$QTI
QT IMAGING HOLDINGS, INC.

2023 Q1 Form 10-K Financial Statement

#000156459023005063 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $46.58K
YoY Change
Gross Profit -$39.01K
YoY Change
Gross Profit Margin
Selling, General & Admin $1.767M $1.591M $4.279M
YoY Change 188.37% 76.24% 295.74%
% of Gross Profit
Research & Development $421.9K
YoY Change
% of Gross Profit
Depreciation & Amortization $116.8K
YoY Change
% of Gross Profit
Operating Expenses $1.767M $1.591M $4.279M
YoY Change 188.37% 76.24% 295.74%
Operating Profit -$1.767M -$4.279M
YoY Change 188.37%
Interest Expense $42.91K $326.7K $23.10K
YoY Change 145.08% 5484.1% 286.25%
% of Operating Profit
Other Income/Expense, Net -$1.000K -$5.440K $384.1K
YoY Change -100.43% -117.71% -1354.03%
Pretax Income -$1.368M -$1.269M -$2.288M
YoY Change 274.98% 46.59% 106.85%
Income Tax $104.9K $103.0K $486.6K
% Of Pretax Income
Net Earnings -$1.473M -$1.373M -$2.774M
YoY Change 298.15% 58.17% 150.45%
Net Earnings / Revenue
Basic Earnings Per Share -$0.28 -$0.60
Diluted Earnings Per Share -$0.28 -$0.15 -$0.60
COMMON SHARES
Basic Shares Outstanding 9.564M 10.56M 6.540M
Diluted Shares Outstanding 6.540M 6.540M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $356.1K $78.20K $78.20K
YoY Change 85.39% -81.45% -81.45%
Cash & Equivalents $356.1K $78.20K
Short-Term Investments
Other Short-Term Assets $111.5K $172.5K $172.5K
YoY Change -84.42% -76.7% -76.7%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $467.7K $250.7K $250.7K
YoY Change -48.48% -78.42% -78.42%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $31.83M $41.69M $41.69M
YoY Change -86.3% -82.05% -82.05%
Other Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $31.83M $41.69M $41.69M
YoY Change -86.3% -82.06% -82.06%
TOTAL ASSETS
Total Short-Term Assets $467.7K $250.7K $250.7K
Total Long-Term Assets $31.83M $41.69M $41.69M
Total Assets $32.30M $41.95M $41.95M
YoY Change -86.15% -82.05% -82.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $357.7K $195.1K $195.1K
YoY Change 71.78% 594.18% 594.16%
Accrued Expenses $164.5K $103.3K $2.260M
YoY Change -53.67% -80.53% 325.76%
Deferred Revenue
YoY Change
Short-Term Debt $2.787M $1.643M $1.643M
YoY Change 962.8% 2154.91% 2154.91%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.405M $4.186M $4.186M
YoY Change 669.49% 560.69% 560.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.784M $9.232M $9.232M
YoY Change -70.33% -3.97% -3.97%
Total Long-Term Liabilities $2.784M $9.232M $9.232M
YoY Change -70.33% -3.97% -3.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.405M $4.186M $4.186M
Total Long-Term Liabilities $2.784M $9.232M $9.232M
Total Liabilities $9.189M $13.42M $13.42M
YoY Change -10.05% 30.95% 30.95%
SHAREHOLDERS EQUITY
Retained Earnings -$14.55M -$13.08M
YoY Change 46.66%
Common Stock $5.832M $655.00
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.721M -$13.08M $28.53M
YoY Change
Total Liabilities & Shareholders Equity $32.30M $41.95M $41.95M
YoY Change -86.15% -82.05% -82.05%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$1.473M -$1.373M -$2.774M
YoY Change 298.15% 58.17% 150.45%
Depreciation, Depletion And Amortization $116.8K
YoY Change
Cash From Operating Activities -$546.9K -$602.5K -$1.262M
YoY Change 138.34% -55.17% -7.9%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $10.31M -$480.0K $192.2M
YoY Change -182.76%
Cash From Investing Activities $10.31M -$480.0K $192.2M
YoY Change -182.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $32.15K
YoY Change
Cash From Financing Activities -9.485M 675.0K -191.3M
YoY Change -335.82% -181.73%
NET CHANGE
Cash From Operating Activities -546.9K -602.5K -1.262M
Cash From Investing Activities 10.31M -480.0K 192.2M
Cash From Financing Activities -9.485M 675.0K -191.3M
Net Change In Cash 277.9K -407.5K -343.4K
YoY Change -221.13% -75.0% -181.45%
FREE CASH FLOW
Cash From Operating Activities -$546.9K -$602.5K -$1.262M
Capital Expenditures
Free Cash Flow
YoY Change

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DebtInstrumentMaturityDateDescription
U.S. government treasury bills with a maturity of one hundred and eighty-five (185) days or less
CY2022 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 24 months from the closing of the Offering; 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.
CY2022 gia Public Shares Redemption Percentage
PublicSharesRedemptionPercentage
1
CY2022Q4 us-gaap Cash
Cash
78196
CY2022Q4 us-gaap Cumulative Earnings Deficit
CumulativeEarningsDeficit
-3935695
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-top:18pt;text-align:justify;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>
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top:18pt;text-align:justify;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>
CY2022 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
13193740
CY2022Q4 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
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 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
CY2022 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="margin-top:18pt;text-align:justify;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;">Reclassifications</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;">Certain reclassifications have been made to the 2021 financial statements to conform to the 2022 presentation. The reclassifications had no impact on net loss, total assets, total liabilities, or stockholders’ deficit.</p>
CY2022 gia Holding Period Of Shares For Completion Of Initial Business Combination
HoldingPeriodOfSharesForCompletionOfInitialBusinessCombination
P6M
CY2022 gia Period After Completion Of Business Combination To Allow Transfer Of Shares
PeriodAfterCompletionOfBusinessCombinationToAllowTransferOfShares
P30D
CY2022 gia Warrants Transfer Restrictions Period Following Consummation Of Business Combination
WarrantsTransferRestrictionsPeriodFollowingConsummationOfBusinessCombination
P1Y
CY2022 gia Underwriting Discount Per Public Unit Paid In Cash
UnderwritingDiscountPerPublicUnitPaidInCash
0.20
CY2022 gia Deferred Underwriting Commissions Per Public Unit
DeferredUnderwritingCommissionsPerPublicUnit
0.40
CY2022Q4 gia Deferred Underwriting Commissions Payable
DeferredUnderwritingCommissionsPayable
9200000
CY2022Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
133211
CY2021Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
1973
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1783
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-2287692
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-1105947
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-2287692
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1105947
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
342216
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
1255
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
144399
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
528
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
486615
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1783
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
486615
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1783
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
480415
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
232249
CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
184760
us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
75096
CY2022 gia Income Tax Reconciliation Warrant And Note Payable Revaluation
IncomeTaxReconciliationWarrantAndNotePayableRevaluation
-75812
gia Income Tax Reconciliation Warrant And Note Payable Revaluation
IncomeTaxReconciliationWarrantAndNotePayableRevaluation
6431
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1227602
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
302697
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
486615
CY2022Q4 gia Deferred Tax Assets Start Up Costs
DeferredTaxAssetsStartUpCosts
1530299
CY2021Q4 gia Deferred Tax Assets Start Up Costs
DeferredTaxAssetsStartUpCosts
302697
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1530299
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
302697
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1530299
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
302697
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1227602
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
0

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