$MSAI
MultiSensor AI Holdings, Inc.

2021 Q4 Form 10-Q Financial Statement

#000141057821000461 Filed on December 02, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $424.4K $30.00
YoY Change
Operating Profit -$30.00
YoY Change
Interest Expense $10.93K
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$413.5K -$30.00
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$413.5K -$30.00
YoY Change
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$27.48K $0.00
COMMON SHARES
Basic Shares Outstanding 15.05M 2.500M
Diluted Shares Outstanding 2.500M

Balance Sheet

Concept 2021 Q4 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $931.3K $24.99K
YoY Change
Cash & Equivalents $931.3K $24.99K
Short-Term Investments
Other Short-Term Assets $384.7K
YoY Change
Inventory
Prepaid Expenses $384.7K
Receivables
Other Receivables
Total Short-Term Assets $1.316M $24.99K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $117.3M
YoY Change
Other Assets $111.5K $287.4K
YoY Change
Total Long-Term Assets $117.4M $287.4K
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.316M $24.99K
Total Long-Term Assets $117.4M $287.4K
Total Assets $118.7M $312.4K
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $175.7K $20.09K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $24.61K $267.7K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $200.3K $287.8K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $200.3K $287.8K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $200.3K $287.8K
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$414.0K -$443.00
YoY Change
Common Stock $356.00 $288.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.238M $24.56K
YoY Change
Total Liabilities & Shareholders Equity $118.7M $312.4K
YoY Change

Cashflow Statement

Concept 2021 Q4 2021 Q3
OPERATING ACTIVITIES
Net Income -$413.5K -$30.00
YoY Change
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$720.7K -$60.00
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$117.3M
YoY Change
Cash From Investing Activities -$117.3M
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 118.9M 25.05K
YoY Change
NET CHANGE
Cash From Operating Activities -720.7K -60.00
Cash From Investing Activities -117.3M
Cash From Financing Activities 118.9M 25.05K
Net Change In Cash 906.3K 24.99K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$720.7K -$60.00
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">SPORTSMAP TECH ACQUISITION CORP.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">NOTES TO UNAUDITED CONDENSED UNAUDITED FINANCIAL STATEMENTS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:12pt;text-transform:uppercase;">September 30, 2021</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Note 1 — Organization and Business Operations</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="background-color:#ffffff;">SportsMap Tech Acquisition Corp. (the “Company”) is a newly organized, blank check company incorporated as a Delaware corporation on May 14, 2021. The Company was formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (the “Business Combination”).</span> The <span style="background-color:#ffffff;">Company does not have any specific Business Combination under consideration and it has not (nor has anyone on its behalf), directly or indirectly, contacted any prospective target business or had any substantive discussions, formal or otherwise, with respect to such a transaction with the Company.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="background-color:#ffffff;">As of September 30, 2021, the Company had not commenced any operations. All activity for the period from May 14, 2021 (inception) through September 30, 2021 relates to the Company’s formation and the initial public offering described below. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering (the “IPO”). The Company has selected December 31 as its fiscal year end.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="background-color:#ffffff;">The Company’s sponsor is SportsMap, LLC, a limited liability company (the “Sponsor”). The registration statement for the Company’s IPO was declared effective on October 18, 2021 (the “Effective Date”). On October 21, 2021, the Company consummated the IPO of </span>11,500,000<span style="background-color:#ffffff;"> units (the “Units” and, with respect to the Common stock included in the Units being offered, the “public shares”) at </span>$10.00<span style="background-color:#ffffff;"> per Unit, including the full exercise of the underwriters’ over-allotment of </span>1,500,000<span style="background-color:#ffffff;"> units, generating gross proceeds to the Company of</span><span style="background-color:#ffffff;"> </span>$115,000,000<span style="background-color:#ffffff;">, which is discussed in Note 3.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="background-color:#ffffff;">Simultaneously with the consummation of the IPO, the Company consummated the private placement of</span> 675,000 units <span style="background-color:#ffffff;">(the “Private Placement Units”) at a price of </span> $10.00 per Private Placement Unit t<span style="background-color:#ffffff;">o the Sponsor and the representative of the underwriters and/or certain of their designees or affiliates, generating gross proceeds to the Company of</span> $6,750,000, which is described in Note 4.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Transaction costs amounted to $2,822,937 consisting of $2,300,000 of underwriting commissions and $522,937 of <span style="background-color:#ffffff;">other offering costs, and was all charged to stockholders’ equity.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="background-color:#ffffff;">The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company’s Business Combination must be with one or more target businesses that together have a fair market value equal to at least </span><span style="background-color:#ffffff;">80%</span><span style="background-color:#ffffff;"> of the net balance in the Trust Account (as defined below) (less any taxes payable on interest earned) at the time of the signing a definitive agreement in connection with the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires </span><span style="background-color:#ffffff;">50%</span><span style="background-color:#ffffff;"> 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 of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to successfully effect a Business Combination.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="background-color:#ffffff;">Following the closing of the IPO on October 21, 2021,</span> $117,300,000 ($10.20 per Unit) <span style="background-color:#ffffff;">from the net proceeds of the sale of Units in the IPO and a portion of the proceeds of the sale of the Private Placement Units was deposited into a trust account (“Trust Account”) located in the United States with Continental Stock Transfer &amp; Trust Company acting as trustee, and will be invested only in U.S. government treasury bills, notes or bonds with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act and which invest solely in U.S. Treasuries. Except as set forth below, the proceeds held in the Trust Account will not be released until the earlier of: (1) the completion of the initial Business Combination within the required time period; (2) the Company’s redemption of </span><span style="background-color:#ffffff;">100%</span><span style="background-color:#ffffff;"> of the outstanding public shares if the Company has not completed an initial Business Combination in the required time period; and (3) the redemption of any public shares properly tendered in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemption of public shares as described in the IPO or redeem </span><span style="background-color:#ffffff;">100%</span><span style="background-color:#ffffff;"> of the public shares if the Company does not complete the initial Business Combination within the required time period or (B) with respect to any other provision relating to stockholders’ rights or pre-Business Combination activity.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="background-color:#ffffff;">In connection with any proposed initial Business Combination, the Company will either (1) seek stockholder approval of such initial Business Combination at a meeting of stockholders called for such purpose at which stockholders may seek to redeem their shares, regardless of whether they vote for or against the proposed Business Combination or do not vote at all, for their pro rata share of the aggregate amount then on deposit in the Trust Account (net of taxes payable), or (2) provide the Company’s stockholders with the opportunity to sell their shares to the Company by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount equal to their pro rata share of the aggregate amount then on deposit in the Trust Account (net of taxes payable),</span> in <span style="background-color:#ffffff;">each case subject to the limitations described herein. The decision as to whether the Company will seek stockholder approval of a proposed Business Combination or will allow stockholders to sell their shares to the Company in a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such</span> as <span style="background-color:#ffffff;">the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek stockholder approval.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="background-color:#ffffff;">The Company will have only </span><span style="background-color:#ffffff;">18 months</span><span style="background-color:#ffffff;"> from the closing of the IPO (the “Combination Period”) to complete the initial Business Combination. If the Company is unable to complete the initial Business Combination within such </span><span style="background-color:#ffffff;">18</span><span style="background-color:#ffffff;">-month period, the Company will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than </span><span style="-sec-ix-hidden:Hidden_p4yTI__NwEC8rwyH6jNVdw;"><span style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">ten</span></span><span style="background-color:#ffffff;"> business days thereafter, redeem</span> 100% <span style="background-color:#ffffff;">of the outstanding public shares which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining holders of common stock and the board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject (in the case of (ii) and (iii) above) to the Company’s obligations to provide for claims of creditors and the requirements of applicable law.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="background-color:#ffffff;">The initial stockholders have agreed to (i) waive their redemption rights with respect to their private shares in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to their private shares in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to redeem</span> 100% <span style="background-color:#ffffff;">of the public shares if the Company does not complete the initial Business Combination within the Combination Period or (B) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity and (iii) waive their rights to liquidating distributions from the Trust Account with respect to their private shares if we fail to complete the initial Business Combination within the Combination Period.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="background-color:#ffffff;">The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amounts in the Trust Account to below</span> $10.20 <span style="background-color:#ffffff;">per share (whether or not the underwriters’ over-allotment option is exercised in full), except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act. In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third party claims. The Company has not independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and believes that the Sponsor’s only assets are securities of the Company. The Company has not asked the Sponsor to reserve for such obligations and therefore believes the Sponsor will be unlikely to satisfy its indemnification obligations if it is required to do so.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="background-color:#ffffff;">However, the Company believes the likelihood of the Sponsor having to indemnify the Trust Account is limited because the Company will endeavor to have all vendors and prospective target businesses as well as other entities execute agreements</span> with <span style="background-color:#ffffff;">the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Liquidity and Capital Resources</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As of September 30, 2021, the Company had $24,991 in its operating bank account, and working capital deficiency of $262,825. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company’s liquidity needs up to September 30, 2021 had been satisfied through a payment from the Sponsor of  $25,000 (see Note 5) for the Founder Shares to cover certain offering costs and the loan under an unsecured promissory note from the Sponsor of up to $400,000, which was fully repaid on October 22, 2021 (see Note 5 and Note 8).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">After consummation of the IPO on October 21, 2021, the Company had $24,991 in its operating bank account, and working capital of $1,463,454, which included $2,150,000 of private placement proceeds receivable from the Sponsor which was received into the Company’s operating bank account on October 22, 2021.  In addition, in order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans, as defined below (see Note 5). As of September 30, 2021, there were no amounts outstanding under any Working Capital Loans.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Risks and Uncertainties</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="background-color:#ffffff;">Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p>
CY2021Q3 smapu Transaction Costs
TransactionCosts
2822937
CY2021Q3 smapu Sale Of Stock Underwriting Fees
SaleOfStockUnderwritingFees
2300000
CY2021Q3 smapu Sale Of Stock Other Offering Costs
SaleOfStockOtherOfferingCosts
522937
smapu Condition For Future Business Combination Use Of Proceeds Percentage
ConditionForFutureBusinessCombinationUseOfProceedsPercentage
80
smapu Condition For Future Business Combination Threshold Percentage Ownership
ConditionForFutureBusinessCombinationThresholdPercentageOwnership
50
CY2021Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.20
smapu Months To Complete Initial Business Combination
MonthsToCompleteInitialBusinessCombination
P18Y
smapu Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
1
CY2021Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.20
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
24991
CY2021Q3 smapu Working Capital Deficit
WorkingCapitalDeficit
262825
CY2021Q3 smapu Working Capital Loans
WorkingCapitalLoans
0
smapu Threshold Period For Sufficient Working Capital And Borrowing Capacity To Meet Needs From Filing Date
ThresholdPeriodForSufficientWorkingCapitalAndBorrowingCapacityToMeetNeedsFromFilingDate
P1Y
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The preparation of 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. 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, actual results could differ from those estimates.</p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">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. At September 30, 2021, the Company had not experienced losses on this account and management believes the Company was not exposed to significant risks on such account.</p>
CY2021Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
smapu Transfer Assign Or Sell Any Shares Or Warrants After Completion Of Initial Business Combination Threshold Trading Days
TransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombinationThresholdTradingDays
30
smapu Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
1
smapu Warrants Exercisable Term
WarrantsExercisableTerm
P5Y
CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q3 smapu Common Stock Number Of Votes Per Share
CommonStockNumberOfVotesPerShare
1
CY2021Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1
CY2021Q3 us-gaap Share Price
SharePrice
9.20
smapu Percentage Of Gross Proceeds On Total Equity Proceeds Threshold Minimum
PercentageOfGrossProceedsOnTotalEquityProceedsThresholdMinimum
0.60
CY2021Q3 us-gaap Share Price
SharePrice
9.20
CY2021Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1

Files In Submission

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0001410578-21-000461-index-headers.html Edgar Link pending
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0001410578-21-000461.txt Edgar Link pending
0001410578-21-000461-xbrl.zip Edgar Link pending
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