2024 Q1 Form 10-K Financial Statement
#000149315224034449 Filed on August 30, 2024
Income Statement
Concept | 2024 Q1 | 2023 Q4 | 2023 |
---|---|---|---|
Revenue | $0.00 | $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 | $161.8K | $200.5K | $798.5K |
YoY Change | -38.57% | 72.03% | 100.22% |
Operating Profit | -$798.5K | ||
YoY Change | 100.22% | ||
Interest Expense | $458.8K | $628.3K | $2.951M |
YoY Change | -46.58% | -36.7% | 76.32% |
% of Operating Profit | |||
Other Income/Expense, Net | $458.8K | $2.951M | |
YoY Change | -46.58% | 76.32% | |
Pretax Income | $297.0K | $427.9K | $2.152M |
YoY Change | -50.12% | -51.16% | 68.84% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | $297.0K | -$4.691M | $2.152M |
YoY Change | -50.12% | -635.38% | 68.84% |
Net Earnings / Revenue | |||
Basic Earnings Per Share | |||
Diluted Earnings Per Share | -$0.05 | -$0.64 | -$0.34 |
COMMON SHARES | |||
Basic Shares Outstanding | 6.407M shares | 6.407M shares | |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2024 Q1 | 2023 Q4 | 2023 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | |||
YoY Change | |||
Cash & Equivalents | $0.00 | ||
Short-Term Investments | |||
Other Short-Term Assets | $1.880K | $1.880K | |
YoY Change | -99.14% | -99.14% | |
Inventory | |||
Prepaid Expenses | $600.00 | $1.875K | |
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $600.00 | $1.875K | $1.880K |
YoY Change | -100.0% | -100.0% | -100.0% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | |||
YoY Change | |||
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | $35.36M | $35.36M | |
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $36.07M | $35.36M | $35.36M |
YoY Change | -3606792800.0% | ||
TOTAL ASSETS | |||
Total Short-Term Assets | $600.00 | $1.875K | $1.880K |
Total Long-Term Assets | $36.07M | $35.36M | $35.36M |
Total Assets | $36.07M | $35.36M | $35.36M |
YoY Change | -38.17% | -69.75% | -69.75% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | |||
YoY Change | |||
Accrued Expenses | $404.8K | $298.3K | $298.3K |
YoY Change | 40.01% | 103.27% | 103.27% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $2.172M | $2.172M | |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $3.257M | $2.847M | $2.847M |
YoY Change | -17.7% | -5.8% | -5.8% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | |
YoY Change | |||
Other Long-Term Liabilities | $2.875M | $2.875M | |
YoY Change | |||
Total Long-Term Liabilities | $2.875M | $2.875M | $2.875M |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $3.257M | $2.847M | $2.847M |
Total Long-Term Liabilities | $2.875M | $2.875M | $2.875M |
Total Liabilities | $6.132M | $5.722M | $5.722M |
YoY Change | 54.94% | 89.35% | 89.35% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$6.085M | -$5.773M | |
YoY Change | 58.96% | 105.69% | |
Common Stock | $3.205K | $3.205K | |
YoY Change | 0.0% | 0.0% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$6.081M | -$5.770M | $29.64M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $36.07M | $35.36M | $35.36M |
YoY Change | -38.17% | -69.75% | -69.75% |
Cashflow Statement
Concept | 2024 Q1 | 2023 Q4 | 2023 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | $297.0K | -$4.691M | $2.152M |
YoY Change | -50.12% | -635.38% | 68.84% |
Depreciation, Depletion And Amortization | |||
YoY Change | |||
Cash From Operating Activities | $189.5K | -$233.3K | |
YoY Change | -2043.79% | 166.4% | |
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | -$250.0K | $26.06M | $84.27M |
YoY Change | -100.42% | -173.27% | |
Cash From Investing Activities | -$250.0K | $26.06M | $84.27M |
YoY Change | -100.42% | -173.27% | |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $86.38M | ||
YoY Change | -24.69% | ||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | $250.0K | -26.25M | -$84.21M |
YoY Change | -100.42% | -173.12% | |
NET CHANGE | |||
Cash From Operating Activities | 189.5K | -$233.3K | |
Cash From Investing Activities | -$250.0K | 26.06M | $84.27M |
Cash From Financing Activities | $250.0K | -26.25M | -$84.21M |
Net Change In Cash | -1.160K | -$178.7K | |
YoY Change | -88.1% | -316.09% | |
FREE CASH FLOW | |||
Cash From Operating Activities | $189.5K | -$233.3K | |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
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NetCashProvidedByUsedInInvestingActivities
|
84265061 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-115000000 | usd |
CY2023 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
86382792 | usd |
CY2023 | us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
2172403 | usd |
CY2022 | us-gaap |
Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
|
3300000 | usd |
CY2022 | MSSA |
Proceeds From Sale Of Units
ProceedsFromSaleOfUnits
|
114700000 | usd |
CY2022 | us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
2829741 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-84210389 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
115170259 | usd |
CY2023 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-178652 | usd |
CY2022 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
82674 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
178652 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
95978 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
178652 | usd |
CY2022 | MSSA |
Defer Underwriting Compensation
DeferUnderwritingCompensation
|
2875000 | usd |
CY2022 | MSSA |
Initial Value Of Ordinary Stock Subject To Possible Redemptions
InitialValueOfOrdinaryStockSubjectToPossibleRedemptions
|
101200000 | usd |
CY2022 | MSSA |
Reclassification Of Offering Costs Related To Public Shares
ReclassificationOfOfferingCostsRelatedToPublicShares
|
-5020172 | usd |
CY2022 | MSSA |
Change In Value Of Ordinary Shares Subject To Redemption
ChangeInValueOfOrdinarySharesSubjectToRedemption
|
18820172 | usd |
CY2023 | MSSA |
Subsequent Measurement Of Ordinary Shares Subject To Redemptions Interest Earned On Trust Account
SubsequentMeasurementOfOrdinarySharesSubjectToRedemptionsInterestEarnedOnTrustAccount
|
5118399 | usd |
CY2022 | MSSA |
Subsequent Measurement Of Ordinary Shares Subject To Redemptions Interest Earned On Trust Account
SubsequentMeasurementOfOrdinarySharesSubjectToRedemptionsInterestEarnedOnTrustAccount
|
1673481 | usd |
CY2022Q2 | MSSA |
Proceeds From Ipo And Private Placement
ProceedsFromIpoAndPrivatePlacement
|
115682250 | usd |
CY2023Q4 | us-gaap |
Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
|
35359088 | usd |
CY2022Q4 | us-gaap |
Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
|
116673481 | usd |
CY2022Q2 | MSSA |
Proceeds From Ipo And Private Placement
ProceedsFromIpoAndPrivatePlacement
|
115682250 | usd |
CY2022Q4 | us-gaap |
Escrow Deposit
EscrowDeposit
|
178652 | usd |
CY2023Q4 | MSSA |
Working Capital
WorkingCapital
|
-2844642 | usd |
CY2022Q4 | MSSA |
Working Capital
WorkingCapital
|
71597 | usd |
CY2023Q4 | MSSA |
Working Capital
WorkingCapital
|
-2844642 | usd |
CY2022Q4 | us-gaap |
Assets Current
AssetsCurrent
|
218335 | usd |
CY2022Q4 | us-gaap |
Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
|
116673481 | usd |
CY2022Q4 | us-gaap |
Assets Noncurrent
AssetsNoncurrent
|
116673481 | usd |
CY2022Q4 | us-gaap |
Assets
Assets
|
116891816 | usd |
CY2022Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
146738 | usd |
CY2022Q4 | MSSA |
Deferred Underwriting Commissions Non Current
DeferredUnderwritingCommissionsNonCurrent
|
2875000 | usd |
CY2022Q4 | us-gaap |
Liabilities Noncurrent
LiabilitiesNoncurrent
|
2875000 | usd |
CY2022Q4 | us-gaap |
Liabilities
Liabilities
|
3021738 | usd |
CY2023 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_849_eus-gaap--UseOfEstimates_z6KK7qCJ369e" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_zVClvCwaYSGa">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with 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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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. Accordingly, the actual results could differ significantly from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2022Q4 | us-gaap |
Escrow Deposit
EscrowDeposit
|
178652 | usd |
CY2023 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
2950668 | usd |
CY2023 | us-gaap |
Interest Income Expense Net
InterestIncomeExpenseNet
|
2794771 | usd |
CY2023 | us-gaap |
Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
|
155897 | usd |
CY2023 | MSSA |
Cash Withdrawn From Trust Account To Redeem Public Shares
CashWithdrawnFromTrustAccountToRedeemPublicShares
|
86382792 | usd |
CY2023 | us-gaap |
Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
|
8297584 | shares |
CY2022 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
1673481 | usd |
CY2022 | us-gaap |
Interest Income Expense Net
InterestIncomeExpenseNet
|
1295815 | usd |
CY2022 | us-gaap |
Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
|
377666 | usd |
CY2023Q4 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | usd |
CY2022Q4 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | usd |
CY2023Q4 | us-gaap |
Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
|
0 | usd |
CY2022Q4 | us-gaap |
Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
|
0 | usd |
CY2022Q3 | MSSA |
Share Repurchase Program Excise Tax Percentage
ShareRepurchaseProgramExciseTaxPercentage
|
0.01 | pure |
CY2023Q3 | us-gaap |
Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
|
2436497 | shares |
CY2023Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
5915000 | shares |
CY2023 | us-gaap |
Net Income Loss
NetIncomeLoss
|
2152160 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
1274669 | usd |
CY2023 | MSSA |
Remeasurement To Redemption Value
RemeasurementToRedemptionValue
|
2167731 | usd |
CY2022 | MSSA |
Remeasurement To Redemption Value
RemeasurementToRedemptionValue
|
18820172 | usd |
CY2023 | MSSA |
Interest And Dividends Earned In Trust Account To Be Allocated To Redeemable Shares
InterestAndDividendsEarnedInTrustAccountToBeAllocatedToRedeemableShares
|
2950668 | usd |
CY2022 | MSSA |
Interest And Dividends Earned In Trust Account To Be Allocated To Redeemable Shares
InterestAndDividendsEarnedInTrustAccountToBeAllocatedToRedeemableShares
|
1673481 | usd |
CY2023 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-2966239 | usd |
CY2022 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-19218984 | usd |
CY2023 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p id="xdx_849_eus-gaap--ConcentrationRiskCreditRisk_zTpvtGinDlS7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86F_zdBnedcDjrp7">Concentration of Credit Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2023Q1 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
5885324 | shares |
CY2023Q4 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
50000 | usd |
CY2023Q4 | us-gaap |
Share Price
SharePrice
|
0.033 | |
CY2023Q4 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
2412260 | shares |
CY2023 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
115000000 | usd |
CY2023 | MSSA |
Proceeds Allocated To Public Rights
ProceedsAllocatedToPublicRights
|
8510000 | usd |
CY2023 | us-gaap |
Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
|
5290000 | usd |
CY2023 | MSSA |
Allocation Of Offering Costs Related To Ordinary Shares
AllocationOfOfferingCostsRelatedToOrdinaryShares
|
5020172 | usd |
CY2023 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
86382792 | usd |
CY2023 | us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
20987903 | usd |
CY2023 | MSSA |
Subsequent Measurement Of Class Ordinary Shares Subject To Possible Redemption Interest Earned On Trust Account
SubsequentMeasurementOfClassOrdinarySharesSubjectToPossibleRedemptionInterestEarnedOnTrustAccount
|
4624149 | usd |
CY2023Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
35409088 | usd |
CY2023Q1 | MSSA |
Payment Of Extesnsion Fee
PaymentOfExtesnsionFee
|
383333 | usd |
CY2023Q1 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
0.033 | |
CY2023Q1 | MSSA |
Payment For Extension Fee
PaymentForExtensionFee
|
187155 | usd |
CY2023Q1 | us-gaap |
Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
|
5885324 | shares |
CY2023Q4 | MSSA |
Payment For Extension Fee
PaymentForExtensionFee
|
105680 | usd |
CY2023Q4 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
0.033 | |
CY2023Q4 | us-gaap |
Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
|
2412260 | shares |
CY2023Q4 | MSSA |
Deferred Underwriting Commission
DeferredUnderwritingCommission
|
2875000 | usd |
CY2022Q4 | MSSA |
Deferred Underwriting Commission
DeferredUnderwritingCommission
|
2875000 | usd |
CY2023 | us-gaap |
Professional Fees
ProfessionalFees
|
25000 | usd |
CY2022Q2 | us-gaap |
Professional Fees
ProfessionalFees
|
150000 | usd |
CY2023 | MSSA |
Monthly Payment Description
MonthlyPaymentDescription
|
The Company entered into the agreement with a retainer of $5,000 per month starting from April 1, 2022 | |
CY2023Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
120000 | usd |
CY2022Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
45000 | usd |
CY2024Q1 | us-gaap |
Loss Contingency Loss In Period
LossContingencyLossInPeriod
|
245000 | usd |
CY2023Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
50000000 | shares |
CY2023Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2022Q2 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
3205000 | shares |
CY2022Q2 | us-gaap |
Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
|
11500000 | shares |