$SOC
Sable Offshore Corp.

2024 Q1 Form 10-K Financial Statement

#000119312524080879 Filed on March 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $152.2M
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.004M
YoY Change
% of Gross Profit
Operating Expenses $159.1M $1.433M $4.919M
YoY Change 13820.35% -65.36% -20.02%
Operating Profit -$159.1M -$4.919M
YoY Change 13820.37% -20.02%
Interest Expense -$9.801M $574.8K $4.415M
YoY Change -368.05% -108.06% -1.6%
% of Operating Profit
Other Income/Expense, Net $7.539M -$27.80M -$26.35M
YoY Change 106.36% 18463.96% -710.41%
Pretax Income -$166.7M -$28.65M -$31.27M
YoY Change -6740.71% 150.94% 1604.92%
Income Tax $13.42M $128.8K $914.3K
% Of Pretax Income
Net Earnings -$180.1M -$28.78M -$32.18M
YoY Change -8943.93% 147.15% 1142.04%
Net Earnings / Revenue
Basic Earnings Per Share -$2.99
Diluted Earnings Per Share -$2.99 -$2.27 -$1.78
COMMON SHARES
Basic Shares Outstanding 60.17M 13.29M
Diluted Shares Outstanding 60.17M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $267.8K $267.8K
YoY Change -99.91% 167.13%
Cash & Equivalents $209.1M $267.8K
Short-Term Investments $0.00
Other Short-Term Assets $96.60K $96.60K
YoY Change 9.51% 9.51%
Inventory
Prepaid Expenses $3.404M $96.60K
Receivables
Other Receivables
Total Short-Term Assets $229.1M $364.4K $364.4K
YoY Change 52354.22% 93.36% 93.36%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.825M $63.56M $63.56M
YoY Change -93.29% -78.14% -78.14%
Total Long-Term Assets $1.067B $63.56M $63.56M
YoY Change 1128.0% -78.14% -78.14%
TOTAL ASSETS
Total Short-Term Assets $229.1M $364.4K $364.4K
Total Long-Term Assets $1.067B $63.56M $63.56M
Total Assets $1.296B $63.92M $63.92M
YoY Change 1384.33% -78.03% -78.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $0.00 $6.954M $6.954M
YoY Change -100.0% 50.33% 50.33%
Accrued Expenses $77.99M $6.954M $2.308M
YoY Change 1332.89% 50.33%
Deferred Revenue
YoY Change
Short-Term Debt $7.510M $7.510M
YoY Change 321.97% 321.97%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $81.76M $16.77M $16.77M
YoY Change 671.99% 149.0% 149.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.894M $39.21M $39.21M
YoY Change -63.94% 222.77% 222.77%
Total Long-Term Liabilities $3.894M $39.21M $39.21M
YoY Change -63.94% 222.77% 222.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $81.76M $16.77M $16.77M
Total Long-Term Liabilities $3.894M $39.21M $39.21M
Total Liabilities $1.031B $55.99M $55.99M
YoY Change 4721.56% 196.46% 196.46%
SHAREHOLDERS EQUITY
Retained Earnings -$261.1M -$55.58M
YoY Change 1199.53% 203.3%
Common Stock $440.2M $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $264.6M -$55.58M $7.937M
YoY Change
Total Liabilities & Shareholders Equity $1.296B $63.92M $63.92M
YoY Change 1384.33% -78.03% -78.03%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$180.1M -$28.78M -$32.18M
YoY Change -8943.93% 147.15% 1142.04%
Depreciation, Depletion And Amortization $4.004M
YoY Change
Cash From Operating Activities -$36.13M -$1.398M -$3.844M
YoY Change 6571.22% 59.39% 124.19%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$204.1M $956.0K $231.6M
YoY Change -199.0% 104.75% 29328.07%
Cash From Investing Activities -$204.1M $956.0K $231.6M
YoY Change -199.0% 104.75% 29328.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.572M $230.1M
YoY Change -99.24%
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities 396.0M 0.000 -227.6M
YoY Change -292.61% -100.0% -32378.6%
NET CHANGE
Cash From Operating Activities -36.13M -1.398M -3.844M
Cash From Investing Activities -204.1M 956.0K 231.6M
Cash From Financing Activities 396.0M 0.000 -227.6M
Net Change In Cash 155.8M -441.6K 167.6K
YoY Change 465777.07% 1004.63% -175.3%
FREE CASH FLOW
Cash From Operating Activities -$36.13M -$1.398M -$3.844M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2023 dei Amendment Flag
AmendmentFlag
false
CY2023 dei Entity Central Index Key
EntityCentralIndexKey
0001831481
CY2023 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2023 dei Document Type
DocumentType
10-K
CY2023 dei Document Annual Report
DocumentAnnualReport
true
CY2023 dei Document Period End Date
DocumentPeriodEndDate
2023-12-31
CY2023 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2023 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
CY2023 dei Document Transition Report
DocumentTransitionReport
false
CY2023 dei Entity File Number
EntityFileNumber
001-40111
CY2023 dei Entity Registrant Name
EntityRegistrantName
SABLE OFFSHORE CORP.
CY2023 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2023 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
85-3514078
CY2023 dei Entity Address Address Line1
EntityAddressAddressLine1
845 Texas Avenue, Suite 2900,
CY2023 dei Entity Address City Or Town
EntityAddressCityOrTown
Houston,
CY2023 dei Entity Address State Or Province
EntityAddressStateOrProvince
TX
CY2023 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
77002
CY2023 dei City Area Code
CityAreaCode
713
CY2023 dei Local Phone Number
LocalPhoneNumber
579-6106
CY2023 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2023 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2023 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2023 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2023 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2023 dei Entity Small Business
EntitySmallBusiness
true
CY2023Q4 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
1
CY2023Q4 flme Number Of Warrants That Each Unit Consists
NumberOfWarrantsThatEachUnitConsists
0.5
CY2023 us-gaap Fair Value Recurring Basis Unobservable Input Reconciliation Liability Gain Loss Statement Of Income Extensible List
FairValueRecurringBasisUnobservableInputReconciliationLiabilityGainLossStatementOfIncomeExtensibleList
http://fasb.org/us-gaap/2023#FairValueAdjustmentOfWarrants
CY2023 dei Auditor Firm
AuditorFirmId
688
CY2023 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2023 dei Entity Ex Transition Period
EntityExTransitionPeriod
false
CY2023 dei Icfr Auditor Attestation Flag
IcfrAuditorAttestationFlag
false
CY2023 dei Document Fin Stmt Error Correction Flag
DocumentFinStmtErrorCorrectionFlag
false
CY2023 dei Entity Shell Company
EntityShellCompany
false
CY2023Q2 dei Entity Public Float
EntityPublicFloat
67664326
CY2024Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
60166269
CY2023 dei Auditor Name
AuditorName
Marcum LLP
CY2023 dei Auditor Location
AuditorLocation
New York, NY
CY2023Q4 us-gaap Cash
Cash
267816
CY2022Q4 us-gaap Cash
Cash
100256
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
96601
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
88212
CY2023Q4 us-gaap Assets Current
AssetsCurrent
364417
CY2022Q4 us-gaap Assets Current
AssetsCurrent
188468
CY2023Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
63558404
CY2022Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
290718297
CY2023Q4 us-gaap Assets
Assets
63922821
CY2022Q4 us-gaap Assets
Assets
290906765
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
6953918
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4625892
CY2023Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
2308378
CY2022Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
0
CY2023Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
0
CY2022Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
330151
CY2023Q4 us-gaap Notes Payable Current
NotesPayableCurrent
1128630
CY2022Q4 us-gaap Notes Payable Current
NotesPayableCurrent
370000
CY2023Q4 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
6381294
CY2022Q4 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
1409730
CY2023Q4 us-gaap Liabilities Current
LiabilitiesCurrent
16772220
CY2022Q4 us-gaap Liabilities Current
LiabilitiesCurrent
6735773
CY2023Q4 flme Warrant Liability
WarrantLiability
39213750
CY2022Q4 flme Warrant Liability
WarrantLiability
12149250
CY2023Q4 us-gaap Liabilities
Liabilities
55985970
CY2022Q4 us-gaap Liabilities
Liabilities
18885023
CY2023Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2022Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2023Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
6104682
CY2022Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
28750000
CY2023Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
63519554
CY2022Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
290347008
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2022Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-55583422
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-18325985
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
-55582703
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
-18325266
CY2023Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
63922821
CY2022Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
290906765
CY2023 flme Formation And Operating Costs
FormationAndOperatingCosts
4918801
CY2022 flme Formation And Operating Costs
FormationAndOperatingCosts
6150199
CY2023 us-gaap Operating Income Loss
OperatingIncomeLoss
-4918801
CY2022 us-gaap Operating Income Loss
OperatingIncomeLoss
-6150199
CY2023 us-gaap Investment Income Interest
InvestmentIncomeInterest
4415456
CY2022 us-gaap Investment Income Interest
InvestmentIncomeInterest
3989061
CY2023 flme Fair Value Adjustment Of Promissory Note
FairValueAdjustmentOfPromissoryNote
3698394
CY2022 flme Fair Value Adjustment Of Promissory Note
FairValueAdjustmentOfPromissoryNote
170741
CY2023 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
27064500
CY2022 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-498000
CY2023 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-26347438
CY2022 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
4316320
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-31266239
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1833879
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
914318
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
757069
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-32180557
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-2590948
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-12939436
CY2022 flme Initial Fmv Adjustment On Promissory Note
InitialFmvAdjustmentOnPromissoryNote
52126
CY2022 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
2847008
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-2590948
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
-18325266
CY2023 flme Initial Fmv Adjustment On Promissory Note
InitialFmvAdjustmentOnPromissoryNote
533200
CY2023 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
3301702
CY2023 flme Excise Tax On Class A Common Stock Redemptions
ExciseTaxOnClassACommonStockRedemptions
-2308378
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-32180557
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
-55582703
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-32180557
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-2590948
CY2023 flme Interest Earned On Marketable Securities Held In Trust Account
InterestEarnedOnMarketableSecuritiesHeldInTrustAccount
-4415456
CY2022 flme Interest Earned On Marketable Securities Held In Trust Account
InterestEarnedOnMarketableSecuritiesHeldInTrustAccount
-3989061
CY2023 flme Fair Value Adjustment Of Promissory Note
FairValueAdjustmentOfPromissoryNote
3698394
CY2022 flme Fair Value Adjustment Of Promissory Note
FairValueAdjustmentOfPromissoryNote
170741
CY2023 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
27064500
CY2022 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-498000
CY2023 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
8389
CY2022 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-512296
CY2023 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2328026
CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
4350391
CY2023 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-330151
CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
330151
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3843633
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1714430
CY2023 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
230129156
CY2022 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
0
CY2023 flme Cash Withdrawn From Trust Accounts To Pay Taxes
CashWithdrawnFromTrustAccountsToPayTaxes
1446193
CY2022 flme Cash Withdrawn From Trust Accounts To Pay Taxes
CashWithdrawnFromTrustAccountsToPayTaxes
786918
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
231575349
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
786918
CY2023 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
230129156
CY2022 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
CY2023 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
1080000
CY2022 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
0
CY2023 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
1485000
CY2022 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
705000
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-227564156
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
705000
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
167560
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-222512
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
100256
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
322768
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
267816
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
100256
CY2023 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
726370
CY2022 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
0
CY2023 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
3301702
CY2022 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
2847008
CY2023 flme Excise Tax Payable On Class A Common Stock Redemptions Of Noncash Investing And Financing Transaction
ExciseTaxPayableOnClassACommonStockRedemptionsOfNoncashInvestingAndFinancingTransaction
2308378
CY2022 flme Excise Tax Payable On Class A Common Stock Redemptions Of Noncash Investing And Financing Transaction
ExciseTaxPayableOnClassACommonStockRedemptionsOfNoncashInvestingAndFinancingTransaction
0
CY2023 us-gaap Notes Issued1
NotesIssued1
533200
CY2022 us-gaap Notes Issued1
NotesIssued1
52126
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1246194
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
426918
CY2023Q1 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
206121060
CY2023Q1 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.15
CY2023Q4 flme Minimum Cash Threshold Previous
MinimumCashThresholdPrevious
200000000
CY2023Q4 flme Minimum Cash Threshold Current
MinimumCashThresholdCurrent
150000000
CY2023Q3 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
24008096
CY2023Q3 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.31
CY2023Q4 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P5Y
CY2024Q1 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
1572250
CY2024Q1 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.42
CY2024Q1 us-gaap Common Stock Shares Subscriptions
CommonStockSharesSubscriptions
125000000
CY2021Q1 flme Restricted Investments Term
RestrictedInvestmentsTerm
P185D
CY2023 flme Minimum Percent Of Balance In The Trust Account For Business Combination
MinimumPercentOfBalanceInTheTrustAccountForBusinessCombination
0.80
CY2023 flme Minimum Percent Of Outstanding Voting Securities Owns For Business Combination
MinimumPercentOfOutstandingVotingSecuritiesOwnsForBusinessCombination
0.50
CY2023 flme Redeeption Of Shares For A Pro Rata Portion
RedeeptionOfSharesForAProRataPortion
10
CY2023 flme Minimum Tangible Assets For Business Combination
MinimumTangibleAssetsForBusinessCombination
5000001
CY2023Q4 flme Percentage Of Public Shares To Be Redeemed On Non Completion Of Business Combination
PercentageOfPublicSharesToBeRedeemedOnNonCompletionOfBusinessCombination
1
CY2023 flme Investment Income Interest To Pay Dissolution Expenses
InvestmentIncomeInterestToPayDissolutionExpenses
100000
CY2023Q4 flme Stock Price Threshold Limit
StockPriceThresholdLimit
10
CY2023Q4 flme Stock Price Threshold Limit
StockPriceThresholdLimit
10
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
267816
CY2023Q4 flme Working Capital Deficit
WorkingCapitalDeficit
16407803
CY2023 flme Amount In The Trust Account Available To Be Withdrawn
AmountInTheTrustAccountAvailableToBeWithdrawn
2969263
CY2023 us-gaap Income Taxes Paid
IncomeTaxesPaid
1446193
CY2022Q3 flme Excise Tax On Certain Repurchases Of Stock Under Inflation Reduction Act
ExciseTaxOnCertainRepurchasesOfStockUnderInflationReductionAct
0.01
CY2023 flme Reduction Of Excise Tax Payable On Redemption
ReductionOfExciseTaxPayableOnRedemption
-2308378
CY2021Q4 flme Contingently Redeemable Ordinary Shares
ContingentlyRedeemableOrdinaryShares
287500000
CY2022 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
2847008
CY2022Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
28750000
CY2022Q4 flme Contingently Redeemable Ordinary Shares
ContingentlyRedeemableOrdinaryShares
290347008
CY2023 flme Temporary Equity Stock Redeemed During The Period Shares
TemporaryEquityStockRedeemedDuringThePeriodShares
-22645318
CY2023 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
230129156
CY2023 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
3301702
CY2023Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
6104682
CY2023Q4 flme Contingently Redeemable Ordinary Shares
ContingentlyRedeemableOrdinaryShares
63519554
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<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;">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. Actual results could differ from those estimates. </div>
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2023Q4 us-gaap Marketable Securities
MarketableSecurities
0
CY2022Q4 us-gaap Marketable Securities
MarketableSecurities
290718297
CY2023Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
63558404
CY2023 us-gaap Proceeds From Interest Received
ProceedsFromInterestReceived
1446193
CY2022 us-gaap Proceeds From Interest Received
ProceedsFromInterestReceived
786918
CY2023 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 December 31, 2023 and 2022, the Company did not experience losses on this account. </div>
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2023Q4 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
CY2021Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
28750000
CY2024Q1 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
150823
CY2024Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1572250
CY2024Q1 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.42
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
22125000
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
29072
CY2022 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2023Q4 flme Number Of Common Stocks Per Unit
NumberOfCommonStocksPerUnit
1
CY2023 us-gaap Related Party Transaction Terms And Manner Of Settlement
RelatedPartyTransactionTermsAndMannerOfSettlement
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.
CY2023Q4 flme Debt Instrument Debt
DebtInstrumentDebt
365000
CY2023Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
762350
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0
CY2023 us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
3306370
CY2023 flme Percentage Of Gross Proceeds Of The Ipo Payable To Underwriters As Marketing Fee
PercentageOfGrossProceedsOfTheIPOPayableToUnderwritersAsMarketingFee
0.035
CY2023 flme Percentage Of Underwriting Commissions Charged To Proceeds From Ipo
PercentageOfUnderwritingCommissionsChargedToProceedsFromIpo
0.159
CY2023 flme Marketing Fee Paid To Bankers
MarketingFeePaidToBankers
10062500
CY2023Q4 flme Underwriting Discount Per Share
UnderwritingDiscountPerShare
0.2
CY2023 flme Adjustment To Additional Paid In Capital Underwriting Discount
AdjustmentToAdditionalPaidInCapitalUnderwritingDiscount
5750000
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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
CY2024Q1 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
1572250
CY2024Q1 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.42
CY2023Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
63558404
CY2022Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
290718297
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-240203
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-1210347
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
914318
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
757069
CY2023Q4 flme Deferred Tax Assets Organizationalcosts
DeferredTaxAssetsOrganizationalcosts
1800897
CY2022Q4 flme Deferred Tax Assets Organizationalcosts
DeferredTaxAssetsOrganizationalcosts
1560694
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
1800897
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
1560694
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1800897
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1560694
CY2023Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2023 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
914318
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
757069
CY2023 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-240203
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-1210347
CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-240203
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-1210347
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
914318
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
757069
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
29072
CY2022 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2023 us-gaap Open Tax Year
OpenTaxYear
2023
CY2022 us-gaap Open Tax Year
OpenTaxYear
2022
CY2021 us-gaap Open Tax Year
OpenTaxYear
2021
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.008
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.66
CY2023 flme Effective Income Tax Rate Reconciliation Change In Fair Value Of Warrants
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrants
-0.206
CY2022 flme Effective Income Tax Rate Reconciliation Change In Fair Value Of Warrants
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfWarrants
0.037
CY2023 flme Effective Income Tax Rate Reconciliation Merge Related Expenses Percent
EffectiveIncomeTaxRateReconciliationMergeRelatedExpensesPercent
-0.024
CY2022 flme Effective Income Tax Rate Reconciliation Merge Related Expenses Percent
EffectiveIncomeTaxRateReconciliationMergeRelatedExpensesPercent
0
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
-0.001
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.029
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.413

Files In Submission

Name View Source Status
0001193125-24-080879-index-headers.html Edgar Link pending
0001193125-24-080879-index.html Edgar Link pending
0001193125-24-080879.txt Edgar Link pending
0001193125-24-080879-xbrl.zip Edgar Link pending
d11434d10k.htm Edgar Link pending
d11434dex1039.htm Edgar Link pending
d11434dex1040.htm Edgar Link pending
d11434dex1041.htm Edgar Link pending
d11434dex1042.htm Edgar Link pending
d11434dex1043.htm Edgar Link pending
d11434dex311.htm Edgar Link pending
d11434dex312.htm Edgar Link pending
d11434dex321.htm Edgar Link pending
d11434dex322.htm Edgar Link pending
d11434dex44.htm Edgar Link pending
d11434dex971.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
flme-20231231.xsd Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
flme-20231231_cal.xml Edgar Link unprocessable
flme-20231231_def.xml Edgar Link unprocessable
flme-20231231_lab.xml Edgar Link unprocessable
flme-20231231_pre.xml Edgar Link unprocessable
d11434d10k_htm.xml Edgar Link completed
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.htm Edgar Link pending
R41.htm Edgar Link pending
R42.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending