$MSSA
Metal Sky Star Acquisition Corp

2023 Q2 Form 10-Q Financial Statement

#000182912623003208 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
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 $220.0K $263.4K $3.550K
YoY Change 30.47% 7320.28%
Operating Profit -$224.0K -$263.4K -$3.550K
YoY Change 32.83% 7320.23%
Interest Expense $690.0K $858.9K
YoY Change 328.81%
% of Operating Profit
Other Income/Expense, Net $690.4K $858.9K
YoY Change 329.06%
Pretax Income $466.4K $595.5K -$3.550K
YoY Change -6153.59% -16874.7%
Income Tax
% Of Pretax Income
Net Earnings $466.4K $595.5K -$3.550K
YoY Change -6153.59% -16874.7%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.05 $0.07 -$344.70
COMMON SHARES
Basic Shares Outstanding 8.820M shares 8.820M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.45M $58.20M
YoY Change -48.37%
Cash & Equivalents $0.00 $0.00 $54.13K
Short-Term Investments $59.45M $58.20M
Other Short-Term Assets $0.00 $133.2K $411.6K
YoY Change -100.0% -67.64%
Inventory
Prepaid Expenses $40.63K
Receivables
Other Receivables
Total Short-Term Assets $59.50M $58.33M $411.6K
YoY Change -48.49% 14071.15%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets -$5.420K -$1.00 $0.00
YoY Change 541900.0%
TOTAL ASSETS
Total Short-Term Assets $59.50M $58.33M $411.6K
Total Long-Term Assets -$5.420K -$1.00 $0.00
Total Assets $59.49M $58.33M $411.6K
YoY Change -48.5% 14071.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $290.7K $289.1K $115.0K
YoY Change 386.06% 151.34%
Deferred Revenue
YoY Change
Short-Term Debt $1.400M $793.6K $300.0K
YoY Change 164.52%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.652M $3.958M $415.0K
YoY Change 58.5% 853.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.652M $3.958M $415.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $4.652M $3.958M $415.0K
YoY Change 58.5% 853.57%
SHAREHOLDERS EQUITY
Retained Earnings -$4.613M -$3.828M
YoY Change 78.81%
Common Stock $3.205K $3.205K $2.875K
YoY Change 0.0% 11.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.610M -$3.824M -$3.400K
YoY Change
Total Liabilities & Shareholders Equity $59.49M $58.33M $411.6K
YoY Change -48.5% 14071.15%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $466.4K $595.5K -$3.550K
YoY Change -6153.59% -16874.7%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$260.0K -$82.16K -$41.85K
YoY Change -1383.95% 96.32%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$560.0K $59.33M
YoY Change -99.51%
Cash From Investing Activities -$560.0K $59.33M
YoY Change -99.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 700.0K -$59.30M
YoY Change -99.39%
NET CHANGE
Cash From Operating Activities -260.0K -$82.16K -41.85K
Cash From Investing Activities -560.0K $59.33M
Cash From Financing Activities 700.0K -$59.30M
Net Change In Cash -120.0K -$46.28K -41.85K
YoY Change -162.99% 10.59%
FREE CASH FLOW
Cash From Operating Activities -$260.0K -$82.16K -$41.85K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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PrepaidInsurance
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CY2023Q1 us-gaap Marketable Securities Current
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CY2022Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
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CY2023Q1 us-gaap Assets
Assets
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CY2023Q1 dei Entity Central Index Key
EntityCentralIndexKey
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CY2023Q1 dei Amendment Flag
AmendmentFlag
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CY2023Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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CY2023Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
CY2023Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
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CY2022Q4 MSSAU Promissory Note Related Party
PromissoryNoteRelatedParty
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CY2022Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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CY2022Q1 MSSAU Unrealized Gained On Marketable Securities Held In Trust Account
UnrealizedGainedOnMarketableSecuritiesHeldInTrustAccount
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CY2022Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022Q1 MSSAU Basic And Diluted Weighted Average Shares Outstanding Ordinary Shares Subject To Possible Redemption
BasicAndDilutedWeightedAverageSharesOutstandingOrdinarySharesSubjectToPossibleRedemption
shares
CY2022Q1 MSSAU Basic And Diluted Net Income Loss Per Share Ordinary Shares Subject To Redemption
BasicAndDilutedNetIncomeLossPerShareOrdinarySharesSubjectToRedemption
CY2022Q1 MSSAU Interest Earned In Trust Account
InterestEarnedInTrustAccount
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CY2022Q1 MSSAU Unrealized Gain On Marketable Securities Held In Trust Account
UnrealizedGainOnMarketableSecuritiesHeldInTrustAccount
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CY2022Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
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CY2023Q1 MSSAU Increase Decrease In Deferred Offering Costs
IncreaseDecreaseInDeferredOfferingCosts
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CY2023Q1 MSSAU Increase Decrease In Accrued Offering Costs
IncreaseDecreaseInAccruedOfferingCosts
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CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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CY2022Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
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CY2022Q1 MSSAU Cash Withdrawn From Trust Account To Redeem Public Shares
CashWithdrawnFromTrustAccountToRedeemPublicShares
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CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2022Q1 MSSAU Borrowings From Related Party
BorrowingsFromRelatedParty
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CY2022Q1 MSSAU Redemption Of Public Shares
RedemptionOfPublicShares
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023Q1 MSSAU Deferred Offering Cost Included In Accrued Offering Costs
DeferredOfferingCostIncludedInAccruedOfferingCosts
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CY2022Q1 MSSAU Subsequent Measurement Of Ordinary Share Subject To Redemption Interest Earned And Unrealized Gain On Trust Account
SubsequentMeasurementOfOrdinaryShareSubjectToRedemptionInterestEarnedAndUnrealizedGainOnTrustAccount
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CY2023Q1 dei Document Type
DocumentType
10-Q
CY2023Q1 dei Document Quarterly Report
DocumentQuarterlyReport
true
CY2023Q1 dei Document Period End Date
DocumentPeriodEndDate
2023-03-31
CY2023Q1 dei Document Transition Report
DocumentTransitionReport
false
CY2023Q1 dei Entity File Number
EntityFileNumber
001-41344
CY2023Q1 dei Entity Registrant Name
EntityRegistrantName
METAL SKY STAR ACQUISITION CORPORATION
CY2023Q1 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
E9
CY2023Q1 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
00-0000000
CY2023Q1 dei Entity Address Address Line1
EntityAddressAddressLine1
132 West 31st Street
CY2023Q1 dei Entity Address Address Line2
EntityAddressAddressLine2
First Floor
CY2022Q4 us-gaap Assets
Assets
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CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
289136 usd
CY2023Q1 dei Entity Address City Or Town
EntityAddressCityOrTown
New York
CY2023Q1 dei Entity Address State Or Province
EntityAddressStateOrProvince
NY
CY2023Q1 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
10001
CY2023Q1 dei City Area Code
CityAreaCode
(332)
CY2023Q1 dei Local Phone Number
LocalPhoneNumber
237-6141
CY2023Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2023Q1 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2023Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2023Q1 dei Entity Small Business
EntitySmallBusiness
true
CY2023Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2023Q1 dei Entity Ex Transition Period
EntityExTransitionPeriod
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CY2023Q1 dei Entity Shell Company
EntityShellCompany
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EntityCommonStockSharesOutstanding
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CY2023Q1 MSSAU Cash Held In Escrow
CashHeldInEscrow
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CY2022Q4 MSSAU Cash Held In Escrow
CashHeldInEscrow
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CY2023Q1 us-gaap Prepaid Insurance
PrepaidInsurance
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CY2023Q1 MSSAU Basic And Diluted Net Loss Per Share
BasicAndDilutedNetLossPerShare
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CY2023Q1 MSSAU Promissory Note Related Party
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CY2023Q1 MSSAU Deferred Underwriting Commission
DeferredUnderwritingCommission
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CY2022Q4 MSSAU Deferred Underwriting Commission
DeferredUnderwritingCommission
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CY2023Q1 us-gaap Liabilities Current
LiabilitiesCurrent
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CY2022Q4 us-gaap Liabilities Current
LiabilitiesCurrent
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CY2023Q1 us-gaap Liabilities
Liabilities
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CY2022Q4 us-gaap Liabilities
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CY2023Q1 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
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CY2022Q4 us-gaap Temporary Equity Shares Outstanding
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CY2023Q1 us-gaap Temporary Equity Value Excluding Additional Paid In Capital
TemporaryEquityValueExcludingAdditionalPaidInCapital
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TemporaryEquityValueExcludingAdditionalPaidInCapital
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CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
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CommonStockParOrStatedValuePerShare
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CommonStockSharesAuthorized
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CommonStockSharesIssued
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CommonStockSharesOutstanding
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CommonStockSharesOutstanding
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CY2023Q1 us-gaap Common Stock Value
CommonStockValue
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CY2022Q4 us-gaap Common Stock Value
CommonStockValue
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CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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RetainedEarningsAccumulatedDeficit
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StockholdersEquity
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CY2023Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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LiabilitiesAndStockholdersEquity
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CY2023Q1 MSSAU Formation And Operational Costs
FormationAndOperationalCosts
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CY2022Q1 MSSAU Formation And Operational Costs
FormationAndOperationalCosts
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CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2023Q1 us-gaap Operating Income Loss
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CY2022Q1 us-gaap Operating Income Loss
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CY2023Q1 us-gaap Interest Income Expense Net
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CY2023Q1 MSSAU Unrealized Gained On Marketable Securities Held In Trust Account
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CY2023Q1 us-gaap Nonoperating Income Expense
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BasicAndDilutedNetIncomeLossPerShareOrdinarySharesSubjectToRedemption
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2023Q1 us-gaap Cash
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CY2022Q1 MSSAU Deferred Underwriting Commissions
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CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84C_eus-gaap--UseOfEstimates_zTz4vcnxN3u7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_zDWdAKSf2Y8l">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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; 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; 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; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 MSSAU Cash Held In Escrow
CashHeldInEscrow
132368 usd
CY2022Q4 MSSAU Cash Held In Escrow
CashHeldInEscrow
178652 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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0 usd
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858920 usd
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InterestIncomeExpenseNet
636054 usd
CY2023Q1 us-gaap Marketable Securities Unrealized Gain Loss
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222866 usd
CY2023Q1 MSSAU Withdrawn From Trust Account
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60089158 usd
CY2023Q1 MSSAU Trust Account For Redemption Of Public Shares
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5588324 usd
CY2023Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q1 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
CY2023Q1 MSSAU Warrants Exercisable
WarrantsExercisable
5915000 shares
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_845_eus-gaap--ConcentrationRiskCreditRisk_zvauaRggxAP5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_867_zSC5GGj4isQ1">Concentration of Credit Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Sale Of Stock Consideration Received Per Transaction
SaleOfStockConsiderationReceivedPerTransaction
115000000 usd
CY2023Q1 MSSAU Proceeds Allocated To Public Rights
ProceedsAllocatedToPublicRights
-8510000 usd
CY2023Q1 MSSAU Proceeds Allocated To Public Warrants
ProceedsAllocatedToPublicWarrants
-5290000 usd
CY2023Q1 MSSAU Allocation Of Offering Costs Related To Ordinary Shares
AllocationOfOfferingCostsRelatedToOrdinaryShares
-5020172 usd
CY2023Q1 MSSAU Redemption Of Public Shares
RedemptionOfPublicShares
60089158 usd
CY2023Q1 us-gaap Accretion Expense
AccretionExpense
19577848 usd
CY2023Q1 MSSAU Subsequent Measurement Of Ordinary Shares Subject To Possible Redemption Interest Earned And Unrealized Gain On Trust Account
SubsequentMeasurementOfOrdinarySharesSubjectToPossibleRedemptionInterestEarnedAndUnrealizedGainOnTrustAccount
2532401 usd
CY2023Q1 MSSAU Common Stock Subject To Possible Redemption
CommonStockSubjectToPossibleRedemption
58200919 usd
CY2022Q2 MSSAU Related Party Service Fee
RelatedPartyServiceFee
10000 usd
CY2023Q1 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
30000 usd
CY2021Q2 us-gaap Convertible Debt
ConvertibleDebt
1500000 usd
CY2021Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
10.00
CY2021Q2 us-gaap Convertible Debt
ConvertibleDebt
1500000 usd
CY2023Q1 MSSAU Extension Fee
ExtensionFee
187188 usd
CY2023Q1 MSSAU Number Of Public Shares Redeemed
NumberOfPublicSharesRedeemed
5885324 shares
CY2022Q4 MSSAU Deferred Underwriting Commissions
DeferredUnderwritingCommissions
2875000 usd
CY2023Q1 us-gaap Professional Fees
ProfessionalFees
25000 usd
CY2023Q1 MSSAU Monthly Payment Description
MonthlyPaymentDescription
The Company entered into the agreement with a retainer of $5,000 per month starting from April 1, 2022.
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
15000 usd
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Holders of the ordinary shares are entitled to one vote for each ordinary share.
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3205000 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3205000 shares
CY2022Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
11500000 shares

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mssau-20230331_cal.xml Edgar Link unprocessable
0001829126-23-003208-index-headers.html Edgar Link pending
0001829126-23-003208-index.html Edgar Link pending
0001829126-23-003208.txt Edgar Link pending
0001829126-23-003208-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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metalsky_10q.htm Edgar Link pending
metalsky_ex31-1.htm Edgar Link pending
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mssau-20230331.xsd Edgar Link pending
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mssau-20230331_def.xml Edgar Link unprocessable
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mssau-20230331_lab.xml Edgar Link unprocessable
mssau-20230331_pre.xml Edgar Link unprocessable
metalsky_10q_htm.xml Edgar Link completed
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