2022 Q3 Form 10-Q Financial Statement

#000156459022029497 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.102M $973.9K $612.9K
YoY Change 670.55% 2624.06%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.102M $973.9K $612.9K
YoY Change 670.55% 2624.06%
Operating Profit -$1.102M -$973.9K -$612.9K
YoY Change 670.54%
Interest Expense $5.184K $300.1K $17.51K
YoY Change 3887.69%
% of Operating Profit
Other Income/Expense, Net $31.80K $127.2K $230.6K
YoY Change -151.83%
Pretax Income -$106.9K -$546.5K -$364.8K
YoY Change -47.66% 1428.7% 920.5%
Income Tax $288.9K $89.56K $5.115K
% Of Pretax Income
Net Earnings -$395.8K -$636.1K -$369.9K
YoY Change 93.79% 934.81%
Net Earnings / Revenue
Basic Earnings Per Share -$0.16 -$0.13 -$0.06
Diluted Earnings Per Share -$13.40K -$21.53K -$12.56K
COMMON SHARES
Basic Shares Outstanding 29.55M 6.540M 6.540M
Diluted Shares Outstanding 6.540M 6.540M 6.540M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $485.7K $55.16K $192.1K
YoY Change -76.33%
Cash & Equivalents $485.7K $55.16K $192.1K
Short-Term Investments
Other Short-Term Assets $359.3K $530.2K $715.6K
YoY Change -50.47%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $845.0K $585.4K $907.7K
YoY Change -69.57%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $40.87M $232.6M $232.3M
YoY Change -82.41%
Other Assets $0.00 $0.00
YoY Change -100.0%
Total Long-Term Assets $40.87M $232.6M $232.3M
YoY Change -82.43%
TOTAL ASSETS
Total Short-Term Assets $845.0K $585.4K $907.7K
Total Long-Term Assets $40.87M $232.6M $232.3M
Total Assets $41.72M $233.2M $233.2M
YoY Change -82.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $230.7K $278.3K $208.2K
YoY Change -81.19%
Accrued Expenses $1.196M $769.9K $355.0K
YoY Change 311.15%
Deferred Revenue
YoY Change
Short-Term Debt $836.8K $431.6K $262.2K
YoY Change 9687.6%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.646M $1.573M $832.3K
YoY Change 73.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.224M $9.256M $9.383M
YoY Change -4.36%
Total Long-Term Liabilities $9.224M $9.256M $9.383M
YoY Change -4.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.646M $1.573M $832.3K
Total Long-Term Liabilities $9.224M $9.256M $9.383M
Total Liabilities $11.87M $10.83M $10.22M
YoY Change 6.26%
SHAREHOLDERS EQUITY
Retained Earnings -$11.03M -$10.15M
YoY Change 37.01%
Common Stock $655.00 $655.00
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$11.02M -$10.15M -$9.301M
YoY Change
Total Liabilities & Shareholders Equity $41.72M $233.2M $233.2M
YoY Change -82.28%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$395.8K -$636.1K -$369.9K
YoY Change 93.79% 934.81%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$292.7K -$136.9K -$229.5K
YoY Change 1034.5%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $192.7M
YoY Change -182.96%
Cash From Investing Activities $192.7M
YoY Change -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 -192.0M 0.000 0.000
YoY Change -181.92% -100.0%
NET CHANGE
Cash From Operating Activities -292.7K -136.9K -229.5K
Cash From Investing Activities 192.7M
Cash From Financing Activities -192.0M 0.000 0.000
Net Change In Cash 430.5K -136.9K -229.5K
YoY Change -79.02% -607.5%
FREE CASH FLOW
Cash From Operating Activities -$292.7K -$136.9K -$229.5K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Proceeds From Related Party Debt
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gia Offering Costs Included In Accounts Payable
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dei Entity Incorporation Date Of Incorporation
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us-gaap Debt Instrument Maturity Date Description
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us-gaap Decommissioning Trust Assets Description
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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.
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us-gaap Concentration Risk Credit Risk
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<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>
us-gaap Use Of Estimates
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<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>
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72857

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