2023 Q1 Form 10-Q Financial Statement

#000119312523137081 Filed on May 05, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $239.3K $0.00
YoY Change
Operating Profit -$239.3K $0.00
YoY Change
Interest Expense $2.902M
YoY Change
% of Operating Profit
Other Income/Expense, Net $3.950M $0.00
YoY Change
Pretax Income $3.711M $0.00
YoY Change
Income Tax
% Of Pretax Income
Net Earnings $3.711M $0.00
YoY Change
Net Earnings / Revenue
Basic Earnings Per Share $0.13 $0.00
Diluted Earnings Per Share $0.13 $0.00
COMMON SHARES
Basic Shares Outstanding 5.750M 5.000M
Diluted Shares Outstanding 5.750M 5.000M

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $421.8K
YoY Change
Cash & Equivalents $421.8K
Short-Term Investments
Other Short-Term Assets $265.2K $567.6K
YoY Change -53.28%
Inventory
Prepaid Expenses $265.2K
Receivables
Other Receivables
Total Short-Term Assets $687.0K $567.6K
YoY Change 21.03%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $242.6M
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $242.6M -$2.00
YoY Change -12132401350.0%
TOTAL ASSETS
Total Short-Term Assets $687.0K $567.6K
Total Long-Term Assets $242.6M -$2.00
Total Assets $243.3M $567.6K
YoY Change 42770.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $224.8K $344.9K
YoY Change -34.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $201.4K
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $294.8K $546.3K
YoY Change -46.04%
LONG-TERM LIABILITIES
Long-Term Debt $3.359M $0.00
YoY Change
Other Long-Term Liabilities $2.763M
YoY Change
Total Long-Term Liabilities $6.122M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $294.8K $546.3K
Total Long-Term Liabilities $6.122M $0.00
Total Liabilities $17.92M $546.3K
YoY Change 3179.36%
SHAREHOLDERS EQUITY
Retained Earnings -$17.23M -$3.727K
YoY Change 462204.13%
Common Stock $0.00 $24.43K
YoY Change -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$17.23M $21.27K
YoY Change
Total Liabilities & Shareholders Equity $243.3M $567.6K
YoY Change 42770.26%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $3.711M $0.00
YoY Change
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$121.9K $0.00
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
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -121.9K 0.000
Cash From Investing Activities
Cash From Financing Activities 0.000 0.000
Net Change In Cash -121.9K 0.000
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$121.9K $0.00
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><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="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The preparation of the unaudited condensed 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 unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting period. </div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. </div>
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<div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><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="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. </div> <div style="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The failures of Silicon Valley Bank and Signature Bank on March 10, 2023, raised significant concerns regarding potential risks to deposits at First Republic Bank (“FRB”), including the discretionary working capital account of the Company held at FRB (the “FRB WC Account”). On March 10, 2023, the Company and its management moved to protect the funds in the FRB WC Account by reducing the funds held within the FRB WC Account to $250,000 (the amount covered by FDIC deposit account insurance) and transferring (the “Protective Transfer”), for the benefit of the Company and its shareholders, an aggregate amount of $200,000 (the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">“At-Risk</div> Funds”) to a bank account at FRB held by the Sponsor. In connection with the foregoing, the Company entered into a letter agreement with Sponsor pursuant to which, Sponsor agreed (i) that the transfer of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">At-Risk</div> Funds was effected solely as an accommodation in order to protect such funds on behalf of the Company and its shareholders, (ii) that the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">At-Risk</div> Funds are the legal property of the Company in all respects, (iii) that Sponsor (x) will hold the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">At-Risk</div> Funds as and until directed by the Company, (y) will disburse the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">At-Risk</div> Funds only to or as directed by the Company upon the Company’s written instruction, and (z) has no direct control over the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">At-Risk</div> Funds in any respect, (iv) not to charge any escrow or accommodation fee to the Company, and (v) to indemnify the Company and its shareholders, directors and officers from and against any losses suffered or incurred as a result of the transfer of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">At-Risk</div> Funds. On March 27, 2023, the Company opened a bank account at Customers Bank and on March 28, 2023, the Company directed the Sponsor to transfer the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">At-Risk</div> Funds to such account. </div>
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<div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><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;">Derivative Financial Instruments </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging – Contracts in Entity’s Own Equity” (“ASC <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">815-40”).</div> The Company’s derivative instruments are recorded at fair value on the balance sheet with changes in the fair value reported in the statement of operations. Derivative assets and liabilities are classified on the balance sheet as current or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-current</div> based on whether or not <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">net-cash</div> settlement or conversion of the instrument could be required within 12 months of the balance sheet date. </div>
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CY2023Q1 rene Warrant Description
WarrantDescription
The warrants will become exercisable on the later of 12 months from the closing of the Initial Public Offering or 30 days after the completion of the Company’s initial Business Combination, and will expire five years after the completion of the Company’s initial Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.
CY2023Q1 rene Percentage Of Proceeds From Share Issuances
PercentageOfProceedsFromShareIssuances
0.60
CY2021Q4 us-gaap Sponsor Fees
SponsorFees
25000
CY2021Q4 rene Price Per Share Unit
PricePerShareUnit
0.004
CY2021Q4 rene Assets Tangible And Intangible
AssetsTangibleAndIntangible
0
CY2021Q4 rene Percentage Of Founder Shares
PercentageOfFounderShares
0.20
CY2023Q1 rene Business Combination Description
BusinessCombinationDescription
The Sponsor and DirectorCo have agreed not to transfer, assign or sell any of the founder shares (except to certain permitted transferees) until one year after the date of the completion of the initial Business Combination or earlier if, subsequent to the initial Business Combination, (i) the last reported sale price of the Class A Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (ii) the Company consummates a subsequent liquidation, merger, share exchange or other similar transaction which results in all of the shareholders having the right to exchange their ordinary shares for cash, securities or other property.
rene Office Space Monthly Rent
OfficeSpaceMonthlyRent
10000
CY2023Q1 rene Working Capital Loan
WorkingCapitalLoan
1500000
CY2023Q1 rene Price Per Warrant
PricePerWarrant
1
CY2023Q1 rene Registration Rights Description
RegistrationRightsDescription
The holders of the majority of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period, which occurs (i) in the case of the founder shares, one year after the date of the completion of the initial Business Combination or earlier if, subsequent to the initial Business Combination, the last reported sale price of the Class A Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or the Company consummates a subsequent liquidation, merger, share exchange or other similar transaction which results in all of the shareholders having the right to exchange their ordinary shares for cash, securities or other property, and (ii) in the case of the Private Placement Warrants and the respective Class A Ordinary Shares underlying such Private Placement Warrants, 30 days after the completion of the initial Business Combination.
CY2023Q1 rene Number Of Demands Eligible Security Holder Can Make
NumberOfDemandsEligibleSecurityHolderCanMake
3
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q1 us-gaap Sale Of Stock Percentage Of Ownership Before Transaction
SaleOfStockPercentageOfOwnershipBeforeTransaction
0.20
CY2023Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
16566666
rene Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Initial Measurement
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisInitialMeasurement
5533268
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-680330
rene Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3 To Level1
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3ToLevel1
-2750475
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
2102463
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-567883
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1534580
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0

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