$NPWR
NET Power Inc.

2023 Q1 Form 10-Q Financial Statement

#000121390023039061 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $0.00 $60.00K
YoY Change -100.0%
Gross Profit $50.00K $160.0K
YoY Change -68.75%
Gross Profit Margin
Selling, General & Admin $1.676M $3.988M $353.2K
YoY Change 374.68% 1473.57% 900.79%
% of Gross Profit 3352.92% 220.74%
Research & Development $7.780M $3.250M
YoY Change 139.38%
% of Gross Profit 15560.0% 2031.25%
Depreciation & Amortization $3.280M $6.630M $3.280M
YoY Change 0.0%
% of Gross Profit 6560.0% 2050.0%
Operating Expenses $1.676M $3.988M $353.2K
YoY Change 374.68% 1473.57% 900.79%
Operating Profit -$1.676M -$353.2K
YoY Change 374.67%
Interest Expense -$735.6K -$14.76M $17.93M
YoY Change -104.1% -807.59%
% of Operating Profit
Other Income/Expense, Net $25.00K $0.00 $17.93M
YoY Change -99.86%
Pretax Income -$2.412M -$18.74M $17.57M
YoY Change -113.73% -1123.12% -49894.22%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.319M -$18.02M $17.57M
YoY Change -113.2% -1123.12% -49897.04%
Net Earnings / Revenue
Basic Earnings Per Share -$4.55
Diluted Earnings Per Share -$0.05 -$0.42 $391.8K
COMMON SHARES
Basic Shares Outstanding 3.748M shares
Diluted Shares Outstanding 3.748M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $844.7K $1.628M $2.281M
YoY Change -62.97% -36.67%
Cash & Equivalents $844.7K $1.628M $2.281M
Short-Term Investments
Other Short-Term Assets $204.9K $272.6K $686.3K
YoY Change -70.15% -63.5% 118.92%
Inventory
Prepaid Expenses $204.9K $272.5K
Receivables $100.0K $352.0K
Other Receivables $7.960K $7.960K
Total Short-Term Assets $1.058M $1.908M $2.975M
YoY Change -64.46% -42.61% 849.14%
LONG-TERM ASSETS
Property, Plant & Equipment $67.70M $69.60M
YoY Change
Goodwill $0.00
YoY Change
Intangibles $5.000M $5.000M
YoY Change
Long-Term Investments
YoY Change
Other Assets $353.7M $349.9M $345.1M
YoY Change 2.49% 1.42%
Total Long-Term Assets $353.7M $349.9M $345.1M
YoY Change 2.49% 1.42%
TOTAL ASSETS
Total Short-Term Assets $1.058M $1.908M $2.975M
Total Long-Term Assets $353.7M $349.9M $345.1M
Total Assets $354.7M $351.9M $348.1M
YoY Change 1.91% 1.0% 110924.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.87K $31.78K $5.180K
YoY Change 399.44% -77.84% -56.83%
Accrued Expenses $5.818M $4.987M $517.7K
YoY Change 1023.91% 1226.58% 180.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.844M $5.019M $522.9K
YoY Change 1017.72% 866.38% 61.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $41.00M $36.55M $23.90M
YoY Change 71.52% -12.55%
Total Long-Term Liabilities $41.00M $36.55M $23.90M
YoY Change 71.52% -12.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.844M $5.019M $522.9K
Total Long-Term Liabilities $41.00M $36.55M $23.90M
Total Liabilities $46.84M $41.57M $24.71M
YoY Change 89.56% -1.76% 7564.54%
SHAREHOLDERS EQUITY
Retained Earnings -$45.34M -$39.31M
YoY Change 1.95%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$45.34M -$39.31M $323.3M
YoY Change
Total Liabilities & Shareholders Equity $354.7M $351.9M $348.1M
YoY Change 1.91% 1.0% 110924.36%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022 Q1
OPERATING ACTIVITIES
Net Income -$2.319M -$18.02M $17.57M
YoY Change -113.2% -1123.12% -49897.04%
Depreciation, Depletion And Amortization $3.280M $6.630M $3.280M
YoY Change 0.0%
Cash From Operating Activities -$783.2K -$381.6K -$204.2K
YoY Change 283.51% 429.98%
INVESTING ACTIVITIES
Capital Expenditures $620.0K $120.0K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$620.0K $0.00 $0.00
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 0.000 0.000 -85.00K
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -$783.2K -381.6K -204.2K
Cash From Investing Activities -620.0K 0.000 0.000
Cash From Financing Activities 0.000 0.000 -85.00K
Net Change In Cash -$783.2K -381.6K -289.2K
YoY Change 170.79% 59.96%
FREE CASH FLOW
Cash From Operating Activities -$783.2K -$381.6K -$204.2K
Capital Expenditures $620.0K $120.0K $0.00
Free Cash Flow -$1.403M -$501.6K -$204.2K
YoY Change 587.12%

Facts In Submission

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RONI will change its jurisdiction of incorporation by deregistering as a Cayman Islands exempted company and continuing and domesticating as a corporation incorporated under the laws of the State of Delaware, upon which (a) RONI will change its name to “NET Power Inc.” (the “combined company”), (b) each then issued and outstanding Class A ordinary share of a par value $0.0001 each in the capital of RONI will convert automatically, on a one-for-one basis, to a share of Class A common stock, par value $0.0001 per share, of RONI (“Class A Common Stock”), (c) each then issued and outstanding Class B ordinary share of a par value $0.0001 each in the capital of RONI will convert automatically, on a one-for-one basis, to a share of Class B common stock, par value $0.0001 per share, of RONI (“Class B Common Stock”), and (d) each issued and outstanding warrant to purchase one Class A ordinary share in the capital of RONI at a price of $11.50 per share will convert automatically, on a one-for-one basis, into a whole warrant exercisable for one share of Class A Common Stock;
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of Estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of unaudited condensed consolidated 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 unaudited condensed consolidated financial statements and the reported amounts of income and expenses during the reporting period. 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 unaudited condensed consolidated 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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Concentration of Credit Risk</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. As of March 31, 2023 and December 31, 2022, the Company had not experienced losses on these accounts. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p>
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CommonStockVotingRights
one
CY2022 roni Ordinary Shares Subject To Possible Redemption
OrdinarySharesSubjectToPossibleRedemption
345000000 usd
CY2022 roni Increase In Redemption Value Of Class A Ordinary Shares Subject To Redemption
IncreaseInRedemptionValueOfClassAOrdinarySharesSubjectToRedemption
4816773 usd
CY2023Q1 roni Ordinary Shares Subject To Possible Redemption
OrdinarySharesSubjectToPossibleRedemption
349816773 usd
CY2023Q1 roni Increase In Redemption Value Of Class A Ordinary Shares Subject To Redemption
IncreaseInRedemptionValueOfClassAOrdinarySharesSubjectToRedemption
3710256 usd
CY2023Q1 roni Ordinary Shares Subject To Possible Redemption
OrdinarySharesSubjectToPossibleRedemption
353527029 usd
CY2023Q1 roni Founder Shares Aggregate Percentage
FounderSharesAggregatePercentage
0.20 pure
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q1 roni Exercise Price Per Share
ExercisePricePerShare
11.5
CY2023Q1 roni Expire Year
ExpireYear
P5Y
CY2023Q1 roni Percentage Of Exercise Price Of Warrants Adjusted
PercentageOfExercisePriceOfWarrantsAdjusted
1.15 pure
CY2023Q1 roni Redemption Of Warrants For Cash Description
RedemptionOfWarrantsForCashDescription
Once the warrants become exercisable, the Company may redeem the outstanding warrants for cash (except as described herein with respect to the Private Placement Warrants):  ●in whole and not in part;   ●at a price of $0.01 per warrant;   ●upon a minimum of 30 days’ prior written notice of redemption; and   ●if, and only if, the last sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.  
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
11.5
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
11.5
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.24
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.17
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.1501 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.1036 pure
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y2M1D
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y3M29D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0356 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0395 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2022Q4 us-gaap Derivative Instruments And Hedges Liabilities
DerivativeInstrumentsAndHedgesLiabilities
14051190 usd
CY2023Q1 us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
2720810 usd
CY2023Q1 us-gaap Derivative Instruments And Hedges Liabilities
DerivativeInstrumentsAndHedgesLiabilities
16772000 usd
CY2021Q4 us-gaap Derivative Instruments And Hedges Liabilities
DerivativeInstrumentsAndHedgesLiabilities
17140250 usd
CY2022Q1 us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
-10305950 usd
CY2022Q1 us-gaap Derivative Instruments And Hedges Liabilities
DerivativeInstrumentsAndHedgesLiabilities
6834300 usd
CY2023Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2023Q1 dei Entity Registrant Name
EntityRegistrantName
Rice Acquisition Corp. II
CY2023Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2022Q4 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2022Q4 us-gaap Common Stock Value
CommonStockValue
usd
CY2022Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
usd
CY2023Q1 dei Amendment Flag
AmendmentFlag
false
CY2023Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2023Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001845437

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0001213900-23-039061.txt Edgar Link pending
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f10q0323ex31-1_riceacq2.htm Edgar Link pending
f10q0323ex31-2_riceacq2.htm Edgar Link pending
f10q0323ex32-1_riceacq2.htm Edgar Link pending
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roni-20230331_def.xml Edgar Link unprocessable
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