2021 Q4 Form 10-K Financial Statement

#000110465922040410 Filed on March 31, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $199.8M $688.4M $135.8M
YoY Change 47.18% 44.63%
Cost Of Revenue $155.3M $521.1M $96.64M
YoY Change 60.68% 52.82%
Gross Profit $44.53M $167.3M $39.12M
YoY Change 13.82% 23.93%
Gross Profit Margin 22.29% 24.3% 28.82%
Selling, General & Admin $33.37M $102.6M $21.78M
YoY Change 53.21% 30.6%
% of Gross Profit 74.93% 61.31% 55.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.89M $13.89M $13.83M
YoY Change 0.38% 0.38%
% of Gross Profit 31.18% 8.3% 35.36%
Operating Expenses $36.99M $116.4M $24.86M
YoY Change 48.79% 26.08%
Operating Profit $7.537M -$13.33M $14.26M
YoY Change -47.15% -131.27%
Interest Expense -$4.162M -$16.87M -$5.781M
YoY Change -28.01% -30.72%
% of Operating Profit -55.22% -40.54%
Other Income/Expense, Net $34.35M $0.00
YoY Change
Pretax Income $3.375M $33.96M $8.479M
YoY Change -60.2% 85.87%
Income Tax $262.0K $965.0K $1.527M
% Of Pretax Income 7.76% 2.84% 18.01%
Net Earnings $3.113M $21.03M $62.27M
YoY Change -95.0% -67.02%
Net Earnings / Revenue 1.56% 3.05% 45.87%
Basic Earnings Per Share
Diluted Earnings Per Share $32.60K $387.5K $762.2K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.90M $47.90M $843.6K
YoY Change 5577.3% 65.08%
Cash & Equivalents $47.90M $47.90M $843.6K
Short-Term Investments
Other Short-Term Assets $7.689M $7.689M $209.8K
YoY Change 3565.09% 154.94%
Inventory
Prepaid Expenses $67.08K $209.8K
Receivables $90.20M $90.20M
Other Receivables $0.00 $0.00
Total Short-Term Assets $145.8M $145.8M $1.053M
YoY Change 13739.32% 41.31%
LONG-TERM ASSETS
Property, Plant & Equipment $830.0K $830.0K
YoY Change -21.48%
Goodwill $44.82M $44.82M
YoY Change 0.0%
Intangibles $50.37M
YoY Change
Long-Term Investments $517.5M
YoY Change
Other Assets $3.149M $1.423M
YoY Change
Total Long-Term Assets $111.1M $111.1M $517.5M
YoY Change -78.53% -3.8%
TOTAL ASSETS
Total Short-Term Assets $145.8M $145.8M $1.053M
Total Long-Term Assets $111.1M $111.1M $517.5M
Total Assets $256.9M $256.9M $518.6M
YoY Change -50.46% 17.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $72.85M $72.85M
YoY Change 39.81%
Accrued Expenses $10.45M $16.69M $613.1K
YoY Change 1604.92% 138.01%
Deferred Revenue $1.971M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $170.5M $170.5M
YoY Change 1718.36%
Total Short-Term Liabilities $276.6M $276.6M $613.1K
YoY Change 45011.17% 243.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $969.0K $8.758M $81.77M
YoY Change -98.82% -44.57%
Total Long-Term Liabilities $969.0K $8.758M $81.77M
YoY Change -98.82% -95.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $276.6M $276.6M $613.1K
Total Long-Term Liabilities $969.0K $8.758M $81.77M
Total Liabilities $285.3M $285.3M $82.39M
YoY Change 246.31% 6.89%
SHAREHOLDERS EQUITY
Retained Earnings $0.00 -$81.33M
YoY Change -100.0%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$28.40M -$28.40M -$81.33M
YoY Change
Total Liabilities & Shareholders Equity $256.9M $256.9M $518.6M
YoY Change -50.46% 17.48%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $3.113M $21.03M $62.27M
YoY Change -95.0% -67.02%
Depreciation, Depletion And Amortization $13.89M $13.89M $13.83M
YoY Change 0.38% 0.38%
Cash From Operating Activities $21.34M -$1.240M $46.90M
YoY Change -54.51% -102.67%
INVESTING ACTIVITIES
Capital Expenditures -$1.634M -$6.535M -$6.131M
YoY Change -73.35% 6.59%
Acquisitions $0.00
YoY Change
Other Investing Activities $0.00 $0.00 $591.8M
YoY Change -100.0% -100.0%
Cash From Investing Activities -$1.634M -$6.535M $585.7M
YoY Change -100.28% -109.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.950M 450.0K -646.8M
YoY Change -98.93% -100.35%
NET CHANGE
Cash From Operating Activities 21.34M -1.240M 46.90M
Cash From Investing Activities -1.634M -6.535M 585.7M
Cash From Financing Activities -6.950M 450.0K -646.8M
Net Change In Cash 12.75M -790.5K -14.25M
YoY Change -189.48% -94.08%
FREE CASH FLOW
Cash From Operating Activities $21.34M -$1.240M $46.90M
Capital Expenditures -$1.634M -$6.535M -$6.131M
Free Cash Flow $22.97M $5.295M $53.03M
YoY Change -56.69% -89.95%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">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. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</p>
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250000
CY2020Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
8233334
CY2020Q2 sst Class Of Warrant Or Right Price Of Warrants Or Rights
ClassOfWarrantOrRightPriceOfWarrantsOrRights
1.50
CY2020Q2 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
12350000
CY2020Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1
CY2021Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2021Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
450000
CY2021Q4 sst Maximum Number Of Demands For Registration Of Securities
MaximumNumberOfDemandsForRegistrationOfSecurities
3
CY2021 sst Period After Closing Of Initial Business Combination To File Resale Shelf Registration Statement
PeriodAfterClosingOfInitialBusinessCombinationToFileResaleShelfRegistrationStatement
P30D
CY2021Q4 sst Deferred Fee Per Unit
DeferredFeePerUnit
0.35
CY2021Q4 sst Deferred Underwriting Compensation Noncurrent
DeferredUnderwritingCompensationNoncurrent
18112500
CY2021Q4 us-gaap Accrued Fees And Other Revenue Receivable
AccruedFeesAndOtherRevenueReceivable
8266666
CY2020Q4 us-gaap Accrued Fees And Other Revenue Receivable
AccruedFeesAndOtherRevenueReceivable
0
CY2021Q4 sst Threshold Post Closing Dollar Volume Weighted Average Price
ThresholdPostClosingDollarVolumeWeightedAveragePrice
12.50
CY2021 sst Thresholdconsecutivetradingdaysfordeterminingthresholdpostclosingdollarvolumeweightedaverageprice
Thresholdconsecutivetradingdaysfordeterminingthresholdpostclosingdollarvolumeweightedaverageprice
P20D
CY2021 sst Thresholdtradingdaysfordeterminingthresholdpostclosingdollarvolumeweightedaverageprice
Thresholdtradingdaysfordeterminingthresholdpostclosingdollarvolumeweightedaverageprice
P30D
CY2021Q4 sst Amountofshareholderredemptionneedtoexceedfordollartodollaradjustmentofconsideration
Amountofshareholderredemptionneedtoexceedfordollartodollaradjustmentofconsideration
417500000
CY2021 sst Threshold Period For Not To Transfer Assign Or Sell Any Shares Or Warrants After Completion Of Initial Business Combination
ThresholdPeriodForNotToTransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombination
P180D
CY2021 sst Transfer Assign Or Sell Any Shares Or Warrants After Completion Of Initial Business Combination Stock Price Trigger
TransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombinationStockPriceTrigger
12.00
CY2021 sst Threshold Trading Days For Transfer Assign Or Sale Of Shares Or Warrants After Completion Of Initial Business Combination
ThresholdTradingDaysForTransferAssignOrSaleOfSharesOrWarrantsAfterCompletionOfInitialBusinessCombination
P20D
CY2021 sst Threshold Consecutive Trading Days For Transfer Assign Or Sale Of Shares Or Warrants After Completion Of Initial Business Combination
ThresholdConsecutiveTradingDaysForTransferAssignOrSaleOfSharesOrWarrantsAfterCompletionOfInitialBusinessCombination
P30D
CY2021 sst Thresholdperiodafterbusinesscombinationinwhichspecifiedtradingdayswithinanyspecifiedtradingdayperiodcommences.
Thresholdperiodafterbusinesscombinationinwhichspecifiedtradingdayswithinanyspecifiedtradingdayperiodcommences.
P150D
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2020Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
29305834
CY2020Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
53005335
CY2020Q4 sst Forward Purchase Agreement Liability
ForwardPurchaseAgreementLiability
10654540
CY2020Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
63659875
CY2021Q2 sst Fpaliability
Fpaliability
0

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