$OCAX
OCA Acquisition Corp

2022 Q2 Form 10-Q Financial Statement

#000121390022047610 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 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 $192.8K $431.0K $1.411M
YoY Change -71.47% 43.68%
Operating Profit -$192.8K -$431.0K
YoY Change -45.03%
Interest Expense $1.804M $4.673M $797.5K
YoY Change -59.58% 26.29%
% of Operating Profit
Other Income/Expense, Net $1.804M $0.00 $0.00
YoY Change 137.3% -100.0%
Pretax Income $1.611M $4.242M -$613.3K
YoY Change 293.52% 42.82%
Income Tax $9.033K
% Of Pretax Income 0.56%
Net Earnings $1.602M $4.242M -$613.3K
YoY Change 291.31% 43.03%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $85.71K $227.0K -$32.80K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $180.00 $720.00 $194.0K
YoY Change -99.97% -99.93%
Cash & Equivalents $178.00 $723.00 $194.0K
Short-Term Investments
Other Short-Term Assets $46.22K $84.37K $63.61K
YoY Change -48.67% -57.82%
Inventory
Prepaid Expenses $46.22K $63.61K
Receivables
Other Receivables
Total Short-Term Assets $46.39K $85.09K $257.6K
YoY Change -94.17% -93.45%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $152.0M $151.8M $151.8M
YoY Change 0.15% -0.01%
Other Assets $0.00
YoY Change -100.0%
Total Long-Term Assets $152.0M $151.8M $151.8M
YoY Change 0.09% 0.06% 75787.57%
TOTAL ASSETS
Total Short-Term Assets $46.39K $85.09K $257.6K
Total Long-Term Assets $152.0M $151.8M $151.8M
Total Assets $152.0M $151.9M $152.0M
YoY Change -0.4% -0.73% 75916.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $182.4K $264.0K $391.5K
YoY Change 46.94% 164.01%
Deferred Revenue
YoY Change
Short-Term Debt $1.739M $1.503M $1.117M
YoY Change 1604.79% 1017.22%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.930M $1.767M $1.509M
YoY Change 753.63% 489.07% 654.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.959M $7.558M $12.22M
YoY Change -61.13% -53.06%
Total Long-Term Liabilities $5.959M $7.558M $12.22M
YoY Change -61.13% -53.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.930M $1.767M $1.509M
Total Long-Term Liabilities $5.959M $7.558M $12.22M
Total Liabilities $7.889M $9.325M $13.72M
YoY Change -49.29% -43.14% 6761.94%
SHAREHOLDERS EQUITY
Retained Earnings -$7.591M -$13.43M
YoY Change
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$7.590M -$9.192M -$13.43M
YoY Change
Total Liabilities & Shareholders Equity $152.0M $151.9M $152.0M
YoY Change -0.4% -0.73% 75916.39%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $1.602M $4.242M -$613.3K
YoY Change 291.31% 43.03%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$500.6K -$193.3K -$1.115M
YoY Change 38.98% -37.64%
INVESTING ACTIVITIES
Capital Expenditures
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 500.0K 0.000 1.000M
YoY Change -31546.54% -100.0%
NET CHANGE
Cash From Operating Activities -500.6K -193.3K -1.115M
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 500.0K 0.000 1.000M
Net Change In Cash -550.0 -193.3K -114.6K
YoY Change -99.85% -118.07%
FREE CASH FLOW
Cash From Operating Activities -$500.6K -$193.3K -$1.115M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2022-06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
001-39901
dei Entity Registrant Name
EntityRegistrantName
OCA ACQUISITION CORP.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
85-2218652
dei Entity Address Address Line1
EntityAddressAddressLine1
1345 Avenue of the Americas
dei Entity Address Address Line2
EntityAddressAddressLine2
33rd Floor
dei Entity Address City Or Town
EntityAddressCityOrTown
New York
dei Entity Address State Or Province
EntityAddressStateOrProvince
NY
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
10105
dei City Area Code
CityAreaCode
(212)
dei Local Phone Number
LocalPhoneNumber
201-8533
dei Security12b Title
Security12bTitle
Class A Common Stock, par value $0.0001 per share
dei Trading Symbol
TradingSymbol
OCAX
dei Security Exchange Name
SecurityExchangeName
NASDAQ
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
dei Entity Ex Transition Period
EntityExTransitionPeriod
false
dei Entity Shell Company
EntityShellCompany
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ocax Sponser Description
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The Company’s Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.15 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.15 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”).
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Use of Estimates</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 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 condensed financial statements and the reported amounts of expenses during the reporting period. Accordingly, actual results could differ from those estimates.</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">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 liability. 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>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Concentration of Credit Risk</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">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. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p>
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The Sponsor has agreed not to transfer, assign or sell its founder shares until the earlier to occur of (A) one year after the completion of the Company’s initial Business Combination or (B) subsequent to the Company’s initial Business Combination, (x) if the last sale price of the Company’s Class A Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of its stockholders having the right to exchange their shares of Common Stock for cash, securities or other property. 
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CY2021Q1 ocax Additional Borrowings On Promissory Note
AdditionalBorrowingsOnPromissoryNote
10800 usd
CY2021Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
1500000 usd
CY2022Q2 ocax Working Capital Loans
WorkingCapitalLoans
1500000 usd
CY2022Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
1.5
us-gaap Stock Issued1
StockIssued1
1000000 usd
ocax Warrant Description
WarrantDescription
Each Unit consists of one share of Class A Common Stock, and one-half of one redeemable warrant to purchase one share of Class A Common Stock (the “Public Warrants”).
ocax Weighted Average Trading Pricedescription
WeightedAverageTradingPricedescription
In addition, if (x) the Company issues additional shares of Class A Common Stock or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A Common Stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Company’s Sponsor or its affiliates, without taking into account any founder shares held by the Company’s Sponsor or its affiliates, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s Common Stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price (as further described below) will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. 
ocax Warrants For Redemption Description
WarrantsForRedemptionDescription
Once the warrants become exercisable, the Company may call the warrants for redemption:  ●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 to each warrant holder; and    ●if, and only if, the reported last sale price of the Class A Common Stock 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 three business days before the Company send the notice of redemption to the warrant holders.
us-gaap Supplemental Deferred Purchase Price
SupplementalDeferredPurchasePrice
7057500 usd
ocax Obligation To Redeem Public Shares Percentage
ObligationToRedeemPublicSharesPercentage
1 pure
us-gaap Administrative Fees Expense
AdministrativeFeesExpense
90000 usd
CY2021Q2 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
90000 usd
CY2022Q2 us-gaap Due From Affiliate Noncurrent
DueFromAffiliateNoncurrent
0 usd
CY2021Q4 us-gaap Due From Affiliate Noncurrent
DueFromAffiliateNoncurrent
30000 usd
CY2022Q2 us-gaap Legal Fees
LegalFees
10886 usd
CY2021Q2 us-gaap Legal Fees
LegalFees
0 usd
us-gaap Legal Fees
LegalFees
30546 usd
us-gaap Legal Fees
LegalFees
0 usd
ocax Sponsor Shared Services Value
SponsorSharedServicesValue
10045 usd
us-gaap Related Party Tax Expense Due From Affiliates Deferred
RelatedPartyTaxExpenseDueFromAffiliatesDeferred
238886 usd
CY2021 us-gaap Other General Expense
OtherGeneralExpense
86886 usd
CY2021Q4 us-gaap Assets Held In Trust Current
AssetsHeldInTrustCurrent
151775132 usd
CY2021Q4 ocax Public Warrants Liability
PublicWarrantsLiability
3588000 usd
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
us-gaap Business Combination Control Obtained Description
BusinessCombinationControlObtainedDescription
The Company’s initial stockholders have agreed not to transfer, assign or sell its founder shares until the earlier to occur of (A) one year after the completion of the Company’s initial Business Combination or (B) subsequent to the Company’s initial Business Combination, (x) if the last sale price of the Company’s Class A Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of its stockholders having the right to exchange their shares of Common Stock for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements of the Company’s initial stockholders with respect to any founder shares. 
us-gaap Class Of Warrant Or Right Reason For Issuing To Nonemployees
ClassOfWarrantOrRightReasonForIssuingToNonemployees
In the case that additional shares of Class A Common Stock, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in this prospectus and related to the closing of the initial Business Combination, the ratio at which shares of Class B Common Stock shall convert into shares of Class A Common Stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B Common Stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A Common Stock issuable upon conversion of all shares of Class B Common Stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of Common Stock outstanding upon the completion of this offering plus all shares of Class A Common Stock and equity-linked securities issued or deemed issued in connection with the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination or any private placement-equivalent units issued to the Sponsor or its affiliates upon conversion of loans made to the Company).
CY2022Q2 ocax Us Money Market Held In Trust Account
USMoneyMarketHeldInTrustAccount
151995363 usd
CY2022Q2 us-gaap Assets Held In Trust Current
AssetsHeldInTrustCurrent
151995363 usd
CY2022Q2 ocax Public Warrants Liability
PublicWarrantsLiability
373750 usd
CY2022Q2 ocax Private Placement Warrants Liability
PrivatePlacementWarrantsLiability
352875 usd
CY2022Q2 us-gaap Other Liabilities
OtherLiabilities
726625 usd
CY2021Q4 ocax Us Money Market Held In Trust Account
USMoneyMarketHeldInTrustAccount
151775132 usd
CY2021Q4 ocax Private Placement Warrants Liability
PrivatePlacementWarrantsLiability
3394658 usd
CY2021Q4 us-gaap Other Liabilities
OtherLiabilities
6982658 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0302 pure
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0131 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y2M15D
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y6M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.029 pure
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.0846 pure
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
11.5
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
11.5
CY2022Q2 ocax Stock Price
StockPrice
10.02
CY2021Q4 ocax Stock Price
StockPrice
9.92
ocax Offering Costs Allocated To Warrants
OfferingCostsAllocatedToWarrants
usd
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
usd
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
us-gaap Proceeds From Subordinated Short Term Debt
ProceedsFromSubordinatedShortTermDebt
usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
usd
ocax Deferred Offering Costs Included In Accrued Offering Costs And Expenses
DeferredOfferingCostsIncludedInAccruedOfferingCostsAndExpenses
usd
ocax Initial Classification Of Warrant Liability
InitialClassificationOfWarrantLiability
usd
ocax Deferred Underwriting Commissions Payable Charged To Additional Paid In Capital
DeferredUnderwritingCommissionsPayableChargedToAdditionalPaidInCapital
usd
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2022Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
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
0001820175

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