$OCAX
OCA Acquisition Corp

2023 Q1 Form 10-Q Financial Statement

#000121390023039751 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
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 $443.5K $431.0K
YoY Change 2.9% 43.68%
Operating Profit -$443.5K -$431.0K
YoY Change 2.9%
Interest Expense -$430.7K $4.673M
YoY Change -109.22% 26.29%
% of Operating Profit
Other Income/Expense, Net -$430.7K $0.00
YoY Change -100.0%
Pretax Income -$874.2K $4.242M
YoY Change -120.61% 42.82%
Income Tax $112.7K
% Of Pretax Income
Net Earnings -$986.9K $4.242M
YoY Change -123.27% 43.03%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.10 $227.0K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.720K $720.00
YoY Change 833.33% -99.93%
Cash & Equivalents $6.724K $723.00
Short-Term Investments
Other Short-Term Assets $132.9K $84.37K
YoY Change 57.47% -57.82%
Inventory
Prepaid Expenses $132.9K
Receivables
Other Receivables
Total Short-Term Assets $139.6K $85.09K
YoY Change 64.04% -93.45%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $40.78M $151.8M
YoY Change -73.13% -0.01%
Other Assets
YoY Change
Total Long-Term Assets $40.78M $151.8M
YoY Change -73.13% 0.06%
TOTAL ASSETS
Total Short-Term Assets $139.6K $85.09K
Total Long-Term Assets $40.78M $151.8M
Total Assets $40.92M $151.9M
YoY Change -73.06% -0.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $348.0K $264.0K
YoY Change 31.83% 164.01%
Deferred Revenue
YoY Change
Short-Term Debt $3.351M $1.503M
YoY Change 122.91%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.823M $1.767M
YoY Change 116.35% 489.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.395M $7.558M
YoY Change -15.38% -53.06%
Total Long-Term Liabilities $6.395M $7.558M
YoY Change -15.38% -53.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.823M $1.767M
Total Long-Term Liabilities $6.395M $7.558M
Total Liabilities $10.22M $9.325M
YoY Change 9.58% -43.14%
SHAREHOLDERS EQUITY
Retained Earnings -$9.905M
YoY Change
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$9.904M -$9.192M
YoY Change
Total Liabilities & Shareholders Equity $40.92M $151.9M
YoY Change -73.06% -0.73%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$986.9K $4.242M
YoY Change -123.27% 43.03%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$34.31K -$193.3K
YoY Change -82.25% -37.64%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$114.2M $0.00
YoY Change -100.0%
Cash From Investing Activities -$114.2M $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $114.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $114.3M 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -$34.31K -193.3K
Cash From Investing Activities -$114.2M 0.000
Cash From Financing Activities $114.3M 0.000
Net Change In Cash $5.739K -193.3K
YoY Change -102.97% -118.07%
FREE CASH FLOW
Cash From Operating Activities -$34.31K -$193.3K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2023Q1 dei Document Transition Report
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CY2023Q1 dei Document Type
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CY2023Q1 dei Document Period End Date
DocumentPeriodEndDate
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CY2023Q1 dei Entity File Number
EntityFileNumber
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CY2023Q1 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2023Q1 dei Entity Tax Identification Number
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85-2218652
CY2023Q1 dei Entity Address Address Line1
EntityAddressAddressLine1
1345 Avenue of the Americas
CY2023Q1 dei Entity Address Address Line2
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33rd Floor
CY2023Q1 dei Entity Address City Or Town
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New York
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CY2023Q1 dei City Area Code
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CY2023Q2 ocax Aggregate Amount
AggregateAmount
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CY2023Q1 ocax Public Shares
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CY2023Q1 us-gaap Shares Issued Price Per Share
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Cash
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CY2023Q2 ocax Aggregate Amount
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CY2023Q1 us-gaap Use Of Estimates
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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. 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>
CY2023Q1 ocax Debt Investment Term
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CY2023Q1 us-gaap Concentration Risk Credit Risk
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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. However, any loss or lack of access to such funds could have a material 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"> </p>
CY2023Q1 us-gaap Federal Deposit Insurance Corporation Premium Expense
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CY2021Q1 ocax Purchase An Aggregate Shares
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CY2023Q1 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”).
CY2022Q4 ocax Dues From Affiliate Noncurrent
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CY2023Q1 us-gaap Legal Fees
LegalFees
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CY2023Q1 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. 
CY2023Q1 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.  
CY2023Q1 us-gaap Supplemental Deferred Purchase Price
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7057500 usd
CY2023Q1 ocax Obligation To Redeem Public Shares Percentage
ObligationToRedeemPublicSharesPercentage
1 pure
CY2021Q1 us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
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487500 shares
CY2023Q1 ocax Business Combination Description
BusinessCombinationDescription
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. 
CY2020Q4 ocax Note Payable Related Parties Noncurrent
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CY2021Q1 ocax Additional Borrowings On Promissory Note
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10800 usd
CY2021Q4 us-gaap Debt Instrument Face Amount
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1500000 usd
CY2022 us-gaap Stock Issued1
StockIssued1
1500000 usd
CY2022Q3 us-gaap Related Party Deposit Liabilities
RelatedPartyDepositLiabilities
747500 usd
CY2022Q3 ocax Per Public Share
PerPublicShare
0.05
CY2023Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
1080000 usd
CY2023Q1 ocax Cash Deposited In Trust Account
CashDepositedInTrustAccount
270000 usd
CY2023Q2 ocax Aggregate Amount
AggregateAmount
90000 usd
CY2021Q1 us-gaap Payments For Rent
PaymentsForRent
15000 usd
CY2023Q1 ocax Dues From Affiliate Noncurrent
DuesFromAffiliateNoncurrent
45000 usd
CY2022Q1 us-gaap Legal Fees
LegalFees
19600 usd
CY2023Q1 ocax Service Fee
ServiceFee
59432 usd
CY2023Q1 ocax Sponsor Shared Services Value
SponsorSharedServicesValue
728780 usd
CY2022 ocax Sponsor Shared Services Value
SponsorSharedServicesValue
278780 usd
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 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. 
CY2023Q1 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).
CY2023Q1 ocax Public Warrants Liability
PublicWarrantsLiability
598000 usd
CY2023Q1 ocax Private Placement Warrants Liability
PrivatePlacementWarrantsLiability
564600 usd
CY2023Q1 us-gaap Other Liabilities
OtherLiabilities
1162600 usd
CY2022Q4 ocax Us Money Market Held In Trust Account
USMoneyMarketHeldInTrustAccount
153980991 usd
CY2022Q4 us-gaap Assets Held In Trust Current
AssetsHeldInTrustCurrent
153980991 usd
CY2022Q4 ocax Public Warrants Liability
PublicWarrantsLiability
74750 usd
CY2022Q4 ocax Private Placement Warrants Liability
PrivatePlacementWarrantsLiability
70575 usd
CY2022Q4 us-gaap Other Liabilities
OtherLiabilities
145325 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0359 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0473 pure
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y3M
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P1Y
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.0291 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.0414 pure
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 ocax Stock Price
StockPrice
10.39
CY2022Q4 ocax Stock Price
StockPrice
10.27
CY2023Q1 dei Entity Registrant Name
EntityRegistrantName
OCA Acquisition Corp.
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2022Q1 ocax Deferred Underwriting Commissions Payable Charged To Additional Paid In Capital
DeferredUnderwritingCommissionsPayableChargedToAdditionalPaidInCapital
usd
CY2022Q1 us-gaap Payments To Invest In Decommissioning Fund
PaymentsToInvestInDecommissioningFund
usd
CY2022Q1 ocax Interest Withdrawn From Trust Account To Pay For Franchis And Federal Income Taxes
InterestWithdrawnFromTrustAccountToPayForFranchisAndFederalIncomeTaxes
usd
CY2022Q1 ocax Proceeds From Investing Activities Cash Withdrawn For Redemptions
ProceedsFromInvestingActivitiesCashWithdrawnForRedemptions
usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
CY2022Q1 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
usd
CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
usd
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2023Q1 dei Amendment Flag
AmendmentFlag
false
CY2023Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2023Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2023Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001820175

Files In Submission

Name View Source Status
FilingSummary.xml Edgar Link unprocessable
f10q0323_ocaacquisition_htm.xml Edgar Link completed
0001213900-23-039751-index-headers.html Edgar Link pending
0001213900-23-039751-index.html Edgar Link pending
0001213900-23-039751.txt Edgar Link pending
0001213900-23-039751-xbrl.zip Edgar Link pending
f10q0323ex31-1_ocaacq.htm Edgar Link pending
f10q0323ex31-2_ocaacq.htm Edgar Link pending
f10q0323ex32-1_ocaacq.htm Edgar Link pending
f10q0323ex32-2_ocaacq.htm Edgar Link pending
f10q0323_ocaacquisition.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
ocax-20230331.xsd Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
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ocax-20230331_cal.xml Edgar Link unprocessable
ocax-20230331_def.xml Edgar Link unprocessable
ocax-20230331_lab.xml Edgar Link unprocessable
ocax-20230331_pre.xml Edgar Link unprocessable
R22.htm Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending