revenues and expenses during the reporting period.</div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="text-align: justify; font-family: 'Times New Roman'; 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. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liabilities. Such estimates may be subject to change as more current information becomes available and accordingly, the actual results could differ significantly from those estimates.</div>
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CY2022 us-gaap Proceeds From Decommissioning Fund
ProceedsFromDecommissioningFund
1034596
CY2021 us-gaap Proceeds From Decommissioning Fund
ProceedsFromDecommissioningFund
250522502
CY2022 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
250522502
CY2022 rclf Class A Common Stock Subject To Possible Redemption
ClassACommonStockSubjectToPossibleRedemption
4787977
CY2022 us-gaap Liabilities Fair Value Adjustment
LiabilitiesFairValueAdjustment
8433333
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="text-align: justify; font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Concentration of Credit Risk</div> <div style="text-align: justify;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations and cash flows.<br/> </div>
CY2020 rclf Percentage Of Issued And Outstanding Shares After Initial Public Offering
PercentageOfIssuedAndOutstandingSharesAfterInitialPublicOffering
0.20
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense
DeferredTaxAssetsTaxDeferredExpense
926866
CY2021Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10
CY2022 us-gaap Sponsor Fees
SponsorFees
16152
CY2021 us-gaap Sponsor Fees
SponsorFees
0
CY2021Q1 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
10000
CY2022 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
120000
CY2021 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
110000
CY2022 rclf Incurred Paid Fees
IncurredPaidFees
230000
CY2021 rclf Incurred Paid Fees
IncurredPaidFees
110000
CY2022Q4 rclf Working Capital Loan
WorkingCapitalLoan
1500000
CY2022 rclf Deferred Fee Per Unit
DeferredFeePerUnit
0.35
CY2022 us-gaap Payments For Underwriting Expense
PaymentsForUnderwritingExpense
8855000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022 rclf Stock Conversion Ratio
StockConversionRatio
1
CY2022Q4 rclf Stock Conversion As Converted Percentage
StockConversionAsConvertedPercentage
0.20
CY2022 rclf Period To Exercise Warrants After Business Combination
PeriodToExerciseWarrantsAfterBusinessCombination
P30D
CY2022 rclf Period To Exercise Warrants After Closing Of Initial Public Offering
PeriodToExerciseWarrantsAfterClosingOfInitialPublicOffering
P12M
CY2022Q4 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2022 rclf Period To File Registration Statement After Initial Business Combination
PeriodToFileRegistrationStatementAfterInitialBusinessCombination
P15D
CY2022 rclf Period For Registration Statement To Become Effective
PeriodForRegistrationStatementToBecomeEffective
P60D
CY2022 rclf Period To Exercise Warrants After Business Combination
PeriodToExerciseWarrantsAfterBusinessCombination
P30D
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
142
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
41741
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense
DeferredTaxAssetsTaxDeferredExpense
671005
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
927008
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
712746
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
927008
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
712746
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
614297
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-214262
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-712604
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
214262
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
712604
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
614297
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
675
CY2021Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
198091
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
214262
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
712604
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0
CY2022 rclf Effective Income Tax Rate Reconciliation Change In Deferred Tax Liability Percent
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxLiabilityPercent
0
CY2021 rclf Effective Income Tax Rate Reconciliation Change In Deferred Tax Liability Percent
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxLiabilityPercent
0
CY2022 rclf Effective Income Tax Rate Reconciliation Change In Fair Value Of Warrants Percent
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrantsPercent
-0.175
CY2021 rclf Effective Income Tax Rate Reconciliation Change In Fair Value Of Warrants Percent
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrantsPercent
0.165
CY2022 rclf Effective Income Tax Rate Reconciliation Transaction Costs Allocated To Warrants Percent
EffectiveIncomeTaxRateReconciliationTransactionCostsAllocatedToWarrantsPercent
0
CY2021 rclf Effective Income Tax Rate Reconciliation Transaction Costs Allocated To Warrants Percent
EffectiveIncomeTaxRateReconciliationTransactionCostsAllocatedToWarrantsPercent
-0.043
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.02
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.332
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.055
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
1034596
CY2021 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
0
CY2022Q4 rclf Fair Value Warrants Liabilities Level1 To Level2 Transfers Amount
FairValueWarrantsLiabilitiesLevel1ToLevel2TransfersAmount
506000
CY2021Q4 rclf Fair Value Equity Level3 To Level1 Transfers Amount
FairValueEquityLevel3ToLevel1TransfersAmount
6831000
CY2021 rclf Fair Value Net Transfer To Level2
FairValueNetTransferToLevel2
2588667
CY2022 rclf Fair Value Net Transfer To Level2
FairValueNetTransferToLevel2
0

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