$SBIG
springbig Holdings Inc

2021 Q4 Form 10-K Financial Statement

#000114036122009138 Filed on March 11, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $0.00 $0.00 $4.710M
YoY Change -100.0% -100.0%
Cost Of Revenue $1.619M $6.267M $1.510M
YoY Change 7.22% 25.89%
Gross Profit $4.980M $17.10M $3.200M
YoY Change 55.63% 67.52%
Gross Profit Margin 67.94%
Selling, General & Admin $4.360M $15.22M $2.830M
YoY Change 54.06% 105.75%
% of Gross Profit 87.55% 89.01% 88.44%
Research & Development $2.760M $8.410M $1.500M
YoY Change 84.0% 91.53%
% of Gross Profit 55.42% 49.2% 46.88%
Depreciation & Amortization $173.0K $173.0K $10.00K
YoY Change 1630.0% 810.53%
% of Gross Profit 3.47% 1.01% 0.31%
Operating Expenses $1.499M $2.035M $4.340M
YoY Change -65.47% -82.76%
Operating Profit $3.481M -$2.035M -$1.140M
YoY Change -405.38% 27.11%
Interest Expense $3.280K $35.81K $0.00
YoY Change 1093.67%
% of Operating Profit 0.09%
Other Income/Expense, Net $320.0K $9.742M
YoY Change
Pretax Income -$1.175M $7.707M -$1.130M
YoY Change 4.01% -582.31%
Income Tax $2.000K $2.000K $0.00
% Of Pretax Income 0.03%
Net Earnings -$1.175M $7.707M -$1.130M
YoY Change 4.01% -582.31%
Net Earnings / Revenue -23.99%
Basic Earnings Per Share -$0.32
Diluted Earnings Per Share -$21.54K $141.2K -$0.04
COMMON SHARES
Basic Shares Outstanding 17.77M shares
Diluted Shares Outstanding 17.77M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $621.5K $621.5K
YoY Change -94.05%
Cash & Equivalents $621.5K $185.8K
Short-Term Investments
Other Short-Term Assets $259.9K $259.9K
YoY Change 111.33%
Inventory
Prepaid Expenses $259.9K $0.00
Receivables $3.045M $3.409M
Other Receivables $0.00 $0.00
Total Short-Term Assets $881.4K $881.4K $185.8K
YoY Change 374.51% -92.69%
LONG-TERM ASSETS
Property, Plant & Equipment $480.0K $480.0K
YoY Change 134.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0M $200.0M
YoY Change 312455.95%
Total Long-Term Assets $200.0M $200.0M $417.1K
YoY Change 47860.67% 74262.75%
TOTAL ASSETS
Total Short-Term Assets $881.4K $881.4K $185.8K
Total Long-Term Assets $200.0M $200.0M $417.1K
Total Assets $200.9M $200.9M $602.8K
YoY Change 33228.73% 1530.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $412.0K $1.555M
YoY Change 80.65%
Accrued Expenses $108.0K $108.0K
YoY Change -78.4%
Deferred Revenue $450.0K $560.0K
YoY Change -19.64%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $1.663M $1.663M $582.9K
YoY Change 185.37% -34.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $16.44M $16.44M
YoY Change
Total Long-Term Liabilities $16.44M $16.44M
YoY Change 6223.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.663M $1.663M $582.9K
Total Long-Term Liabilities $16.44M $16.44M
Total Liabilities $18.10M $18.10M $582.9K
YoY Change 3005.75% 547.24%
SHAREHOLDERS EQUITY
Retained Earnings -$17.19M -$5.064K
YoY Change 339289.49%
Common Stock $2.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$17.19M $182.8M $19.94K
YoY Change
Total Liabilities & Shareholders Equity $200.9M $200.9M $602.8K
YoY Change 33228.73% 1530.42%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$1.175M $7.707M -$1.130M
YoY Change 4.01% -582.31%
Depreciation, Depletion And Amortization $173.0K $173.0K $10.00K
YoY Change 1630.0% 810.53%
Cash From Operating Activities -$103.0K -$739.6K -$1.120M
YoY Change -90.81% -26.48%
INVESTING ACTIVITIES
Capital Expenditures $252.0K $252.0K $50.00K
YoY Change 404.0% 29.23%
Acquisitions $122.0K
YoY Change
Other Investing Activities $0.00 -$200.0M $0.00
YoY Change
Cash From Investing Activities $0.00 -$200.0M -$50.00K
YoY Change -100.0% 102464.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $196.0M
YoY Change 2277.49%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 201.2M 20.00K
YoY Change -100.0% 2129.09%
NET CHANGE
Cash From Operating Activities -103.0K -739.6K -1.120M
Cash From Investing Activities 0.000 -200.0M -50.00K
Cash From Financing Activities 0.000 201.2M 20.00K
Net Change In Cash -103.0K 435.7K -1.150M
YoY Change -91.05% -94.43%
FREE CASH FLOW
Cash From Operating Activities -$103.0K -$739.6K -$1.120M
Capital Expenditures $252.0K $252.0K $50.00K
Free Cash Flow -$355.0K -$991.6K -$1.170M
YoY Change -69.66% -17.43%

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CY2021 us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
<div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">Warrant Liabilities</div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Company accounts for the Warrants in accordance with the guidance contained in ASC 815-40 under which the Warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the Warrants as liabilities at their fair value and adjust the Warrants to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in our statement of operations. The Private Warrants and Public Warrants for periods where no observable traded price was available are valued using a Monte Carlo simulation model, specifically a binomial lattice. For periods subsequent to the detachment of the Public Warrants from the Units, the Public Warrant quoted market price was used as the fair value as of each relevant date for both Public Warrants and Private Placement Warrants.</div>
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q4 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
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="text-align: justify; font-style: italic; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">Concentration of Credit Risk</div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">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 Depository Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such account.</div>
CY2021 tcac Option For Underwriters To Purchase Additional Units Term
OptionForUnderwritersToPurchaseAdditionalUnitsTerm
P45D
CY2021Q1 tcac Additional Units That Can Be Purchased To Cover Over Allotments
AdditionalUnitsThatCanBePurchasedToCoverOverAllotments
2625000
CY2021Q1 tcac Deferred Underwriting Commissions Per Unit
DeferredUnderwritingCommissionsPerUnit
0.35
CY2021Q1 tcac Deferred Underwriting Commissions
DeferredUnderwritingCommissions
7000000
CY2021Q3 us-gaap Accounts Payable Underwriters Promoters And Employees Other Than Salaries And Wages Current And Noncurrent
AccountsPayableUnderwritersPromotersAndEmployeesOtherThanSalariesAndWagesCurrentAndNoncurrent
5000000
CY2021Q3 tcac Advisory Fee Payable Cash
AdvisoryFeePayableCash
2000000
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
20000000
CY2021 tcac Stock Conversion Ratio
StockConversionRatio
1
CY2021Q4 tcac Stock Conversion As Converted Percentage
StockConversionAsConvertedPercentage
0.20
CY2021 tcac Period To Exercise Warrants After Business Combination
PeriodToExerciseWarrantsAfterBusinessCombination
P30D
CY2021 tcac Period To Exercise Warrants After Closing Of Initial Public Offering
PeriodToExerciseWarrantsAfterClosingOfInitialPublicOffering
P12M
CY2021 tcac Period To File Registration Statement After Initial Business Combination
PeriodToFileRegistrationStatementAfterInitialBusinessCombination
P15D
CY2021 tcac Period For Registration Statement To Become Effective
PeriodForRegistrationStatementToBecomeEffective
P60D
CY2021 tcac Trading Day Period To Calculate Volume Weighted Average Trading Price Following Notice Of Redemption
TradingDayPeriodToCalculateVolumeWeightedAverageTradingPriceFollowingNoticeOfRedemption
P10D
CY2021Q4 tcac Class Of Warrant Or Right Threshold Trigger Price For Redemption
ClassOfWarrantOrRightThresholdTriggerPriceForRedemption
10.00
CY2021 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
0

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