2023 Q3 Form 10-Q Financial Statement

#000182912623005206 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q4
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 $110.6K $220.0K $116.5K
YoY Change 0.49% 30.47% 1166.74%
Operating Profit -$110.6K -$224.0K
YoY Change 0.48% 32.83%
Interest Expense $773.0K $690.0K $992.7K
YoY Change 48.68% 328.81%
% of Operating Profit
Other Income/Expense, Net $773.0K $690.4K
YoY Change 48.68% 329.06%
Pretax Income $662.4K $466.4K $876.1K
YoY Change 61.63% -6153.59% -9622.93%
Income Tax
% Of Pretax Income
Net Earnings $662.4K $466.4K $876.1K
YoY Change 61.63% -6153.59% -9622.93%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.08 $0.05 $0.06
COMMON SHARES
Basic Shares Outstanding 8.820M shares 8.820M shares 14.71M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.79M $59.45M $116.9M
YoY Change -47.54% -48.37% 121648.87%
Cash & Equivalents $0.00 $0.00 $178.7K
Short-Term Investments $60.79M $59.45M $116.7M
Other Short-Term Assets $22.41K $0.00 $218.3K
YoY Change -91.63% -100.0% -34.34%
Inventory
Prepaid Expenses $21.25K $40.63K $39.68K
Receivables
Other Receivables
Total Short-Term Assets $60.81M $59.50M $116.9M
YoY Change -47.55% -48.49% 35055.43%
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 $1.00 -$5.420K $0.00
YoY Change -120.0% 541900.0%
TOTAL ASSETS
Total Short-Term Assets $60.81M $59.50M $116.9M
Total Long-Term Assets $1.00 -$5.420K $0.00
Total Assets $60.81M $59.49M $116.9M
YoY Change -47.55% -48.5% 35055.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $303.5K $290.7K $146.7K
YoY Change 281.14% 386.06% 18242.25%
Deferred Revenue
YoY Change
Short-Term Debt $1.935M $1.400M $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.304M $4.652M $3.022M
YoY Change 79.53% 58.5% 809.2%
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 $5.304M $4.652M $3.022M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $5.304M $4.652M $3.022M
YoY Change 79.53% 58.5% 809.2%
SHAREHOLDERS EQUITY
Retained Earnings -$5.285M -$4.613M -$2.807M
YoY Change 96.47% 78.81% 11194.2%
Common Stock $3.205K $3.205K $3.205K
YoY Change 0.0% 0.0% 11.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.282M -$4.610M -$2.803M
YoY Change
Total Liabilities & Shareholders Equity $60.81M $59.49M $116.9M
YoY Change -47.55% -48.5% 35055.43%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q4
OPERATING ACTIVITIES
Net Income $662.4K $466.4K $876.1K
YoY Change 61.63% -6153.59% -9622.93%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$78.50K -$260.0K -$9.750K
YoY Change 39.58% -1383.95% -92.2%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$561.4K -$560.0K $0.00
YoY Change -99.51%
Cash From Investing Activities -$561.4K -$560.0K $0.00
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 639.9K 700.0K 0.000
YoY Change -99.39%
NET CHANGE
Cash From Operating Activities -78.50K -260.0K -9.750K
Cash From Investing Activities -561.4K -560.0K 0.000
Cash From Financing Activities 639.9K 700.0K 0.000
Net Change In Cash -10.00 -120.0K -9.750K
YoY Change -99.98% -162.99% -92.2%
FREE CASH FLOW
Cash From Operating Activities -$78.50K -$260.0K -$9.750K
Capital Expenditures
Free Cash Flow
YoY Change

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MSSAU Change In Value Of Ordinary Shares Subject To Redemption
ChangeInValueOfOrdinarySharesSubjectToRedemption
18820172 usd
MSSAU Subsequent Measurement Of Ordinary Share Subject To Redemption Interest Earned And Unrealized Gain On Trust Account
SubsequentMeasurementOfOrdinaryShareSubjectToRedemptionInterestEarnedAndUnrealizedGainOnTrustAccount
2868468 usd
MSSAU Subsequent Measurement Of Ordinary Share Subject To Redemption Interest Earned And Unrealized Gain On Trust Account
SubsequentMeasurementOfOrdinaryShareSubjectToRedemptionInterestEarnedAndUnrealizedGainOnTrustAccount
160910 usd
CY2022Q2 MSSAU Proceeds From Ipo And Private Placement
ProceedsFromIpoAndPrivatePlacement
115682250 usd
MSSAU Redemptions Shares
RedemptionsShares
5885324 shares
CY2023Q2 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
59452791 usd
CY2022Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
116673481 usd
CY2023Q2 MSSAU Merger Agreement Value
MergerAgreementValue
350000000 usd
CY2022Q2 MSSAU Subscription Of Ordinary Shares
SubscriptionOfOrdinaryShares
25000 usd
CY2022Q2 MSSAU Proceeds From Ipo And Private Placement
ProceedsFromIpoAndPrivatePlacement
115682250 usd
CY2023Q2 MSSAU Cash Held In Escrow
CashHeldInEscrow
1164 usd
CY2022Q4 MSSAU Cash Held In Escrow
CashHeldInEscrow
178652 usd
CY2023Q2 us-gaap Marketable Securities
MarketableSecurities
59452791 usd
CY2022Q4 us-gaap Marketable Securities
MarketableSecurities
116673481 usd
CY2023Q2 MSSAU Deferred Underwriting Commissions
DeferredUnderwritingCommissions
2875000 usd
CY2022Q4 MSSAU Deferred Underwriting Commissions
DeferredUnderwritingCommissions
2875000 usd
CY2023Q2 us-gaap Cash
Cash
1164 usd
CY2023Q2 MSSAU Working Capital
WorkingCapital
1734940 usd
CY2023Q2 us-gaap Marketable Securities
MarketableSecurities
59452791 usd
CY2023Q2 MSSAU Deferred Underwriting Commissions
DeferredUnderwritingCommissions
2875000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84D_eus-gaap--UseOfEstimates_zKfqkCGEzQS7" 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_867_znUtXXMTaoOi">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>
CY2023Q2 MSSAU Cash Held In Escrow
CashHeldInEscrow
1164 usd
CY2022Q4 MSSAU Cash Held In Escrow
CashHeldInEscrow
178652 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
0 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
0 usd
CY2023Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
690406 usd
CY2023Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
448804 usd
CY2023Q2 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
241602 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
1549326 usd
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
1307724 usd
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
241602 usd
MSSAU Withdrawn From Trust Account
WithdrawnFromTrustAccount
60089158 usd
MSSAU Trust Account For Redemption Of Public Shares
TrustAccountForRedemptionOfPublicShares
5588324 shares
CY2022Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
160910 usd
CY2022Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
77587 usd
CY2022Q2 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
83323 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
160910 usd
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
77587 usd
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
83323 usd
CY2023Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q2 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
MSSAU Warrants Exercisable
WarrantsExercisable
5915000 shares
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84C_eus-gaap--ConcentrationRiskCreditRisk_zmWVzpVUti8e" 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_86B_zJbr1X8ouTKe">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>
MSSAU Proceeds Allocated To Public Rights
ProceedsAllocatedToPublicRights
-8510000 usd
MSSAU Proceeds Allocated To Public Warrants
ProceedsAllocatedToPublicWarrants
-5290000 usd
MSSAU Allocation Of Offering Costs Related To Ordinary Shares
AllocationOfOfferingCostsRelatedToOrdinaryShares
-5020172 usd
MSSAU Redemption Of Public Shares
RedemptionOfPublicShares
60089158 usd
us-gaap Accretion Expense
AccretionExpense
20139314 usd
us-gaap Sale Of Stock Consideration Received Per Transaction
SaleOfStockConsiderationReceivedPerTransaction
115000000 usd
MSSAU Subsequent Measurement Of Ordinary Shares Subject To Possible Redemption Interest Earned And Unrealized Gain On Trust Account
SubsequentMeasurementOfOrdinarySharesSubjectToPossibleRedemptionInterestEarnedAndUnrealizedGainOnTrustAccount
3222807 usd
MSSAU Common Stock Subject To Possible Redemption
CommonStockSubjectToPossibleRedemption
59452791 usd
CY2022Q2 MSSAU Related Party Service Fee
RelatedPartyServiceFee
10000 usd
CY2023Q2 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
30000 usd
CY2022Q2 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
28333 usd
us-gaap Administrative Fees Expense
AdministrativeFeesExpense
60000 usd
us-gaap Administrative Fees Expense
AdministrativeFeesExpense
28333 usd
CY2023Q1 MSSAU Extension Fee
ExtensionFee
187155 usd
CY2023Q1 MSSAU Number Of Public Shares Redeemed
NumberOfPublicSharesRedeemed
5885324 shares
CY2023Q2 MSSAU Promissory Note Related Party
PromissoryNoteRelatedParty
1373812 usd
CY2022Q4 MSSAU Promissory Note Related Party
PromissoryNoteRelatedParty
0 usd
CY2023Q2 MSSAU Due To Related Party
DueToRelatedParty
112183 usd
CY2023Q2 MSSAU Deferred Underwriting Commissions
DeferredUnderwritingCommissions
2875000 usd
CY2022Q4 MSSAU Deferred Underwriting Commissions
DeferredUnderwritingCommissions
2875000 usd
CY2022Q2 us-gaap Professional Fees
ProfessionalFees
25000 usd
MSSAU Monthly Payment Description
MonthlyPaymentDescription
The Company entered into the agreement with a retainer of $5,000 per month starting from April 1, 2022.
CY2023Q2 us-gaap Payments For Fees
PaymentsForFees
15000 usd
CY2022Q2 us-gaap Payments For Fees
PaymentsForFees
15000 usd
us-gaap Payments For Fees
PaymentsForFees
30000 usd
us-gaap Payments For Fees
PaymentsForFees
15000 usd
CY2023Q2 us-gaap Professional Fees
ProfessionalFees
123000 usd
us-gaap Professional Fees
ProfessionalFees
159000 usd
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
us-gaap Common Stock Voting Rights
CommonStockVotingRights
Holders of the ordinary shares are entitled to one vote for each ordinary share.
CY2023Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3205000 shares
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3205000 shares
CY2022Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
11500000 shares

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