2023 Q4 Form 10-K Financial Statement

#000121390024024108 Filed on March 19, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.541M $5.230M $1.984M
YoY Change 1299.6% 163.61% -44.87%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $3.541M $2.269M $1.984M
YoY Change 1299.6% 14.36% -44.87%
Operating Profit -$2.269M -$1.984M
YoY Change 14.36% -44.87%
Interest Expense $480.0K $2.408M $100.0K
YoY Change -81.91% 2308.0% 33.33%
% of Operating Profit
Other Income/Expense, Net -$225.0K $800.0K $800.0K
YoY Change -148.18% 0.0% -90.28%
Pretax Income -$3.286M $139.0K $15.07M
YoY Change -214.57% -99.08% 220.28%
Income Tax
% Of Pretax Income
Net Earnings -$3.286M $139.0K $15.07M
YoY Change -214.57% -99.08% 220.28%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.29 $0.01 $0.40
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.00K $22.00K $101.0K
YoY Change -78.22% -78.22% -88.0%
Cash & Equivalents $22.00K
Short-Term Investments
Other Short-Term Assets $14.00K $14.00K $8.000K
YoY Change 75.0% 75.0% -95.63%
Inventory
Prepaid Expenses $14.00K
Receivables
Other Receivables
Total Short-Term Assets $36.00K $36.00K $109.0K
YoY Change -66.97% -66.97% -89.37%
LONG-TERM ASSETS
Property, Plant & Equipment $1.968K
YoY Change -99.96%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00 $304.7M
YoY Change -100.0% -100.0% 1.53%
Other Assets $43.70M $43.70M
YoY Change
Total Long-Term Assets $43.70M $43.70M $304.7M
YoY Change -85.66% -85.66% 1.53%
TOTAL ASSETS
Total Short-Term Assets $36.00K $36.00K $109.0K
Total Long-Term Assets $43.70M $43.70M $304.7M
Total Assets $43.74M $43.74M $304.8M
YoY Change -85.65% -85.65% 1.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $64.00K $64.00K $75.00K
YoY Change -14.67% -14.67% -44.44%
Accrued Expenses $4.327M $4.327M $3.016M
YoY Change 43.47% 43.47% 12.83%
Deferred Revenue
YoY Change
Short-Term Debt $3.481M $3.481M $785.0K
YoY Change 343.44% 343.44%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.872M $7.872M $3.876M
YoY Change 103.1% 103.1% 38.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.84M $10.84M $10.97M
YoY Change -1.19% -1.19% -53.17%
Total Long-Term Liabilities $10.84M $10.84M $10.97M
YoY Change -1.19% -1.19% -53.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.872M $7.872M $3.876M
Total Long-Term Liabilities $10.84M $10.84M $10.97M
Total Liabilities $18.71M $18.71M $14.84M
YoY Change 26.05% 26.05% -43.41%
SHAREHOLDERS EQUITY
Retained Earnings -$18.67M
YoY Change 26.73%
Common Stock $4.023K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$18.67M $25.03M $289.9M
YoY Change
Total Liabilities & Shareholders Equity $43.74M $43.74M $304.8M
YoY Change -85.65% -85.65% 1.22%

Cashflow Statement

Concept 2023 Q4 2023 2022
OPERATING ACTIVITIES
Net Income -$3.286M $139.0K $15.07M
YoY Change -214.57% -99.08% 220.28%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$296.0K -$975.0K -$1.526M
YoY Change -44.26% -36.11% 46.17%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$600.0K $263.3M $0.00
YoY Change -100.0%
Cash From Investing Activities -$600.0K $263.3M $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $265.1M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 917.0K -$262.4M $785.0K
YoY Change 138.18% -33520.89% -99.74%
NET CHANGE
Cash From Operating Activities -296.0K -$975.0K -$1.526M
Cash From Investing Activities -600.0K $263.3M 0.000
Cash From Financing Activities 917.0K -$262.4M $785.0K
Net Change In Cash 21.00K -$79.00K $741.0K
YoY Change -114.38% -110.66% -9.85%
FREE CASH FLOW
Cash From Operating Activities -$296.0K -$975.0K -$1.526M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2023 gpac Founder Share Vesting Description
FounderShareVestingDescription
The Founder Shares are substantially identical to the Class A ordinary shares included in the Units sold in the Public Offering except that the Founder Shares automatically convert into Class A ordinary shares at the time of the initial Business Combination, or at any time prior thereto at the option of the holder, and are subject to certain transfer restrictions, as described in more detail below, and the Founder Shares are subject to vesting as follows: 50% upon the completion of a Business Combination and then 12.5% on each of the attainment of Return to Shareholders (as defined in the agreement) exceeding 20%, 30%, 40% and 50%. Certain events, as defined in the agreement, could trigger an immediate vesting under certain circumstances. Founder Shares that do not vest within an eight-year period from the closing of the Business Combination will be cancelled.
CY2022Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
2000000 usd
CY2023Q4 us-gaap Loans Payable
LoansPayable
30000 usd
CY2023Q1 gpac Unpaid Principal Amount
UnpaidPrincipalAmount
250000 usd
CY2023Q1 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
1750000 usd
CY2023 us-gaap Securities Borrowed Increase
SecuritiesBorrowedIncrease
395000 usd
CY2023 us-gaap Sponsor Fees
SponsorFees
25000 usd
CY2023 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
300000 usd
CY2022 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
300000 usd
CY2023Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
275000 usd
CY2022Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
0 usd
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
11221954 shares
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
15566667 shares
CY2023Q1 gpac Number Of Warrants Issued
NumberOfWarrantsIssued
4344714 shares
CY2023 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
300000000 usd
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
usd
CY2023Q4 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
usd
CY2022Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2023Q4 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2022Q4 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2022 gpac Write Off Contingent Warrants Associated With Shares Redeemed
WriteOffContingentWarrantsAssociatedWithSharesRedeemed
usd
CY2023 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
usd
CY2022 gpac Write Off Contingent Warrants Associated With Shares Redeemed
WriteOffContingentWarrantsAssociatedWithSharesRedeemed
usd
CY2022 us-gaap Payments For Proceeds From Investments
PaymentsForProceedsFromInvestments
usd
CY2022 gpac Proceeds From Cash Withdrawn From Trust Account To Pay Franchise Taxes
ProceedsFromCashWithdrawnFromTrustAccountToPayFranchiseTaxes
usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
CY2022 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
usd
CY2022 gpac Proceeds Of Extension Promissory Note Related Party
ProceedsOfExtensionPromissoryNoteRelatedParty
usd
CY2022 gpac Settlement And Release Of Liabilities
SettlementAndReleaseOfLiabilities
usd
CY2023Q4 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2023 dei Amendment Flag
AmendmentFlag
false
CY2023 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2023 dei Entity Central Index Key
EntityCentralIndexKey
0001831979

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