2023 Q3 Form 10-Q Financial Statement

#000121390023068964 Filed on August 18, 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 $5.370M $5.431M
YoY Change -1.03% -5.25%
Gross Profit -$158.0K -$54.87K
YoY Change -42.23% -90.91%
Gross Profit Margin
Selling, General & Admin $988.5K $1.015M
YoY Change -24.81% -20.36%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $592.9K $592.9K
YoY Change 0.0% -34.99%
% of Gross Profit
Operating Expenses $116.7K $120.0K $107.7K
YoY Change -75.74% -17.01% -73.78%
Operating Profit -$116.7K -$123.7K -$162.5K
YoY Change -75.74% -14.41% -83.97%
Interest Expense -$9.390K $0.00 $214.6K
YoY Change -90.41% -100.0% -1066.85%
% of Operating Profit
Other Income/Expense, Net -$9.394K $1.385K $2.570K
YoY Change -90.4% -98.73% -310.66%
Pretax Income -$126.1K -$120.0K $107.0K
YoY Change -78.22% 237.65% -124.72%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$126.1K -$122.4K $107.0K
YoY Change -78.22% 244.26% -124.72%
Net Earnings / Revenue
Basic Earnings Per Share -$0.07 -$0.06 -$0.11
Diluted Earnings Per Share -$0.07 -$0.06 $0.02
COMMON SHARES
Basic Shares Outstanding 1.815M shares 1.816M shares 2.076M shares
Diluted Shares Outstanding 1.914M shares 1.916M shares 10.07M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.608M $4.597M $6.111M
YoY Change -85.23% -88.95% -87.18%
Cash & Equivalents $4.608M $4.597M $6.111M
Short-Term Investments
Other Short-Term Assets $32.52K $0.00 $740.00
YoY Change -37.43% -100.0% -99.97%
Inventory
Prepaid Expenses
Receivables $189.2K $102.8K
Other Receivables $2.039M $0.00 $0.00
Total Short-Term Assets $4.608M $4.597M $6.112M
YoY Change -85.26% -88.97% -87.18%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $391.2K $6.602M $6.602M
YoY Change -94.07% -41.06% 0.0%
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $4.608M $4.597M $6.112M
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $4.608M $4.597M $6.112M
YoY Change -85.26% -88.97% -87.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $138.7K $470.0K $315.0K
YoY Change -58.83% 316.29% 1.75%
Accrued Expenses $450.2K $424.9K
YoY Change -2.66%
Deferred Revenue
YoY Change
Short-Term Debt $4.181M $4.030M $3.651M
YoY Change 20.05% 37.54% 124.62%
Long-Term Debt Due $17.50K
YoY Change
Total Short-Term Liabilities $4.651M $4.504M $3.966M
YoY Change 21.77% 48.01% 104.96%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $19.58K $10.00K $10.64K
YoY Change -91.31% -91.6% -94.1%
Total Long-Term Liabilities $422.4K $10.00K $10.64K
YoY Change 87.5% -91.6% -94.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.651M $4.504M $3.966M
Total Long-Term Liabilities $422.4K $10.00K $10.64K
Total Liabilities $4.671M $4.514M $3.976M
YoY Change 15.47% 42.76% 87.98%
SHAREHOLDERS EQUITY
Retained Earnings -$8.550M -$8.327M -$7.800M
YoY Change 9.06% 20.69% 36.55%
Common Stock $3.880M $3.880M $3.880M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.669M -$4.447M -$3.920M
YoY Change
Total Liabilities & Shareholders Equity $4.608M $4.597M $6.112M
YoY Change -85.26% -88.97% -87.18%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q4
OPERATING ACTIVITIES
Net Income -$126.1K -$122.4K $107.0K
YoY Change -78.22% 244.26% -124.72%
Depreciation, Depletion And Amortization $592.9K $592.9K
YoY Change 0.0% -34.99%
Cash From Operating Activities -$121.0K -$70.00K -$78.25K
YoY Change -14.04% -67.37% -64.82%
INVESTING ACTIVITIES
Capital Expenditures $460.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 132.0K 210.0K -25.01M
YoY Change -101.3% 110.0% -1910.57%
NET CHANGE
Cash From Operating Activities -121.0K -70.00K -78.25K
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 132.0K 210.0K -25.01M
Net Change In Cash 11.05K 140.0K -25.09M
YoY Change -99.96% -222.25% 11256.1%
FREE CASH FLOW
Cash From Operating Activities -$121.0K -$70.00K -$78.25K
Capital Expenditures $460.00
Free Cash Flow -$70.46K
YoY Change

Facts In Submission

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CY2022Q4 brli Description Of Deposite
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On November 18, 2022, Nukkleus deposited $22,600 into the Trust Account, representing $0.04 per public ordinary share that was not redeemed in connection with extending the business combination completion window until November 23, 2022. On December 19, 2022, Nukkleus deposited $22,600 into the Trust Account, representing $0.04 per public ordinary share that was not redeemed in connection with extending the business combination completion window until January 23, 2023. On January 19, 2023, the shareholders of the Company approved the extension of the period of time the Company has to consummate its initial business combination from January 23, 2023 to up to not later than April 23, 2023, extendable by the Company on a monthly basis without further shareholder approval upon deposit of $0.04 per public ordinary share of the Company (the “Top-up Amount”). Notwithstanding the Top-up Amount, the Company undertook to increase the amount to be paid into the Trust Account for each monthly extension from $0.04 to $0.0525. Subsequently, the Company has committed to increase the amount to be paid into the Trust Account for any extension from February 23, 2023 to March 23, 2023 and from March 23, 2023 to April 23, 2023 to $0.08 per ordinary share outstanding. In connection with the extension, Nukkleus deposited $21,350 into the Trust Account, representing $0.0525 per public ordinary share that was not redeemed in connection with extending the business combination completion window until February 23, 2023. In connection with a special meeting to approve the extension of the business combination period, the Company’s shareholders elected to redeem an aggregate amount of 159,203 shares, and the Company redeemed such shares for an aggregate amount of $1,706,347, or approximately $10.72 per share
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PreferredStockRedemptionPricePerShare
10.93
CY2023Q2 us-gaap Deposit Assets
DepositAssets
32450 usd
CY2023Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
0.08
CY2023Q2 us-gaap Deposit Assets
DepositAssets
32450 usd
CY2023Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
0.08
CY2023Q2 us-gaap Deposit Assets
DepositAssets
32300 usd
brli Aggregate Amount Of Shares
AggregateAmountOfShares
1779 shares
brli Aggregate Amounts
AggregateAmounts
19837 usd
brli Aggregate Price Per Share
AggregatePricePerShare
11.17
brli Redeemption Percent
RedeemptionPercent
1 pure
us-gaap Other Expenses
OtherExpenses
50000 usd
CY2023Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
67497 usd
CY2023Q2 us-gaap Assets Held In Trust
AssetsHeldInTrust
1572423 usd
us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
32300 usd
us-gaap Trustee Fees
TrusteeFees
32300 usd
CY2022 brli Less Redemption Of Shares1
LessRedemptionOfShares1
10742905 shares
CY2022 brli Redemption Of Share2
RedemptionOfShare2
2375991 shares
CY2022 brli Less Redemption Of Shares2
LessRedemptionOfShares2
-25180851 shares
CY2022 brli Add Accretion Of Carrying Value To Redemption Value
AddAccretionOfCarryingValueToRedemptionValue
64950 shares
CY2022 brli Reclassification Of Temporary Equity
ReclassificationOfTemporaryEquity
1055394 shares
CY2022Q4 brli Ordinary Shares Subject To Possible Redemption1
OrdinarySharesSubjectToPossibleRedemption1
6055016 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the 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 income and expenses during the reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liabilities. Such estimates may be subject to change as more current information becomes available and 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>
brli Cash And Noncash Equivalents
CashAndNoncashEquivalents
67497 usd
CY2022 brli Cash And Noncash Equivalents
CashAndNoncashEquivalents
55789 usd
CY2022Q1 us-gaap Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
633792 shares
CY2022Q3 us-gaap Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
1025281 shares
CY2022Q4 us-gaap Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
2375991 shares
CY2023Q1 us-gaap Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
159203 shares
CY2023Q2 us-gaap Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
258 shares
brli Subject To Possible Redemption
SubjectToPossibleRedemption
405475 shares
CY2022 brli Subject To Possible Redemption
SubjectToPossibleRedemption
564936 shares
brli Common Stock Per Share
CommonStockPerShare
10
CY2021Q4 brli Ordinary Shares Subject To Possible Redemption1
OrdinarySharesSubjectToPossibleRedemption1
47387687 usd
CY2022 brli Redemption Of Share
RedemptionOfShare
633792 shares
CY2022 brli Less Redemption Of Shares
LessRedemptionOfShares
6529259 shares
brli Less Redemption Of Shares3
LessRedemptionOfShares3
-1706347 shares
brli Redemption Of Shares4
RedemptionOfShares4
258 shares
brli Less Redemption Of Shares4
LessRedemptionOfShares4
-2821 shares
brli Reclassifications Of Temporary To Permanent Equity1
ReclassificationsOfTemporaryToPermanentEquity1
183700 shares
CY2023Q2 brli Ordinary Shares Subject To Possible Redemption1
OrdinarySharesSubjectToPossibleRedemption1
4529548 usd
CY2023Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-122363 usd
CY2022Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-35544 usd
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-342866 usd
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-495826 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1915531 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5477208 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1932251 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5755372 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Concentration of Credit Risk</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</p>
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
250000 usd
us-gaap Increase Decrease In Fair Value Of Price Risk Fair Value Hedging Instruments1
IncreaseDecreaseInFairValueOfPriceRiskFairValueHedgingInstruments1
460 usd
brli Business Combination
BusinessCombination
P1Y
brli Ordinary Exceeds Per Share
OrdinaryExceedsPerShare
12.5
brli Public Per Share Outstanding
PublicPerShareOutstanding
0.04
CY2021Q4 brli Trust Account Management Expense
TrustAccountManagementExpense
1000 usd
CY2023Q1 brli Trust Account Management Expense
TrustAccountManagementExpense
500 usd
CY2022Q1 brli Aggregate Of Shares
AggregateOfShares
633792 shares
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
2821 usd
CY2023Q2 us-gaap Preferred Stock Redemption Price Per Share
PreferredStockRedemptionPricePerShare
10.93
CY2023Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
32450 usd
CY2023Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
32450 usd
CY2023Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
32300 usd
CY2023Q2 us-gaap Deposits
Deposits
0.08 usd
brli Aggregate Of Shares
AggregateOfShares
1779 shares
CY2023Q2 us-gaap Temporary Equity Aggregate Amount Of Redemption Requirement
TemporaryEquityAggregateAmountOfRedemptionRequirement
19837 usd
brli Aggregate Per Share
AggregatePerShare
11.17
brli Working Capital
WorkingCapital
1165600 usd
us-gaap Direct Operating Costs
DirectOperatingCosts
195000 usd
brli Aggregate Amount
AggregateAmount
1610000 usd
CY2023Q2 brli Cash Fee Equal Percentage
CashFeeEqualPercentage
0.01 pure
CY2020Q2 us-gaap Common Stock Voting Rights
CommonStockVotingRights
one
CY2023Q2 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
261000 shares
us-gaap Increase Decrease In Fair Value Of Price Risk Fair Value Hedging Instruments1
IncreaseDecreaseInFairValueOfPriceRiskFairValueHedgingInstruments1
61383 usd
brli Volatility
Volatility
0.0318 pure
CY2022 brli Volatility
Volatility
0.034 pure
CY2023Q2 us-gaap Share Price
SharePrice
11.3
CY2022Q4 us-gaap Share Price
SharePrice
10.72
brli Expected Life Of The Warrants To Converts
ExpectedLifeOfTheWarrantsToConverts
P5Y21D
CY2022 brli Expected Life Of The Warrants To Converts
ExpectedLifeOfTheWarrantsToConverts
P5Y2M23D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0417 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0404 pure
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
CY2021Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
180479 usd
CY2022Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
5041 usd
CY2022Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
175438 usd
CY2022Q2 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
56342 usd
CY2022Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
119096 usd
CY2022Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
10643 usd
CY2023Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
-925 usd
CY2023Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
11568 usd
CY2023Q2 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
1385 usd
CY2023Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
10183 usd
CY2023Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.08
brli Aggregate Amount Of Shares
AggregateAmountOfShares
1779 shares
CY2023Q2 us-gaap Temporary Equity Aggregate Amount Of Redemption Requirement
TemporaryEquityAggregateAmountOfRedemptionRequirement
19837 usd
CY2023Q2 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
11.17
CY2023Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
us-gaap Preferred Stock Shares Authorized Unlimited
PreferredStockSharesAuthorizedUnlimited
Unlimited
CY2022 us-gaap Preferred Stock Shares Authorized Unlimited
PreferredStockSharesAuthorizedUnlimited
Unlimited
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.18
CY2023Q2 us-gaap Marketable Securities
MarketableSecurities
usd
CY2022Q4 us-gaap Marketable Securities
MarketableSecurities
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
000000
dei Entity Central Index Key
EntityCentralIndexKey
0001787518

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