$PORT
Southport Acquisition Corp

2022 Q4 Form 10-K Financial Statement

#000110465923066186 Filed on May 30, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 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 $281.5K $1.200M
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $353.8K $1.578M $836.6K
YoY Change -57.71% 88.03%
Operating Profit -$1.578M
YoY Change
Interest Expense -$408.4K
YoY Change
% of Operating Profit
Other Income/Expense, Net $4.210M $20.07M $3.165M
YoY Change 33.03% 534.27%
Pretax Income $3.448M $18.50M $2.328M
YoY Change 48.09% 695.26%
Income Tax $362.3K $362.3K
% Of Pretax Income 10.51% 1.96%
Net Earnings $3.085M $18.13M $2.328M
YoY Change 32.53% 679.68%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.11 $0.63 $80.98K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.86K $50.86K $1.951M
YoY Change -97.39% -97.39%
Cash & Equivalents $50.86K $1.951M
Short-Term Investments
Other Short-Term Assets $227.6K $227.6K
YoY Change
Inventory
Prepaid Expenses $227.6K
Receivables
Other Receivables
Total Short-Term Assets $278.5K $278.5K $2.034M
YoY Change -86.31% -86.31%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $238.0M $238.0M $234.6M
YoY Change 1.44% 1.44%
Other Assets
YoY Change
Total Long-Term Assets $238.0M $238.0M $234.6M
YoY Change 1.44% 1.44%
TOTAL ASSETS
Total Short-Term Assets $278.5K $278.5K $2.034M
Total Long-Term Assets $238.0M $238.0M $234.6M
Total Assets $238.3M $238.3M $236.6M
YoY Change 0.69% 0.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $97.99K $97.99K $15.09K
YoY Change 549.31% 549.37%
Accrued Expenses $865.4K $865.4K $213.2K
YoY Change 305.84% -14.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.208M $1.208M $1.024M
YoY Change 17.99% 17.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $527.1K $527.1K $25.27M
YoY Change -97.91% -97.91%
Total Long-Term Liabilities $527.1K $527.1K $25.27M
YoY Change -97.91% -97.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.208M $1.208M $1.024M
Total Long-Term Liabilities $527.1K $527.1K $25.27M
Total Liabilities $1.735M $1.735M $26.29M
YoY Change -93.4% -93.4%
SHAREHOLDERS EQUITY
Retained Earnings -$1.457M -$24.26M
YoY Change -93.99%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.457M $236.5M -$24.26M
YoY Change
Total Liabilities & Shareholders Equity $238.3M $238.3M $236.6M
YoY Change 0.69% 0.69%

Cashflow Statement

Concept 2022 Q4 2022 2021 Q4
OPERATING ACTIVITIES
Net Income $3.085M $18.13M $2.328M
YoY Change 32.53% 679.68%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $2.257M $396.5K $794.9K
YoY Change 183.95% -50.09%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$2.624M -$2.624M -$234.6M
YoY Change -98.88% -98.88%
Cash From Investing Activities -$2.624M -$2.624M -$234.6M
YoY Change -98.88% -98.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 244.6K 328.1K 235.7M
YoY Change -99.9% -99.86%
NET CHANGE
Cash From Operating Activities 2.257M 396.5K 794.9K
Cash From Investing Activities -2.624M -2.624M -234.6M
Cash From Financing Activities 244.6K 328.1K 235.7M
Net Change In Cash -122.5K -1.900M 1.926M
YoY Change -106.36% -197.39%
FREE CASH FLOW
Cash From Operating Activities $2.257M $396.5K $794.9K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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NetIncomeLossAllocatedToLimitedPartners
18132948
CY2022 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
3383823
CY2022 port Temporary Equity Accretion To Redemption Value.
TemporaryEquityAccretionToRedemptionValue.
3383823
CY2022 us-gaap Temporary Equity Issue Period Increase Or Decrease
TemporaryEquityIssuePeriodIncreaseOrDecrease
18132948
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
-2226
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
-2327918
us-gaap Net Income Loss
NetIncomeLoss
2325692
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
27986394
port Net Income Loss Including Accretion Of Class Redeemable Shares To Redemption Value
NetIncomeLossIncludingAccretionOfClassRedeemableSharesToRedemptionValue
-25660702
port Number Of Shares Issued
NumberOfSharesIssued
28750000
us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
2325692
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
27986394
us-gaap Temporary Equity Issue Period Increase Or Decrease
TemporaryEquityIssuePeriodIncreaseOrDecrease
2325692
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">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. At December 31, 2022 and 2021, the Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</p>
CY2021Q2 us-gaap Cash
Cash
2034324
CY2021Q4 port Underwriting Fees
UnderwritingFees
4600000
CY2021Q4 port Deferred Underwriter Fee Per Unit
DeferredUnderwriterFeePerUnit
0.35
CY2021Q4 port Deferred Underwriting Commissions
DeferredUnderwritingCommissions
8050000
CY2022 port Payments By Related Party Behalf Of Company
PaymentsByRelatedPartyBehalfOfCompany
244550
CY2021 port Payments By Related Party Behalf Of Company
PaymentsByRelatedPartyBehalfOfCompany
0
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
23200000
CY2022 port Maximum Threshold Period For Registration Statement To Become Effective After Business Combination
MaximumThresholdPeriodForRegistrationStatementToBecomeEffectiveAfterBusinessCombination
P60D
CY2022 port Percentage Of Gross Proceeds On Total Equity Proceeds Threshold Minimum
PercentageOfGrossProceedsOnTotalEquityProceedsThresholdMinimum
0.60
CY2022Q4 us-gaap Share Price
SharePrice
9.20
CY2022 port Class Of Warrant Or Right Adjustment Of Exercise Price Of Warrants Or Rights Percent Based On Market Value And Newly Issued Price
ClassOfWarrantOrRightAdjustmentOfExercisePriceOfWarrantsOrRightsPercentBasedOnMarketValueAndNewlyIssuedPrice
1.15
CY2022 port Threshold Period For Not To Transfer Assign Or Sell Any Shares Or Warrants After Completion Of Initial Business Combination
ThresholdPeriodForNotToTransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombination
P30D
CY2021Q4 port Maximum Number Of Demands For Registration Of Securities
MaximumNumberOfDemandsForRegistrationOfSecurities
3
CY2022Q3 port Accumulated Deficit Gain On Waiver Of Deferred Underwriting Fees
AccumulatedDeficitGainOnWaiverOfDeferredUnderwritingFees
8050000
CY2022Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
527050
CY2021Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
17216000
CY2022Q4 port Deferred Tax Assets Capitalized Start Up Costs
DeferredTaxAssetsCapitalizedStartUpCosts
579901
CY2021Q4 port Deferred Tax Assets Capitalized Start Up Costs
DeferredTaxAssetsCapitalizedStartUpCosts
179006
CY2022Q4 port Deferred Tax Assets Accrued Dividends On Marketable Securities
DeferredTaxAssetsAccruedDividendsOnMarketableSecurities
-368014
CY2021Q4 port Deferred Tax Assets Accrued Dividends On Marketable Securities
DeferredTaxAssetsAccruedDividendsOnMarketableSecurities
-178
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
36953
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
211887
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
215781
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
211887
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
215781
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
362282
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
17037
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-176045
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-13143
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-39736
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-3894
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
215781
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
362282
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Not Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsNotSubjectToExpiration
0
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Not Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsNotSubjectToExpiration
143562
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration
0
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration
143562
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-3894
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
215781
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.0007
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.0171
CY2022 port Effective Income Tax Rate Reconciliation Change In Deferred Tax Asset Warrant Liability Percent
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetWarrantLiabilityPercent
-0.1895
CY2021 port Effective Income Tax Rate Reconciliation Change In Deferred Tax Asset Warrant Liability Percent
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetWarrantLiabilityPercent
-0.2857
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.0002
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.0928
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0196

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