$QTI
QT IMAGING HOLDINGS, INC.

2023 Q3 Form 10-Q Financial Statement

#000119312523212427 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $23.80K $3.121K
YoY Change
Gross Profit $858.00 $62.00
YoY Change
Gross Profit Margin
Selling, General & Admin $779.2K $1.637M $1.591M
YoY Change -29.27% 68.11% 76.24%
% of Gross Profit 90817.02% 2640483.87%
Research & Development $311.8K $349.7K
YoY Change
% of Gross Profit 36343.71% 563962.9%
Depreciation & Amortization $76.35K $69.57K
YoY Change
% of Gross Profit 8898.72% 112201.61%
Operating Expenses $779.2K $1.637M $1.591M
YoY Change -29.27% 68.11% 76.24%
Operating Profit -$779.2K -$1.637M
YoY Change -29.27% 68.11%
Interest Expense $60.57K $56.27K $326.7K
YoY Change 1068.42% -81.25% 5484.1%
% of Operating Profit
Other Income/Expense, Net -$20.99K $13.45K -$5.440K
YoY Change -166.0% -89.42% -117.71%
Pretax Income -$438.8K -$1.312M -$1.269M
YoY Change 310.6% 140.0% 46.59%
Income Tax $124.8K $104.7K $103.0K
% Of Pretax Income
Net Earnings -$563.5K -$1.416M -$1.373M
YoY Change 42.39% 122.67% 58.17%
Net Earnings / Revenue
Basic Earnings Per Share -$0.13 -$0.26
Diluted Earnings Per Share -$0.13 -$0.26 -$0.15
COMMON SHARES
Basic Shares Outstanding 9.564M 3.019M 10.56M
Diluted Shares Outstanding 6.540M 6.540M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $121.9K $7.480K $78.20K
YoY Change -74.91% -86.44% -81.45%
Cash & Equivalents $121.9K $7.480K $78.20K
Short-Term Investments
Other Short-Term Assets $8.040K $46.75K $172.5K
YoY Change -97.76% -91.18% -76.7%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $129.9K $54.23K $250.7K
YoY Change -84.63% -90.74% -78.42%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $23.01M $32.50M $41.69M
YoY Change -43.7% -86.03% -82.05%
Other Assets $0.00
YoY Change -100.0%
Total Long-Term Assets $23.01M $32.50M $41.69M
YoY Change -43.7% -86.03% -82.06%
TOTAL ASSETS
Total Short-Term Assets $129.9K $54.23K $250.7K
Total Long-Term Assets $23.01M $32.50M $41.69M
Total Assets $23.14M $32.55M $41.95M
YoY Change -44.53% -86.04% -82.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $622.3K $453.9K $195.1K
YoY Change 169.78% 63.11% 594.18%
Accrued Expenses $687.5K $703.6K $103.3K
YoY Change -42.5% -8.62% -80.53%
Deferred Revenue
YoY Change
Short-Term Debt $4.013M $3.448M $1.643M
YoY Change 379.56% 698.7% 2154.91%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.931M $8.023M $4.186M
YoY Change 237.6% 409.89% 560.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.784M $2.776M $9.232M
YoY Change -69.82% -70.01% -3.97%
Total Long-Term Liabilities $2.784M $2.776M $9.232M
YoY Change -69.82% -70.01% -3.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.931M $8.023M $4.186M
Total Long-Term Liabilities $2.784M $2.776M $9.232M
Total Liabilities $11.72M $10.80M $13.42M
YoY Change -1.3% -0.28% 30.95%
SHAREHOLDERS EQUITY
Retained Earnings -$16.53M -$15.97M -$13.08M
YoY Change 49.96% 57.37% 46.66%
Common Stock $5.056M $5.313M $655.00
YoY Change 771800.46% 810970.23% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$11.48M -$10.66M -$13.08M
YoY Change
Total Liabilities & Shareholders Equity $23.14M $32.55M $41.95M
YoY Change -44.53% -86.04% -82.05%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q4
OPERATING ACTIVITIES
Net Income -$563.5K -$1.416M -$1.373M
YoY Change 42.39% 122.67% 58.17%
Depreciation, Depletion And Amortization $76.35K $69.57K
YoY Change
Cash From Operating Activities -$232.8K -$543.7K -$602.5K
YoY Change -20.47% 297.01% -55.17%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $9.910M -$300.0K -$480.0K
YoY Change -94.86%
Cash From Investing Activities $9.910M -$300.0K -$480.0K
YoY Change -94.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.563M 495.0K 675.0K
YoY Change -95.02% -335.82%
NET CHANGE
Cash From Operating Activities -232.8K -543.7K -602.5K
Cash From Investing Activities 9.910M -300.0K -480.0K
Cash From Financing Activities -9.563M 495.0K 675.0K
Net Change In Cash 114.4K -348.7K -407.5K
YoY Change -73.43% 154.61% -75.0%
FREE CASH FLOW
Cash From Operating Activities -$232.8K -$543.7K -$602.5K
Capital Expenditures
Free Cash Flow
YoY Change

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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-366391
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
78196
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
421549
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
7480
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
55158
gia Change In Value Of Common Stock Subject To Possible Redemption
ChangeInValueOfCommonStockSubjectToPossibleRedemption
1252257
gia Change In Value Of Common Stock Subject To Possible Redemption
ChangeInValueOfCommonStockSubjectToPossibleRedemption
222976
gia Waiver Of Deferred Underwriting Fees
WaiverOfDeferredUnderwritingFees
6440000
gia Debt Discount On Note Payable To Related Party
DebtDiscountOnNotePayableToRelatedParty
124112
gia Offering Costs Included In Accounts Payable
OfferingCostsIncludedInAccountsPayable
85000
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2021-01-19
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q3 gia Number Of Public Share
NumberOfPublicShare
1
CY2021Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.5
CY2021Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
23000000
CY2021Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10
CY2021Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
225400000
CY2021Q3 gia Payments Of Stock Issuance Costs Net
PaymentsOfStockIssuanceCostsNet
13193740
CY2021Q3 gia Deferred Underwriting Fees
DeferredUnderwritingFees
9200000
CY2021Q3 gia Original Offering Cost
OriginalOfferingCost
843740
CY2021Q3 gia Reimbursement Of Offering Expenses
ReimbursementOfOfferingExpenses
1450000
gia Monthly Extension Of Amendment Description
MonthlyExtensionOfAmendmentDescription
The Company’s Offering prospectus and Amended and Restated Certificate of Incorporation provided that the Company initially had until September 28, 2022 (the date which was 12 months after the consummation of the Offering) to complete its initial Business Combination (the “Combination Period”). On September 23, 2022, the Company held a special meeting of its stockholders and the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation that extends the date by which the Company must consummate a Business Combination transaction from September 28, 2022 up to March 28, 2023 in one-month extensions (the “First Extension”).
CY2023Q1 gia Proposals Description
ProposalsDescription
At the special meeting, the stockholders approved two proposals: (A) to amend the Company’s Amended and Restated Certificate of Incorporation, giving the Company the right to extend the date by which it has to consummate a Business Combination up to six (6) times for an additional one (1) month each time, from March 28, 2023 to September 28, 2023 provided that the Sponsor (or its designees) must deposit into the Trust Account for each one-month extension funds equal to $100,000 (the “Second Extension”); (B) to amend the Company’s investment management trust agreement, dated as of September 23, 2021, by and between the Company and Continental Stock Transfer & Trust Company, allowing the Company to extend the Combination Period up to six (6) times for an additional one (1) month each time from March 28, 2023 to September 28, 2023 by depositing into the Trust Account for each one-month extension, the sum of $100,000.
CY2023Q2 gia Number Of Public Shares To Be Redeemed
NumberOfPublicSharesToBeRedeemed
995049
gia Amount Withdrawn From Trust Account
AmountWithdrawnFromTrustAccount
10449625
gia Issued And Outstanding Common Stock Own Percentage
IssuedAndOutstandingCommonStockOwnPercentage
0.684
us-gaap Debt Instrument Maturity Date Description
DebtInstrumentMaturityDateDescription
U.S. government treasury bills with a maturity of one hundred and eighty-five (185) days or less
gia Public Shares Redemption Percentage
PublicSharesRedemptionPercentage
1
CY2023Q1 gia Monthly Extension Fee Payable
MonthlyExtensionFeePayable
160000
CY2023Q2 us-gaap Cash
Cash
7480
CY2023Q2 us-gaap Cumulative Earnings Deficit
CumulativeEarningsDeficit
-7968433
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2023Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-align: justify;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Concentration of Credit Risk </div></div></div></div> <div style="text-indent: 4%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-align: justify;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">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 federally insured limits. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. </div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; text-align: justify;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Use of Estimates </div></div></div></div> <div style="text-indent: 4%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; text-align: justify;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of 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. Actual results could differ from those estimates. </div></div>
us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
13193740
CY2023Q2 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Maximum Number Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsMaximumNumberOfShares
3019001
CY2022Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Maximum Number Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsMaximumNumberOfShares
4014050
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2023Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
gia Period Allotted To Complete Business Combination
PeriodAllottedToCompleteBusinessCombination
P24M
CY2023Q2 gia Market Capital Amount
MarketCapitalAmount
40000000
gia Holding Period Of Shares For Completion Of Initial Business Combination
HoldingPeriodOfSharesForCompletionOfInitialBusinessCombination
P6M
gia Period After Completion Of Business Combination To Allow Transfer Of Shares
PeriodAfterCompletionOfBusinessCombinationToAllowTransferOfShares
P30D
gia Warrants Transfer Restrictions Period Following Consummation Of Business Combination
WarrantsTransferRestrictionsPeriodFollowingConsummationOfBusinessCombination
P1Y
gia Underwriting Discount Per Public Unit Paid In Cash
UnderwritingDiscountPerPublicUnitPaidInCash
0.2
gia Deferred Underwriting Commissions Per Public Unit
DeferredUnderwritingCommissionsPerPublicUnit
0.4
CY2023Q2 gia Deferred Underwriting Commissions Payable
DeferredUnderwritingCommissionsPayable
9200000
CY2023Q2 us-gaap Interest Receivable Current
InterestReceivableCurrent
131605
CY2022Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
133211

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