2023 Q3 Form 10-Q Financial Statement

#000121390023067194 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $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 $290.1K $314.7K
YoY Change -28.27% 44.67%
Operating Profit -$290.1K -$314.7K
YoY Change -28.27% 44.68%
Interest Expense $138.7K $122.6K
YoY Change -93.73% -91.59%
% of Operating Profit
Other Income/Expense, Net -$51.75K $1.066M
YoY Change -102.34% -26.77%
Pretax Income -$341.8K $874.3K
YoY Change -118.92% -29.43%
Income Tax $25.50K $21.91K
% Of Pretax Income 2.51%
Net Earnings -$367.3K $852.4K
YoY Change -120.83% -29.69%
Net Earnings / Revenue
Basic Earnings Per Share -$0.06 $0.14
Diluted Earnings Per Share $0.14 $0.14
COMMON SHARES
Basic Shares Outstanding 6.168M shares 6.168M shares
Diluted Shares Outstanding 5.194M shares 5.194M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.34K $5.810K
YoY Change -95.35% -98.79%
Cash & Equivalents $17.34K $5.811K
Short-Term Investments
Other Short-Term Assets $135.6K $229.9K
YoY Change -59.23% -34.69%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $153.0K $235.7K
YoY Change -78.32% -71.69%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.65M $10.66M
YoY Change -94.48% -94.45%
Total Long-Term Assets $10.65M $10.66M
YoY Change -94.48% -94.45%
TOTAL ASSETS
Total Short-Term Assets $153.0K $235.7K
Total Long-Term Assets $10.65M $10.66M
Total Assets $10.80M $10.90M
YoY Change -94.42% -94.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $437.0K $427.0K
YoY Change 36.23% 231.74%
Deferred Revenue
YoY Change
Short-Term Debt $601.2K $311.0K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.999M $2.967M
YoY Change 649.26% 1751.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $667.7K $424.1K
YoY Change -31.1% -79.25%
Total Long-Term Liabilities $667.7K $424.1K
YoY Change -31.1% -79.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.999M $2.967M
Total Long-Term Liabilities $667.7K $424.1K
Total Liabilities $3.667M $3.391M
YoY Change 167.77% 53.9%
SHAREHOLDERS EQUITY
Retained Earnings -$3.484M -$2.874M
YoY Change 830.58% 156.45%
Common Stock $519.00 $519.00
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.483M -$2.874M
YoY Change
Total Liabilities & Shareholders Equity $10.80M $10.90M
YoY Change -94.42% -94.35%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$367.3K $852.4K
YoY Change -120.83% -29.69%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$479.6K -$273.3K
YoY Change 344.74% 329.4%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $146.3K -$146.1K
YoY Change -536.44%
Cash From Investing Activities $146.3K -$146.1K
YoY Change -536.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 347.2K 369.6K
YoY Change
NET CHANGE
Cash From Operating Activities -479.6K -273.3K
Cash From Investing Activities 146.3K -146.1K
Cash From Financing Activities 347.2K 369.6K
Net Change In Cash 13.86K -49.80K
YoY Change -112.85% 65.12%
FREE CASH FLOW
Cash From Operating Activities -$479.6K -$273.3K
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Estimates</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of these 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.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 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.</span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration of Credit Risk</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>
CY2023Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
us-gaap Debt Instrument Term
DebtInstrumentTerm
P185D
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
194224782 usd
CY2022 us-gaap Closed Block Dividend Obligation Change In Unrealized Investment Gains Losses
ClosedBlockDividendObligationChangeInUnrealizedInvestmentGainsLosses
43626 usd
CY2022 us-gaap Assets Fair Value Adjustment
AssetsFairValueAdjustment
194268408 usd
us-gaap Payment For Administrative Fees
PaymentForAdministrativeFees
30000 usd
CY2022Q2 nvac Accrued And Charged To Operating Expenses
AccruedAndChargedToOperatingExpenses
15000 usd
nvac Accrued And Charged To Operating Expenses
AccruedAndChargedToOperatingExpenses
33387 usd
CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.0251 pure
CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.0214 pure
us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.2385 pure
us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.0054 pure
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
21 usd
CY2023Q2 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0 usd
us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
19158 usd
CY2022Q2 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0 usd
us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0 usd
CY2023Q2 us-gaap Class Of Warrant Or Right Unissued
ClassOfWarrantOrRightUnissued
17404250 shares
nvac Business Combination Percentage
BusinessCombinationPercentage
0.0368 pure
nvac Gross Proceeds Amount
GrossProceedsAmount
6986250 usd
CY2023Q2 nvac Business Combination Percentage Rate
BusinessCombinationPercentageRate
0.0368 pure
CY2023Q2 nvac Cash Percentage
CashPercentage
0.275 pure
CY2023Q2 us-gaap Limited Partners Offering Costs
LimitedPartnersOfferingCosts
7959726 usd
us-gaap Other Underwriting Expense
OtherUnderwritingExpense
3450000 usd
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
3570576 usd
CY2023Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
259527 usd
CY2023Q2 us-gaap Deferred Offering Costs
DeferredOfferingCosts
679623 usd
nvac Payment Of Stock Issuance Costs
PaymentOfStockIssuanceCosts
7701178 usd
CY2023Q1 nvac Shares Of Common Stock
SharesOfCommonStock
17404250 shares
CY2022 nvac Gross Proceeds
GrossProceeds
189750000 usd
CY2022 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
4204248 usd
CY2022 us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
7701178 usd
CY2023Q2 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
9.2
nvac Equity Proceed Ownership Percentage
EquityProceedOwnershipPercentage
0.60 pure
CY2023Q2 us-gaap Share Price
SharePrice
18
us-gaap Class Of Warrant Or Right Reason For Issuing To Nonemployees
ClassOfWarrantOrRightReasonForIssuingToNonemployees
●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 (the “30-day redemption period”); ●if, and only if, the last sale price of the common stock equals or exceeds $18.00 per share 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.
CY2021Q2 us-gaap Sponsor Fees
SponsorFees
25000 usd
CY2021Q2 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.005
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
862500 shares
CY2021Q4 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
On December 20, 2021, the Company effected a 1.1- for-1 stock dividend of its common stock, resulting in the Sponsor holding an aggregate of 4,743,750 shares of common stock. The Founder Shares include an aggregate of up to 618,750 shares subject to forfeiture if the over-allotment option is not exercised by the underwriters in full.
nvac Common Stock Exceeds Per Share
CommonStockExceedsPerShare
12
CY2023Q2 nvac Sponsor Amount
SponsorAmount
1200000 usd
CY2023Q2 nvac Price Per Warrant
PricePerWarrant
1
CY2023Q2 us-gaap Principal Amount Outstanding Of Loans Held In Portfolio
PrincipalAmountOutstandingOfLoansHeldInPortfolio
369589 usd
CY2023Q2 us-gaap Hybrid Instruments At Fair Value Net
HybridInstrumentsAtFairValueNet
310999 usd
CY2021Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
150000 usd
CY2021Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
200000 usd
CY2023Q2 us-gaap Other Borrowings
OtherBorrowings
200000 usd
nvac Additional Advanced From Sponsor
AdditionalAdvancedFromSponsor
4841 usd
CY2022Q2 nvac Promissory Note
PromissoryNote
25000 usd
CY2023Q2 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
1500000 usd
nvac Warrants Price Per Share
WarrantsPricePerShare
1
nvac Rental Expenses
RentalExpenses
5000 usd
CY2023Q2 us-gaap Payment For Administrative Fees
PaymentForAdministrativeFees
15000 usd
CY2023Q2 nvac Equity Percentage
EquityPercentage
0.725 pure
CY2021Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
3570576 usd
nvac Exercisable Per Share
ExercisablePerShare
11.5
CY2023Q2 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2023Q2 us-gaap Equity Fair Value Disclosure
EquityFairValueDisclosure
155000000 usd
CY2023Q2 us-gaap Preferred Stock Convertible Conversion Ratio
PreferredStockConvertibleConversionRatio
155000000 pure
CY2023Q2 us-gaap Additional Collateral Aggregate Fair Value
AdditionalCollateralAggregateFairValue
3875000 usd
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q2 us-gaap Sponsor Fees
SponsorFees
25000 usd
CY2021Q2 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.005
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
862500 shares
CY2021Q4 us-gaap Common Stock Conversion Basis
CommonStockConversionBasis
the Company effected a 1.1- for-1 stock dividend of its common stock, resulting in an aggregate of 4,743,750 Founder Shares issued and outstanding. On December 22, 2021, the Company has also issued 450,000 shares (Representative’s Shares) of common stock (which included 37,500 Representative Shares issued pursuant to the full exercise of the over-allotment option) at the consummation of the IPO to I-Bankers and Dawson James (and/or their designees).
CY2023Q2 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
5193750 shares
CY2022Q4 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
5193750 shares
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
5193750 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
5193750 shares
CY2023Q2 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
974132 shares
CY2022Q4 us-gaap Excess Stock Shares Outstanding
ExcessStockSharesOutstanding
18975000 shares
CY2023Q2 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
310999 usd
CY2023Q2 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
735048 usd
nvac Aggregate Value Of Public Warrants
AggregateValueOfPublicWarrants
218213 usd
CY2022 nvac Aggregate Value Of Public Warrants
AggregateValueOfPublicWarrants
450656 usd
us-gaap Proceeds From Decommissioning Fund
ProceedsFromDecommissioningFund
usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0543 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0474 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y9M18D
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y10M24D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.046 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.077 pure
CY2023Q2 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
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
10.47 usd
CY2022 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
10.13 usd
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
369589 usd
us-gaap Change In Unrealized Gain Loss On Hedged Item In Fair Value Hedge1
ChangeInUnrealizedGainLossOnHedgedItemInFairValueHedge1
-58590 usd
CY2023Q2 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
310999 usd
nvac Fair Value Adjustment Of Convertible Note
FairValueAdjustmentOfConvertibleNote
usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
usd
us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
usd
CY2022 nvac Gross Unrealized Losses
GrossUnrealizedLosses
usd
CY2022Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001859807

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