$QTI
QT IMAGING HOLDINGS, INC.

2022 Q4 Form 10-Q Financial Statement

#000156459022037645 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.591M $1.102M $143.0K
YoY Change 76.24% 670.55%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.591M $1.102M $143.0K
YoY Change 76.24% 670.55%
Operating Profit -$1.102M -$143.0K
YoY Change 670.54%
Interest Expense $326.7K $5.184K $130.00
YoY Change 5484.1% 3887.69%
% of Operating Profit
Other Income/Expense, Net -$5.440K $31.80K -$61.35K
YoY Change -117.71% -151.83%
Pretax Income -$1.269M -$106.9K -$204.2K
YoY Change 46.59% -47.66%
Income Tax $103.0K $288.9K $38.00
% Of Pretax Income
Net Earnings -$1.373M -$395.8K -$204.2K
YoY Change 58.17% 93.79%
Net Earnings / Revenue
Basic Earnings Per Share -$0.16
Diluted Earnings Per Share -$0.15 -$13.40K -$6.913K
COMMON SHARES
Basic Shares Outstanding 10.56M 29.55M 9.699M
Diluted Shares Outstanding 6.540M 9.699M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $78.20K $485.7K $2.052M
YoY Change -81.45% -76.33%
Cash & Equivalents $78.20K $485.7K $2.052M
Short-Term Investments
Other Short-Term Assets $172.5K $359.3K $725.4K
YoY Change -76.7% -50.47%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $250.7K $845.0K $2.777M
YoY Change -78.42% -69.57%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $41.69M $40.87M $232.3M
YoY Change -82.05% -82.41%
Other Assets $0.00 $0.00 $346.6K
YoY Change -100.0% -100.0%
Total Long-Term Assets $41.69M $40.87M $232.6M
YoY Change -82.06% -82.43%
TOTAL ASSETS
Total Short-Term Assets $250.7K $845.0K $2.777M
Total Long-Term Assets $41.69M $40.87M $232.6M
Total Assets $41.95M $41.72M $235.4M
YoY Change -82.05% -82.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $195.1K $230.7K $1.227M
YoY Change 594.18% -81.19%
Accrued Expenses $103.3K $1.196M $290.8K
YoY Change -80.53% 311.15%
Deferred Revenue
YoY Change
Short-Term Debt $1.643M $836.8K $8.550K
YoY Change 2154.91% 9687.6%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.186M $2.646M $1.526M
YoY Change 560.69% 73.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.232M $9.224M $9.644M
YoY Change -3.97% -4.36%
Total Long-Term Liabilities $9.232M $9.224M $9.644M
YoY Change -3.97% -4.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.186M $2.646M $1.526M
Total Long-Term Liabilities $9.232M $9.224M $9.644M
Total Liabilities $13.42M $11.87M $11.17M
YoY Change 30.95% 6.26%
SHAREHOLDERS EQUITY
Retained Earnings -$13.08M -$11.03M -$8.047M
YoY Change 46.66% 37.01%
Common Stock $655.00 $655.00 $655.00
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$13.08M -$11.02M -$8.046M
YoY Change
Total Liabilities & Shareholders Equity $41.95M $41.72M $235.4M
YoY Change -82.05% -82.28%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$1.373M -$395.8K -$204.2K
YoY Change 58.17% 93.79%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$602.5K -$292.7K -$25.80K
YoY Change -55.17% 1034.5%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$480.0K $192.7M -$232.3M
YoY Change -182.96%
Cash From Investing Activities -$480.0K $192.7M -$232.3M
YoY Change -182.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $225.4M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 675.0K -192.0M 234.4M
YoY Change -335.82% -181.92%
NET CHANGE
Cash From Operating Activities -602.5K -292.7K -25.80K
Cash From Investing Activities -480.0K 192.7M -232.3M
Cash From Financing Activities 675.0K -192.0M 234.4M
Net Change In Cash -407.5K 430.5K 2.052M
YoY Change -75.0% -79.02%
FREE CASH FLOW
Cash From Operating Activities -$602.5K -$292.7K -$25.80K
Capital Expenditures
Free Cash Flow
YoY Change

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NumberOfCommonSharesToBeRedeemed
18985950
CY2022Q3 gia Percentage Of Common Shares To Be Redeemed
PercentageOfCommonSharesToBeRedeemed
0.826
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
us-gaap Decommissioning Trust Assets Description
DecommissioningTrustAssetsDescription
The Company’s amended and restated certificate of incorporation provides that, other than the payment of deferred underwriting commissions and 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 (6) times for an additional one (1) month each time, provided that the Sponsor (or its designees) must deposit into the Trust Account for each one-month extension funds equal to $160,000 in exchange for a non-interest bearing, unsecured promissory note); or (3) the redemption of shares in connection with a stockholder vote seeking to amend any provisions of the amended and restated certificate of incorporation relating to the Company’s pre-initial Business Combination activity and related stockholders’ rights.
CY2022Q3 gia Monthly Extension Fee Payable
MonthlyExtensionFeePayable
160000
gia Minimum Percentage Of Fair Market Value Of Business Acquisition To Trust Account Balance
MinimumPercentageOfFairMarketValueOfBusinessAcquisitionToTrustAccountBalance
0.80
CY2022Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
225400000
us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
23000000
CY2022Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.00
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
397477
gia Franchise Taxes Paid
FranchiseTaxesPaid
345720
CY2022Q3 gia Number Of Common Shares To Be Redeemed
NumberOfCommonSharesToBeRedeemed
18985950
CY2022Q3 gia Amount Withdrawn From Trust Account
AmountWithdrawnFromTrustAccount
192138312
us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
0
CY2022Q3 us-gaap Interest Receivable Current
InterestReceivableCurrent
382639
CY2021Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
1973
gia Common Stock Redemption Percentage
CommonStockRedemptionPercentage
0.15
CY2022Q3 us-gaap Cash
Cash
485657
CY2022Q3 us-gaap Cumulative Earnings Deficit
CumulativeEarningsDeficit
1800567
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 </p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</span></p>
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>
us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
13193740
CY2022Q3 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Maximum Number Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsMaximumNumberOfShares
4014050
CY2021Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Maximum Number Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsMaximumNumberOfShares
23000000
CY2022Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q3 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
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
CY2022Q3 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
10.00
gia Underwriting Discount Per Public Unit Paid In Cash
UnderwritingDiscountPerPublicUnitPaidInCash
0.20
gia Deferred Underwriting Commissions Per Public Unit
DeferredUnderwritingCommissionsPerPublicUnit
0.40
CY2022Q3 gia Deferred Underwriting Commissions Payable
DeferredUnderwritingCommissionsPayable
9200000
CY2022Q3 us-gaap Interest Receivable Current
InterestReceivableCurrent
382639
CY2021Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
1973

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