2022 Q4 Form 10-K Financial Statement

#000121390023022793 Filed on March 24, 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 $4.567M
YoY Change
% of Gross Profit
Research & Development $1.446M
YoY Change
% of Gross Profit
Depreciation & Amortization $842.2K
YoY Change
% of Gross Profit
Operating Expenses $387.9K $1.174M $436.7K
YoY Change -11.18% 37.71%
Operating Profit -$1.174M
YoY Change
Interest Expense $1.441M $2.442M $3.660K
YoY Change 39273.22% 37404.15%
% of Operating Profit
Other Income/Expense, Net $229.0K $7.495M $385.5K
YoY Change -40.59% 63.69%
Pretax Income $1.282M $6.321M -$47.58K
YoY Change -2794.77% 69.34%
Income Tax $382.0K $524.8K
% Of Pretax Income 29.79% 8.3%
Net Earnings $900.2K $5.796M -$47.58K
YoY Change -1991.91% 55.28%
Net Earnings / Revenue
Basic Earnings Per Share -$0.61
Diluted Earnings Per Share $0.04 $0.27 -$2.201K
COMMON SHARES
Basic Shares Outstanding 11.50M shares
Diluted Shares Outstanding 11.50M shares

Balance Sheet

Concept 2022 Q4 2022 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $195.3K $195.3K $841.2K
YoY Change -76.78% -76.78%
Cash & Equivalents $195.3K $841.2K
Short-Term Investments
Other Short-Term Assets $179.4K $179.4K $424.7K
YoY Change -57.76% -57.76%
Inventory
Prepaid Expenses $179.4K $424.7K
Receivables
Other Receivables
Total Short-Term Assets $374.7K $374.7K $1.266M
YoY Change -70.4% -70.4%
LONG-TERM ASSETS
Property, Plant & Equipment $26.72K
YoY Change
Goodwill
YoY Change
Intangibles $1.268M
YoY Change
Long-Term Investments $174.9M $174.9M $172.5M
YoY Change 1.42% 1.42%
Other Assets $0.00 $0.00 $175.2K
YoY Change -100.0% -100.0%
Total Long-Term Assets $174.9M $174.9M $172.7M
YoY Change 1.31% 1.31%
TOTAL ASSETS
Total Short-Term Assets $374.7K $374.7K $1.266M
Total Long-Term Assets $174.9M $174.9M $172.7M
Total Assets $175.3M $175.3M $173.9M
YoY Change 0.79% 0.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $424.1K
YoY Change
Accrued Expenses $585.8K $585.8K $478.6K
YoY Change 22.39% 22.39%
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 $1.111M $1.111M $478.6K
YoY Change 132.03% 132.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.068M $7.068M $12.12M
YoY Change -41.69% -41.69%
Total Long-Term Liabilities $7.068M $7.068M $12.12M
YoY Change -41.69% -41.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.111M $1.111M $478.6K
Total Long-Term Liabilities $7.068M $7.068M $12.12M
Total Liabilities $8.179M $8.179M $12.60M
YoY Change -35.09% -35.09%
SHAREHOLDERS EQUITY
Retained Earnings -$5.890M -$11.15M
YoY Change -47.18%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.890M $167.1M -$11.15M
YoY Change
Total Liabilities & Shareholders Equity $175.3M $175.3M $173.9M
YoY Change 0.79% 0.79%

Cashflow Statement

Concept 2022 Q4 2022 2021 Q4
OPERATING ACTIVITIES
Net Income $900.2K $5.796M -$47.58K
YoY Change -1991.91% 55.28%
Depreciation, Depletion And Amortization $842.2K
YoY Change
Cash From Operating Activities -$70.39K -$645.9K -$59.64K
YoY Change 18.02% -33.65%
INVESTING ACTIVITIES
Capital Expenditures $29.93K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -20.28K
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -70.39K -$645.9K -59.64K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 0.000 -20.28K
Net Change In Cash -70.39K -$645.9K -79.92K
YoY Change -11.92% -176.78%
FREE CASH FLOW
Cash From Operating Activities -$70.39K -$645.9K -$59.64K
Capital Expenditures $29.93K
Free Cash Flow -$675.8K
YoY Change

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0"><b>NOTE 1. DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND LIQUIDITY</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify; text-indent: 16.15pt">Colombier Acquisition Corp. (the “Company”) is a blank check company incorporated in Delaware on February 12, 2021. The Company was formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses (the “Business Combination”).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify; text-indent: 16.15pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify; text-indent: 16.15pt">The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify; text-indent: 16.15pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify; text-indent: 16.15pt">As of December 31, 2022, the Company had not yet commenced any operations. All activity for the period February 12, 2021 (inception) through December 31, 2022 relates to the Company’s formation, initial public offering (the “Initial Public Offering”), which is described below and subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The Company has elected December 31 as its fiscal year end.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify; text-indent: 16.15pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify; text-indent: 16.15pt">The registration statement for the Company’s Initial Public Offering was declared effective on June 8, 2021. On June 11, 2021, the Company consummated the Initial Public Offering of 15,000,000 units (the “Units” and, with respect to the shares of Class A common stock included in the Units being offered, the “Public Shares”), generating gross proceeds of $150,000,000, which is described in Note 3.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify; text-indent: 16.15pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify; text-indent: 16.15pt">Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 5,250,000 warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to the sponsor, Colombier Sponsor LLC (the “Sponsor”), generating gross proceeds of $5,250,000, which is described in Note 4.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify; text-indent: 16.15pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify; text-indent: 16.15pt">At the closing of the Initial Public Offering on June 11, 2021, due to a clerical error, the Trust Account (as defined below) was overfunded by $1,240,000. The overfunded amount was transferred to the Company’s operating account on June 14, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify; text-indent: 16.15pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify; text-indent: 16.15pt">Following the closing of the Initial Public Offering on June 11, 2021, an amount of $150,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”) which will be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination or (ii) the distribution of the funds in the Trust Account to the Company’s stockholders, as described below, except that interest earned on the Trust Account can be released to the Company to fund working capital requirements, subject to an annual limit of $1,000,000, and to pay its tax obligations (“Permitted Withdrawals”).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify; text-indent: 16.15pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify; text-indent: 16.15pt">On July 1, 2021, the underwriters fully exercised their over-allotment option, resulting in the issuance of an additional 2,250,000 Units for an aggregate amount of $22,500,000. In connection with the underwriters’ full exercise of their over-allotment option, the Company also consummated the sale of an additional 450,000 Private Placement Warrants at $1.00 per Private Placement Warrant, generating total proceeds of $450,000. A total of $22,500,000 was deposited into the Trust Account, bringing the aggregate proceeds held in the Trust Account to $172,500,000.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify; text-indent: 16.15pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transaction costs amounted to $9,947,799, consisting of $3,450,000 of underwriting fees, $6,037,500 of deferred underwriting fees and $460,299 of other offering costs. See “Note 11. Subsequent Events” for more information.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt">The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward completing a Business Combination. The Company must complete one or more initial Business Combinations with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (less any deferred underwriting commissions and taxes payable on interest earned on the Trust Account) at the time of the signing a definitive agreement to enter a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully complete a Business Combination.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt">The Company will provide its stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially $10.00 per Public Share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt">The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 either prior to or upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each public stockholder may elect to redeem their Public Shares, without voting and if they do vote, irrespective of whether they vote for or against the proposed Business Combination.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt">Notwithstanding the above, if the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt">The Sponsor has agreed (a) to waive its redemption rights with respect to its Founder Shares and Public Shares held by it in connection with the completion of a Business Combination, (b) to waive its liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within 24 months (or 27 months, under certain circumstances) from the closing of the Initial Public Offering and (c) not to propose an amendment to the Amended and Restated Certificate of Incorporation (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination or (ii) with respect to any other provision relating to stockholders’ rights or pre-initial business combination activity, unless the Company provides the public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt">The Company will have until June 11, 2023 (or September 11, 2023 if it has executed a letter of intent, agreement in principle or definitive agreement for an initial business combination prior to June 11, 2023) to complete a Business Combination (the “Combination Period”). If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations (less up to $100,000 of interest to pay dissolution expenses) or to fund any Permitted Withdrawals (subject to an annual limit of $1,000,000), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt">The Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor acquires Public Shares in or after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the per share value deposited into the Trust Account ($10.00).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt">In order to protect the amounts held in the Trust Account, the Sponsor has agreed to 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 discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.00 per Public Share or (2) 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 $10.00 per Public Share due to reductions in the value of the trust assets, less Permitted Withdrawals, 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 monies held in the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify"><b><i>Liquidity, Capital Resources, and Going Concern</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt">At December 31, 2022, the Company had cash of $195,339 and working capital of $178,223 (after adding back $212,212 in franchise tax payable as that liability, which is included in “accrued expenses” in the accompanying balance sheet, and may be settled using earnings from the Trust Account; $177,036 of franchises taxes paid out of an operating cash account not yet reimbursed from the Trust Account; and $524,777 in accrued income tax payable, which may be settled using earnings from the Trust Account).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt">The Company’s liquidity needs up to December 31, 2022 were satisfied through the proceeds of $25,000 from the sale of the Founder Shares, a loan of $46,975 under an unsecured and non-interest bearing promissory note from a related party, and from the net proceeds from the consummation of the Initial Public Offering and the sale of the Private Placement Warrants held outside of the Trust Account. See “Note 5. Related Party Transactions” for more information regarding the sale of the Founder Shares and the promissory note.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt">Additionally, to fund working capital, the Company has permitted certain withdrawals from the Trust Account up to an annual limit of $1,000,000. The Company may withdraw additional funds to pay income tax and franchise tax obligations. These Permitted Withdrawals are limited to only the interest that has been earned in excess of the initial deposit made upon the consummation of the Initial Public Offering. In the fiscal year ended December 31, 2022, the Company withdrew $0 of the 2022 available annual limit.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt">The Company does not believe it will need to raise additional funds in order to meet the expenditures required for operating its business. However, if the Company’s actual costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination are more than its estimated amounts, the Company may have insufficient funds available to operate its business prior to a Business Combination. Moreover, the Company may need to obtain additional financing either to complete a Business Combination or because it became obligated to redeem a significant number of its Public Shares upon consummation of its Business Combination, in which case it may issue additional securities or incur debt in connection with such Business Combination. In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the Company has until June 11, 2023 (or September 11, 2023 if it has executed a letter of intent, agreement in principle or definitive agreement for an initial business combination prior to June 11, 2023) to consummate a Business Combination. It is uncertain that the Company will be able to consummate a Business Combination by this time. If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. Management has determined that the liquidity condition and mandatory liquidation, should a Business Combination not occur, and potential subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after June 11, 2023 (or September 11, 2023 if it has executed a letter of intent, agreement in principle or definitive agreement for an initial business combination prior to June 11, 2023).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify; text-indent: 0.25in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0"><b><i>Risks and Uncertainties</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt">On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus (the “COVID-19 outbreak”). In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve. The impact of the COVID-19 outbreak on the Company’s results of operations, financial position and cash flows will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions. These developments and the impact of the COVID-19 outbreak on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results of operations, financial position and cash flows may be materially adversely affected. Additionally, the Company’s ability to complete a Business Combination may be materially adversely affected due to significant governmental measures being implemented to contain the COVID-19 outbreak or treat its impact, including travel restrictions, the shutdown of businesses and quarantines, among others, which may limit the Company’s ability to have meetings with potential investors or affect the ability of a potential target company’s personnel, vendors and service providers to negotiate and consummate a Business Combination in a timely manner. The Company’s ability to consummate a Business Combination may also be dependent on the ability to raise additional equity and debt financing, which may be impacted by the COVID-19 outbreak and the resulting market downturn or volatility.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt">Various social and political circumstances in the U.S. and around the world (including wars and other forms of conflict, including rising trade tensions between the United States and China, and other uncertainties regarding actual and potential shifts in the U.S. and foreign, trade, economic and other policies with other countries, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may also contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide. Specifically, the rising conflict between Russia and Ukraine, and resulting market volatility could adversely affect the Company’s ability to complete a business combination. In response to the conflict between Russia and Ukraine, the U.S. and other countries have imposed sanctions or other restrictive actions against Russia. Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could have a material adverse effect on the Company’s ability to complete a Business Combination and the value of the Company’s securities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-indent: 16.15pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt">On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt">Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination.</p>
CY2021Q2 clbr Generating Gross Proceeds
GeneratingGrossProceeds
150000000 usd
CY2021Q2 clbr Fund Working Capital
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1000000 usd
CY2021Q3 clbr Amount Deposited In Trust Account
AmountDepositedInTrustAccount
22500000 usd
CY2021Q3 clbr Aggregate Proceeds Held In Trust Account
AggregateProceedsHeldInTrustAccount
172500000 usd
CY2022 clbr Transaction Costs
TransactionCosts
9947799 usd
CY2022Q4 clbr Sale Of Stock Underwriting Fees
SaleOfStockUnderwritingFees
3450000 usd
CY2022 us-gaap Expense Related To Distribution Or Servicing And Underwriting Fees
ExpenseRelatedToDistributionOrServicingAndUnderwritingFees
6037500 usd
CY2022Q4 clbr Sale Of Stock Other Offering Costs
SaleOfStockOtherOfferingCosts
460299 usd
CY2022 clbr Condition For Future Business Combination Use Of Proceed Percentage
ConditionForFutureBusinessCombinationUseOfProceedPercentage
0.80 pure
CY2022 clbr Condition For Future Business Combination Threshold Net Tangible Asset
ConditionForFutureBusinessCombinationThresholdNetTangibleAsset
0.50 pure
CY2022Q4 clbr Condition For Future Business Combination Threshold Net Tangible Assets
ConditionForFutureBusinessCombinationThresholdNetTangibleAssets
5000001 usd
CY2022 clbr Redemption Limit Percentage Without Prior Consents
RedemptionLimitPercentageWithoutPriorConsents
0.15 pure
CY2022 clbr Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
1 pure
CY2022 clbr Maximum Allowed Dissolution Expenses
MaximumAllowedDissolutionExpenses
100000 usd
CY2022 clbr Outstanding Public Shares
OutstandingPublicShares
1000000 usd
CY2022 clbr Trust Account Per Share
TrustAccountPerShare
-10
CY2022 us-gaap Description Of Capital Requirements On Trust Assets
DescriptionOfCapitalRequirementsOnTrustAssets
(1) $10.00 per Public Share or (2) 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 $10.00 per Public Share
CY2022Q4 us-gaap Investments And Cash
InvestmentsAndCash
195339 usd
CY2022Q4 clbr Working Capital
WorkingCapital
178223 usd
CY2022 clbr Franchise Tax Payable
FranchiseTaxPayable
212212 usd
CY2022 clbr Franchise Taxes Paid Not Yet Reimbursed From Trust Account
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177036 usd
CY2022Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
524777 usd
CY2022 clbr Proceeds From Sale Of Founder Shares
ProceedsFromSaleOfFounderShares
25000 usd
CY2022Q4 us-gaap Notes Payable Related Parties Current And Noncurrent
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46975 usd
CY2022Q4 us-gaap Assets Held In Trust
AssetsHeldInTrust
1000000 usd
CY2022 clbr Company Annual Limit
CompanyAnnualLimit
0 usd
CY2022Q3 clbr Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
0.01 pure
CY2022 clbr Fair Value Market Rate
FairValueMarketRate
0.01 pure
CY2022Q4 clbr Annual Gross Revenue
AnnualGrossRevenue
1235000000 usd
CY2022Q4 us-gaap Due From Affiliates
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700000000 usd
CY2022Q4 us-gaap Debt Securities Current
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CY2022 us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0"><b><i>Use of Estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify; text-indent: 16.15pt">The preparation of the financial statements in conformity with GAAP requires the Company’s 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: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-indent: 16.15pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify; text-indent: 16.15pt">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 liabilities. 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 1.35pt 0pt 0; text-align: justify; text-indent: 0.25in"> </p>
CY2022Q4 us-gaap Cash
Cash
195339 usd
CY2021Q4 us-gaap Cash
Cash
841226 usd
CY2022 clbr Amount Withdrew From Trust Account To Pay Taxes
AmountWithdrewFromTrustAccountToPayTaxes
0 usd
CY2022 clbr Amount Withdrew From Trust Account For Working Capital Purposes
AmountWithdrewFromTrustAccountForWorkingCapitalPurposes
1240000 usd
clbr Gross Proceeds
GrossProceeds
172500000 usd
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
5462500 usd
us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
9447180 usd
us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
14909680 usd
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
172500000 usd
CY2022 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
534002 usd
CY2022Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
173034002 usd
CY2022 clbr Accrued Deferred Underwriters Fees
AccruedDeferredUnderwritersFees
6037500 usd
clbr Transaction Costs Allocated To Warrants
TransactionCostsAllocatedToWarrants
290432 usd
clbr Transaction Costs Allocated To Warrants
TransactionCostsAllocatedToWarrants
39187 usd
clbr Transaction Costs Allocated To Warrants
TransactionCostsAllocatedToWarrants
329619 usd
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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11450000 shares
CY2022 us-gaap Concentration Risk Credit Risk
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify"><b><i>Concentration of Credit Risk</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify; text-indent: 0.25in">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 Depository Insurance Coverage 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 account.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify; text-indent: 0.25in"> </p>
CY2022 us-gaap Federal Deposit Insurance Corporation Premium Expense
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250000 usd
CY2022 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify"><b><i>Derivative Financial Instruments</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify; text-indent: 0.25in">The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC 815, “Derivatives and Hedging”. Derivative instruments are initially recorded at fair value on the grant date and re-valued at each reporting date, with changes in the fair value reported in the statement of operations. Derivative assets and liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify; text-indent: 0.25in"> </p>
CY2022 clbr Unit Issued During Period Shares New Issues
UnitIssuedDuringPeriodSharesNewIssues
2250000 shares
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022 us-gaap Debt Instrument Redemption Description
DebtInstrumentRedemptionDescription
●in whole and not in part;    ●at a price of $0.01 per warrant;    ●upon not less than 30 days’ prior written notice of redemption given after the warrants become exercisable 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 commencing once the warrants become exercisable and ending three business days before the Company sends the notice of redemption to the warrant holders.
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