2024 Q1 Form 10-K Financial Statement

#000149315224034449 Filed on August 30, 2024

View on sec.gov

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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CY2023 us-gaap Use Of Estimates
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<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

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