$QTI
QT IMAGING HOLDINGS, INC.

2023 Q4 Form 10-Q Financial Statement

#000119312523277144 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $23.80K
YoY Change
Gross Profit $858.00
YoY Change
Gross Profit Margin
Selling, General & Admin $743.9K $779.2K $1.102M
YoY Change -53.24% -29.27% 670.55%
% of Gross Profit 90817.02%
Research & Development $311.8K
YoY Change
% of Gross Profit 36343.71%
Depreciation & Amortization $76.35K
YoY Change
% of Gross Profit 8898.72%
Operating Expenses $743.9K $779.2K $1.102M
YoY Change -53.24% -29.27% 670.55%
Operating Profit -$779.2K -$1.102M
YoY Change -29.27% 670.54%
Interest Expense $233.4K $60.57K $5.184K
YoY Change -28.55% 1068.42% 3887.69%
% of Operating Profit
Other Income/Expense, Net $23.50K -$20.99K $31.80K
YoY Change -531.99% -166.0% -151.83%
Pretax Income -$487.0K -$438.8K -$106.9K
YoY Change -61.64% 310.6% -47.66%
Income Tax $84.80K $124.8K $288.9K
% Of Pretax Income
Net Earnings -$571.8K -$563.5K -$395.8K
YoY Change -58.34% 42.39% 93.79%
Net Earnings / Revenue
Basic Earnings Per Share -$0.13 -$0.16
Diluted Earnings Per Share -$0.05 -$0.13 -$13.40K
COMMON SHARES
Basic Shares Outstanding 8.660M 9.564M 29.55M
Diluted Shares Outstanding 6.540M 6.540M

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.000K $121.9K $485.7K
YoY Change -97.44% -74.91% -76.33%
Cash & Equivalents $2.438K $121.9K $485.7K
Short-Term Investments
Other Short-Term Assets $94.00K $8.040K $359.3K
YoY Change -45.51% -97.76% -50.47%
Inventory $4.418M
Prepaid Expenses
Receivables $1.290K
Other Receivables
Total Short-Term Assets $96.45K $129.9K $845.0K
YoY Change -61.53% -84.63% -69.57%
LONG-TERM ASSETS
Property, Plant & Equipment $490.9K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $23.30M $23.01M $40.87M
YoY Change -44.11% -43.7% -82.41%
Other Assets $39.15K $0.00
YoY Change -100.0%
Total Long-Term Assets $23.30M $23.01M $40.87M
YoY Change -44.11% -43.7% -82.43%
TOTAL ASSETS
Total Short-Term Assets $96.45K $129.9K $845.0K
Total Long-Term Assets $23.30M $23.01M $40.87M
Total Assets $23.40M $23.14M $41.72M
YoY Change -44.22% -44.53% -82.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $767.6K $622.3K $230.7K
YoY Change 293.52% 169.78% -81.19%
Accrued Expenses $893.8K $687.5K $1.196M
YoY Change 764.91% -42.5% 311.15%
Deferred Revenue $347.6K
YoY Change
Short-Term Debt $4.682M $4.013M $836.8K
YoY Change 184.98% 379.56% 9687.6%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.68M $8.931M $2.646M
YoY Change 202.95% 237.6% 73.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $377.8K $2.784M $9.224M
YoY Change -95.91% -69.82% -4.36%
Total Long-Term Liabilities $377.8K $2.784M $9.224M
YoY Change -95.91% -69.82% -4.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.68M $8.931M $2.646M
Total Long-Term Liabilities $377.8K $2.784M $9.224M
Total Liabilities $12.69M $11.72M $11.87M
YoY Change -5.42% -1.3% 6.26%
SHAREHOLDERS EQUITY
Retained Earnings -$17.10M -$16.53M -$11.03M
YoY Change 30.77% 49.96% 37.01%
Common Stock $4.590M $5.056M $655.00
YoY Change 700638.02% 771800.46% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$12.51M -$11.48M -$11.02M
YoY Change
Total Liabilities & Shareholders Equity $23.40M $23.14M $41.72M
YoY Change -44.22% -44.53% -82.28%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$571.8K -$563.5K -$395.8K
YoY Change -58.34% 42.39% 93.79%
Depreciation, Depletion And Amortization $76.35K
YoY Change
Cash From Operating Activities -$620.8K -$232.8K -$292.7K
YoY Change 3.04% -20.47% 1034.5%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $9.910M $192.7M
YoY Change -100.0% -94.86% -182.96%
Cash From Investing Activities $0.00 $9.910M $192.7M
YoY Change -100.0% -94.86% -182.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 501.3K -9.563M -192.0M
YoY Change -25.73% -95.02% -181.92%
NET CHANGE
Cash From Operating Activities -620.8K -232.8K -292.7K
Cash From Investing Activities 0.000 9.910M 192.7M
Cash From Financing Activities 501.3K -9.563M -192.0M
Net Change In Cash -119.5K 114.4K 430.5K
YoY Change -70.67% -73.43% -79.02%
FREE CASH FLOW
Cash From Operating Activities -$620.8K -$232.8K -$292.7K
Capital Expenditures
Free Cash Flow
YoY Change

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ProceedsFromRelatedPartyDebt
160000
gia Proceeds From Related Party Debt Fair Value
ProceedsFromRelatedPartyDebtFairValue
805000
gia Proceeds From Related Party Debt Fair Value
ProceedsFromRelatedPartyDebtFairValue
65000
gia Payments For Redemption Of Stock
PaymentsForRedemptionOfStock
20277625
gia Payments For Redemption Of Stock
PaymentsForRedemptionOfStock
192138312
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
85000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-18552625
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-191998312
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
43658
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
64108
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
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
121854
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
485657
gia Change In Value Of Common Stock Subject To Possible Redemption
ChangeInValueOfCommonStockSubjectToPossibleRedemption
1571076
gia Change In Value Of Common Stock Subject To Possible Redemption
ChangeInValueOfCommonStockSubjectToPossibleRedemption
704404
gia Waiver Of Deferred Underwriting Fees
WaiverOfDeferredUnderwritingFees
6440000
gia Debt Discount On Note Payable To Related Party
DebtDiscountOnNotePayableToRelatedParty
186369
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 initial 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 March 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.
CY2023Q3 gia Number Of Public Shares To Be Redeemed
NumberOfPublicSharesToBeRedeemed
995049
gia Amount Withdrawn From Trust Account
AmountWithdrawnFromTrustAccount
10449625
CY2023Q3 gia Number Of Public Shares To Be Redeemed
NumberOfPublicSharesToBeRedeemed
904023
CY2023Q3 gia Amount Withdrawn From Trust Account
AmountWithdrawnFromTrustAccount
9828000
gia Issued And Outstanding Common Stock Own Percentage
IssuedAndOutstandingCommonStockOwnPercentage
0.756
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
CY2023Q3 gia Monthly Extension Fee Payable
MonthlyExtensionFeePayable
100000
CY2023Q3 us-gaap Cash
Cash
121854
CY2023Q3 us-gaap Cumulative Earnings Deficit
CumulativeEarningsDeficit
-8801584
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2023Q3 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;"><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: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><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;"><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: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><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
CY2023Q3 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Maximum Number Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsMaximumNumberOfShares
2114978
CY2022Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Maximum Number Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsMaximumNumberOfShares
4014050
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2023Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
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
CY2023Q3 gia Deferred Underwriting Commissions Payable
DeferredUnderwritingCommissionsPayable
9200000
CY2023Q3 us-gaap Interest Receivable Current
InterestReceivableCurrent
138045
CY2022Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
133211

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