$QTI
QT IMAGING HOLDINGS, INC.

2022 Q1 Form 10-Q Financial Statement

#000156459022020400 Filed on May 16, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $612.9K
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $612.9K
YoY Change
Operating Profit -$612.9K
YoY Change
Interest Expense $17.51K
YoY Change
% of Operating Profit
Other Income/Expense, Net $230.6K
YoY Change
Pretax Income -$364.8K -$35.75K
YoY Change 920.5%
Income Tax $5.115K
% Of Pretax Income
Net Earnings -$369.9K -$35.75K
YoY Change 934.81%
Net Earnings / Revenue
Basic Earnings Per Share -$0.06
Diluted Earnings Per Share -$12.56K
COMMON SHARES
Basic Shares Outstanding 6.540M
Diluted Shares Outstanding 6.540M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $192.1K
YoY Change
Cash & Equivalents $192.1K $45.21K
Short-Term Investments
Other Short-Term Assets $715.6K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $907.7K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $232.3M
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $232.3M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $907.7K
Total Long-Term Assets $232.3M
Total Assets $233.2M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $208.2K
YoY Change
Accrued Expenses $355.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $262.2K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $832.3K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $9.383M
YoY Change
Total Long-Term Liabilities $9.383M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $832.3K
Total Long-Term Liabilities $9.383M
Total Liabilities $10.22M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$9.301M -$10.75K
YoY Change
Total Liabilities & Shareholders Equity $233.2M
YoY Change

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$369.9K -$35.75K
YoY Change 934.81%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$229.5K
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 $25.00K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 45.21K
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -229.5K
Cash From Investing Activities
Cash From Financing Activities 0.000 45.21K
Net Change In Cash -229.5K 45.21K
YoY Change -607.5%
FREE CASH FLOW
Cash From Operating Activities -$229.5K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2022Q1 gia Number Of Trading Period For Transfer Of Shares
NumberOfTradingPeriodForTransferOfShares
P20D
CY2022Q1 gia Number Of Consecutive Trading Period For Transfer Of Shares
NumberOfConsecutiveTradingPeriodForTransferOfShares
P30D
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
CY2022Q1 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
5115
CY2022Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
230550
CY2022Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
17513
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-364820
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-35749
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5115
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-369935
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-35749
CY2022Q1 gia Net Income Loss Attributable To Common Stock Subject To Redemption
NetIncomeLossAttributableToCommonStockSubjectToRedemption
12398
CY2022Q1 gia Weighted Average Number Of Share Outstanding Subject To Possible Redemption Basic And Diluted
WeightedAverageNumberOfShareOutstandingSubjectToPossibleRedemptionBasicAndDiluted
23000000
CY2022Q1 gia Earnings Per Share Subject To Possible Redemption Basic And Diluted
EarningsPerShareSubjectToPossibleRedemptionBasicAndDiluted
0.00
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-382333
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-35749
CY2022Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
6540000
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5216736
CY2022Q1 gia Earnings Per Share Non Redeemable Common Stock Basic And Diluted
EarningsPerShareNonRedeemableCommonStockBasicAndDiluted
-0.06
CY2021Q1 gia Earnings Per Share Non Redeemable Common Stock Basic And Diluted
EarningsPerShareNonRedeemableCommonStockBasicAndDiluted
-0.01
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-8918238
CY2022Q1 gia Temporary Equity Shares Subject To Redemption Value
TemporaryEquitySharesSubjectToRedemptionValue
12398
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-35749
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
-10749
CY2022Q1 us-gaap Profit Loss
ProfitLoss
-369935
CY2021Q1 us-gaap Profit Loss
ProfitLoss
-35749
CY2022Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-230550
CY2022Q1 gia Interest Earned On Cash And Marketable Securities Held In Trust Account
InterestEarnedOnCashAndMarketableSecuritiesHeldInTrustAccount
17513
CY2022Q1 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-24624
CY2022Q1 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-165230
CY2022Q1 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
189363
CY2022Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
180130
CY2021Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
25749
CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-175915
CY2021Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
10000
CY2021Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2021Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
23000000
CY2021Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.00
CY2021Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
225400000
CY2021Q3 gia Payments Of Stock Issuance Costs Net
PaymentsOfStockIssuanceCostsNet
13193740
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-229451
CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
25000
CY2021Q1 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
125000
CY2021Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
104788
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
45212
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-229451
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
45212
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
421549
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
192098
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
45212
CY2021Q1 gia Offering Costs Included In Accounts Payable
OfferingCostsIncludedInAccountsPayable
13482
CY2021Q1 gia Offering Costs Included In Accrued Liabilities
OfferingCostsIncludedInAccruedLiabilities
129951
CY2022Q1 gia Change In Value Of Common Stock Subject To Possible Redemption
ChangeInValueOfCommonStockSubjectToPossibleRedemption
12398
CY2022Q1 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 Shares Of Common Stock Per Unit
NumberOfSharesOfCommonStockPerUnit
1
CY2021Q3 gia Deferred Underwriting Fees
DeferredUnderwritingFees
9200000
CY2021Q3 gia Original Offering Cost
OriginalOfferingCost
843740
CY2021Q3 gia Reimbursement Of Offering Expenses
ReimbursementOfOfferingExpenses
1450000
CY2022Q1 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
CY2022Q1 us-gaap Decommissioning Trust Assets Description
DecommissioningTrustAssetsDescription
The Company’s amended and restated certificate of incorporation provides that, other than the withdrawal of interest to pay taxes none of the funds held in the Trust Account will be released until the earlier of: (1) the completion of the Business Combination; (2) the redemption of 100% of the outstanding Public Shares if the Company has not completed an initial Business Combination within 12 months from the closing of the Offering (or up to 18 months in total if the Company extends the period of time to consummate its initial Business Combination up to six times by an additional one month each time; provided that at the beginning of each one-month extension, the Sponsor (or its designees) must deposit into the Trust Account funds equal to thirty-three hundredths of one percent (0.33%) of the gross proceeds of the Offering (including such proceeds from the exercise of the Underwriters’ over-allotment option) for each one-month extension of the time period to complete the initial Business Combination, in each case, in exchange for a non-interest bearing, unsecured promissory note); or (3) the redemption of any Public Shares properly tendered in connection with a stockholder vote to amend the amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to redeem 100% of the Company’s Public Shares if the Company does not complete its initial Business Combination within the required time period or (B) with respect to any other provision relating to the Company’s pre-business combination activity and related stockholders’ rights.
CY2022Q1 gia Public Shares Redemption Percentage
PublicSharesRedemptionPercentage
1
CY2022Q1 gia Public Shares Redemption Percentage
PublicSharesRedemptionPercentage
1
CY2022Q1 gia Minimum Percentage Of Fair Market Value Of Business Acquisition To Trust Account Balance
MinimumPercentageOfFairMarketValueOfBusinessAcquisitionToTrustAccountBalance
0.80
CY2022Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
225400000
CY2022Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
23000000
CY2022Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.00
CY2022Q1 us-gaap Interest Receivable Current
InterestReceivableCurrent
13602
CY2021Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
1973
CY2022Q1 gia Common Stock Redemption Percentage
CommonStockRedemptionPercentage
0.15
CY2022Q1 us-gaap Cash
Cash
192098
CY2022Q1 us-gaap Cumulative Earnings Deficit
CumulativeEarningsDeficit
75381
CY2022Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p>
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
13193740
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p>
CY2022Q1 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Maximum Number Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsMaximumNumberOfShares
23000000
CY2021Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Maximum Number Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsMaximumNumberOfShares
23000000
CY2022Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022Q1 gia Holding Period Of Shares For Completion Of Initial Business Combination
HoldingPeriodOfSharesForCompletionOfInitialBusinessCombination
P6M
CY2022Q1 gia Period After Completion Of Business Combination To Allow Transfer Of Shares
PeriodAfterCompletionOfBusinessCombinationToAllowTransferOfShares
P30D
CY2022Q1 gia Underwriting Discount Per Public Unit Paid In Cash
UnderwritingDiscountPerPublicUnitPaidInCash
0.20
CY2022Q1 gia Deferred Underwriting Commissions Per Public Unit
DeferredUnderwritingCommissionsPerPublicUnit
0.40
CY2022Q1 gia Deferred Underwriting Commissions Payable
DeferredUnderwritingCommissionsPayable
9200000
CY2022Q1 us-gaap Interest Receivable Current
InterestReceivableCurrent
13602
CY2021Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
1973

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