$SOC
Sable Offshore Corp.

2023 Q4 Form 10-Q Financial Statement

#000119312523277095 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
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 $1.433M $1.000M
YoY Change -65.36% -21.97%
Operating Profit -$996.9K
YoY Change -22.21%
Interest Expense $574.8K $700.0K
YoY Change -108.06% -56.76%
% of Operating Profit
Other Income/Expense, Net -$27.80M -$9.329M
YoY Change 18463.96% -675.92%
Pretax Income -$28.65M -$10.33M
YoY Change 150.94% -3151.48%
Income Tax $128.8K $147.0K
% Of Pretax Income
Net Earnings -$28.78M -$10.47M
YoY Change 147.15% 5361.99%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$2.27 -$0.68
COMMON SHARES
Basic Shares Outstanding 13.29M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $267.8K $700.0K
YoY Change -99.91% -99.76%
Cash & Equivalents $267.8K $709.5K
Short-Term Investments $0.00
Other Short-Term Assets $96.60K $200.0K
YoY Change 9.51% -16.14%
Inventory
Prepaid Expenses $96.60K $246.4K
Receivables
Other Receivables
Total Short-Term Assets $364.4K $955.8K
YoY Change 93.36% 152.38%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $63.56M $63.90M
YoY Change -78.14% -77.87%
Total Long-Term Assets $63.56M $63.94M
YoY Change -78.14% -77.86%
TOTAL ASSETS
Total Short-Term Assets $364.4K $955.8K
Total Long-Term Assets $63.56M $63.94M
Total Assets $63.92M $64.90M
YoY Change -78.03% -77.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.954M $6.200M
YoY Change 50.33% 469.7%
Accrued Expenses $6.954M $6.154M
YoY Change 50.33% 465.43%
Deferred Revenue
YoY Change
Short-Term Debt $7.510M $3.800M
YoY Change 321.97% 201.59%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.77M $13.02M
YoY Change 149.0% 352.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $39.21M $15.20M
YoY Change 222.77% 474.86%
Total Long-Term Liabilities $39.21M $15.20M
YoY Change 222.77% 474.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.77M $13.02M
Total Long-Term Liabilities $39.21M $15.20M
Total Liabilities $55.99M $28.18M
YoY Change 196.46% 410.19%
SHAREHOLDERS EQUITY
Retained Earnings -$55.58M -$26.40M
YoY Change 203.3% 476.1%
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$55.58M -$26.40M
YoY Change
Total Liabilities & Shareholders Equity $63.92M $64.90M
YoY Change -78.03% -77.56%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$28.78M -$10.47M
YoY Change 147.15% 5361.99%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$1.398M -$560.0K
YoY Change 59.39% 167.51%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $956.0K $24.05M
YoY Change 104.75% 17387.09%
Cash From Investing Activities $956.0K $24.05M
YoY Change 104.75% 17387.09%
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 -22.87M
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -1.398M -560.0K
Cash From Investing Activities 956.0K 24.05M
Cash From Financing Activities 0.000 -22.87M
Net Change In Cash -441.6K 620.0K
YoY Change 1004.63% -963.39%
FREE CASH FLOW
Cash From Operating Activities -$1.398M -$560.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2023Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">Use of Estimates </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The preparation of financial statements in conformity with US GAAP requires 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 expenses during the reporting period. Significant accounting estimates include inputs utilized to fair value warrant liabilities and convertible promissory notes. Actual results could differ from those estimates. </div>
CY2023Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022Q4 us-gaap Marketable Securities
MarketableSecurities
290718297
us-gaap Proceeds From Interest Received
ProceedsFromInterestReceived
490151
CY2022 us-gaap Proceeds From Interest Received
ProceedsFromInterestReceived
786918
us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
230100000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">Concentration of Credit Risk </div></div><div style="margin-top:6pt; 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 a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. At September 30, 2023 and December 31, 2022, the Company did not experience losses on this account. </div>
CY2023Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2023Q1 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
206121060
CY2023Q1 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.15
CY2023Q3 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
24008096
CY2023Q3 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.31
CY2022Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
28750000
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
287500000
CY2022 flme Ordinary Share Issuance Cost
OrdinaryShareIssuanceCost
-6326922
CY2022 flme Proceeds Allocated To Public Warrants
ProceedsAllocatedToPublicWarrants
12218750
CY2022 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
21392680
CY2022Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
28750000
CY2022Q4 flme Contingently Redeemable Ordinary Shares
ContingentlyRedeemableOrdinaryShares
290347008
flme Temporary Equity Stock Redeemed During The Period Shares
TemporaryEquityStockRedeemedDuringThePeriodShares
-22645318
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
230129156
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
2905703
CY2023Q3 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
6104682
CY2023Q3 flme Contingently Redeemable Ordinary Shares
ContingentlyRedeemableOrdinaryShares
63123555
us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.3008
us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.0553
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q3 flme Number Of Common Stocks Per Unit
NumberOfCommonStocksPerUnit
1
us-gaap Related Party Transaction Terms And Manner Of Settlement
RelatedPartyTransactionTermsAndMannerOfSettlement
of our Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other property, the converted Class A common stock will be released from the lock-up.
CY2023Q3 flme Debt Instrument Debt
DebtInstrumentDebt
365000
CY2023Q3 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
316000
flme Percentage Of Gross Proceeds Of The Ipo Payable To Underwriters As Marketing Fee
PercentageOfGrossProceedsOfTheIPOPayableToUnderwritersAsMarketingFee
0.035
flme Percentage Of Underwriting Commissions Charged To Proceeds From Ipo
PercentageOfUnderwritingCommissionsChargedToProceedsFromIpo
0.159
CY2023Q3 flme Underwriting Discount Per Share
UnderwritingDiscountPerShare
0.2
flme Adjustment To Additional Paid In Capital Underwriting Discount
AdjustmentToAdditionalPaidInCapitalUnderwritingDiscount
5750000
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q1 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
206121060
CY2023Q1 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.15
CY2023Q3 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
24008096
CY2023Q3 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.31
CY2023Q3 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
63939672
CY2022Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
290718297

Files In Submission

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flme-20230930_cal.xml Edgar Link unprocessable
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0001193125-23-277095-index.html Edgar Link pending
0001193125-23-277095.txt Edgar Link pending
0001193125-23-277095-xbrl.zip Edgar Link pending
d535306d10q.htm Edgar Link pending
d535306dex311.htm Edgar Link pending
d535306dex312.htm Edgar Link pending
d535306dex321.htm Edgar Link pending
d535306dex322.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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flme-20230930_lab.xml Edgar Link unprocessable
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flme-20230930_pre.xml Edgar Link unprocessable
d535306d10q_htm.xml Edgar Link completed
R9.htm Edgar Link pending
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