$PORT
Southport Acquisition Corp

2024 Q3 Form 10-Q Financial Statement

#000141057824001983 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3
Revenue
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
YoY Change
Operating Profit -$245.2K
YoY Change 77.97%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$1.227M
YoY Change 166.63%
Pretax Income -$1.472M
YoY Change -1211.14%
Income Tax $24.22K
% Of Pretax Income
Net Earnings -$1.496M
YoY Change 14122.27%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $518.0K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses $131.0K
Receivables
Other Receivables
Total Short-Term Assets $649.0K
YoY Change -72.43%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $12.90M
YoY Change -70.77%
TOTAL ASSETS
Total Short-Term Assets $649.0K
Total Long-Term Assets $12.90M
Total Assets $13.54M
YoY Change -70.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $150.6K
YoY Change -30.29%
Accrued Expenses $544.2K
YoY Change -74.67%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.815M
YoY Change -20.75%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.856M
YoY Change 48.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.815M
Total Long-Term Liabilities $1.856M
Total Liabilities $5.671M
YoY Change -6.52%
SHAREHOLDERS EQUITY
Retained Earnings -$5.723M
YoY Change 41.34%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.022M
YoY Change
Total Liabilities & Shareholders Equity $13.54M
YoY Change -70.86%

Cashflow Statement

Concept 2024 Q3
OPERATING ACTIVITIES
Net Income -$1.496M
YoY Change 14122.27%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">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 revenues and expenses during the reporting period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">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>
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CY2024Q3 us-gaap Unrecognized Tax Benefits
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CY2024Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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CY2024Q3 port Net Income Loss Excluding Temporary Equity Accretion To Redemption Value Adjustment
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CY2024Q3 port Number Of Shares Issued
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CY2023Q3 port Net Income Loss Excluding Temporary Equity Accretion To Redemption Value Adjustment
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CY2023Q3 port Number Of Shares Issued
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CY2023Q3 port Weighted Average Shares Ratio
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CY2023Q3 us-gaap Net Income Loss
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CY2023Q3 port Accretion Applicable To Trust Account Withdrawals For Tax Payments
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CY2023Q3 port Accretion Applicable To Remeasurement Of Class Redeemable Shares To Redemption Value
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port Net Income Loss Excluding Temporary Equity Accretion To Redemption Value Adjustment
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port Trust Accounts Withdrawals For Tax Payments Based On Weighted Average Shares Ratio
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port Accretion Applicable To Trust Account Withdrawals For Tax Payments
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port Accretion Applicable To Remeasurement Of Class Redeemable Shares To Redemption Value
AccretionApplicableToRemeasurementOfClassRedeemableSharesToRedemptionValue
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us-gaap Net Income Loss Available To Common Stockholders Basic
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2831194
us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 8pt 0pt;"><span style="font-style:italic;font-weight:bold;">Concentration of Credit Risk</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 8pt 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. As of September 30, 2024, the Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</p>
CY2024Q3 us-gaap Cash Fdic Insured Amount
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250000
CY2024Q3 us-gaap Cash
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CY2023Q4 us-gaap Cash
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CY2024Q3 us-gaap Other Liabilities Current
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CY2023Q4 us-gaap Other Liabilities Current
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CY2024Q3 us-gaap Preferred Stock Shares Authorized
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CY2024Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2024Q3 us-gaap Preferred Stock Shares Outstanding
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CY2024Q3 us-gaap Preferred Stock Shares Issued
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CY2024Q3 us-gaap Class Of Warrant Or Right Outstanding
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port Maximum Threshold Period For Registration Statement To Become Effective After Business Combination
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P60D
port Class Of Warrant Or Right Redemption Of Warrants Or Rights Threshold Consecutive Trading Days
ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsThresholdConsecutiveTradingDays
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port Percentage Of Gross Proceeds On Total Equity Proceeds Threshold Minimum
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port Threshold Trading Days For Calculating Market Value
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P20D
CY2024Q3 us-gaap Share Price
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9.20
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
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
CY2021Q4 port Underwriting Option Period
UnderwritingOptionPeriod
P45D
CY2021Q4 port Underwriting Fees
UnderwritingFees
4600000
CY2021Q4 port Deferred Underwriter Fee Per Unit
DeferredUnderwriterFeePerUnit
0.35
CY2021Q4 port Deferred Underwriting Commissions
DeferredUnderwritingCommissions
8050000
CY2022Q3 port Accumulated Deficit Gain On Waiver Of Deferred Underwriting Fees
AccumulatedDeficitGainOnWaiverOfDeferredUnderwritingFees
8050000
CY2024Q3 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
1856000
CY2023Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
580500
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
24220
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
138344
CY2024Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0165
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0864
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
142965
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1253934
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.0794
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.3070
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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