2022 Q2 Form 10-Q Financial Statement

#000121390022049683 Filed on August 19, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $190.6K $124.4K
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $190.6K $124.4K
YoY Change 20196.17%
Operating Profit
YoY Change
Interest Expense $210.00 $10.00K
YoY Change
% of Operating Profit
Other Income/Expense, Net $186.0K $8.660K
YoY Change
Pretax Income -$4.552K -$112.0K
YoY Change 384.77%
Income Tax $16.84K
% Of Pretax Income
Net Earnings -$21.39K -$112.0K
YoY Change 2178.27%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$6.661K -$39.55K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $662.8K $1.268M
YoY Change
Cash & Equivalents $662.7K $1.268M
Short-Term Investments
Other Short-Term Assets $274.4K $197.3K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $937.2K $1.465M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $126.1M $126.0M
YoY Change
Other Assets $130.4K $177.2K
YoY Change
Total Long-Term Assets $126.3M $126.2M $180.3K
YoY Change
TOTAL ASSETS
Total Short-Term Assets $937.2K $1.465M
Total Long-Term Assets $126.3M $126.2M $180.3K
Total Assets $127.2M $127.6M $180.3K
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $142.6K $510.5K
YoY Change
Accrued Expenses $5.000K $5.000K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $125.3K $125.3K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $273.0K $656.5K $156.8K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $273.0K $656.5K $156.8K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $4.595M $4.979M $156.8K
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$3.349M -$1.430K
YoY Change
Common Stock $12.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.349M -$3.328M $23.57K
YoY Change
Total Liabilities & Shareholders Equity $127.2M $127.6M $180.3K
YoY Change

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$21.39K -$112.0K
YoY Change 2178.27%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$605.4K -$2.570K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$126.0M
YoY Change
Cash From Investing Activities $0.00 -$126.0M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 127.2M
YoY Change
NET CHANGE
Cash From Operating Activities -605.4K -2.570K
Cash From Investing Activities 0.000 -126.0M
Cash From Financing Activities 0.000 127.2M
Net Change In Cash -605.4K 1.268M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$605.4K -$2.570K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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dei Security12b Title
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dei Trading Symbol
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dei Security Exchange Name
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NUBIA BRAND INTERNATIONAL CORP.
dei Entity Incorporation State Country Code
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DE
dei Entity Tax Identification Number
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dei Entity Address Address Line1
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13355 Noel Rd
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Suite 1100
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Dallas
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dei City Area Code
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In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (i) $10.20 per Public Share or (ii) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.20 per public Share due to reductions in the value of the trust assets, in each case net of the amount of interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”).
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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Use of Estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of unaudited condensed financial statements in conformity with US GAAP requires the Company’s 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 unaudited condensed financial statements and the reported amounts of expenses during the reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the balance sheet which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Concentration of Credit Risk</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"> </span></p>
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CY2022Q2 us-gaap Related Party Tax Expense Due To Affiliates Deferred
RelatedPartyTaxExpenseDueToAffiliatesDeferred
30000 usd
us-gaap Related Party Tax Expense Due To Affiliates Deferred
RelatedPartyTaxExpenseDueToAffiliatesDeferred
35000 usd
us-gaap Noncontrolling Interest Increase From Business Combination
NoncontrollingInterestIncreaseFromBusinessCombination
1500000 usd
nubiu Warrant Price
WarrantPrice
1
us-gaap Stock Issued During Period Shares Purchase Of Assets
StockIssuedDuringPeriodSharesPurchaseOfAssets
1650000 shares
CY2022Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
0.35
nubiu Aggregate Amount
AggregateAmount
4322500 usd
CY2022Q1 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
1350000 shares
CY2022Q1 us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
10 shares
CY2022Q1 us-gaap Proceeds From Other Deposits
ProceedsFromOtherDeposits
13500000 usd
CY2022Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
19432 usd
us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
776815 usd
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
3087500 shares
us-gaap Debt Conversion Converted Instrument Rate
DebtConversionConvertedInstrumentRate
0.20 pure
CY2022Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
11580000 shares
us-gaap Preferred Stock Reason Why Security Is Not Redeemable
PreferredStockReasonWhySecurityIsNotRedeemable
Redemption of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $18.00 — Once the warrants become exercisable, the Company may redeem the outstanding Public Warrants:  ●in whole and not in part;   ●at a price of $0.01 per Public Warrant;   ●upon a minimum of 30 days’ prior written notice of redemption, or the 30-day redemption period to each warrant holder; and   ●if, and only if, the last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganization, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to warrant holders.  
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
usd
us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
usd
CY2021Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
usd
CY2021Q2 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
usd
CY2021Q2 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
usd
CY2021Q2 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
usd
CY2021Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
usd
CY2021Q2 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
usd
CY2021Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
CY2021Q2 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
usd
CY2021Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
CY2021Q2 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
usd
us-gaap Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
19432 usd
CY2022Q2 us-gaap Gain On Fair Value Hedge Ineffectiveness
GainOnFairValueHedgeIneffectiveness
15720 usd
us-gaap Gain On Fair Value Hedge Ineffectiveness
GainOnFairValueHedgeIneffectiveness
19432 usd
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.00055 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0017 pure
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y1M13D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y29D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.046 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.046 pure
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
nubiu Representative Shares
RepresentativeShares
123500 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue
6.29
nubiu Additionals Collateral Aggregate Fair Value
AdditionalsCollateralAggregateFairValue
776815 usd
CY2021Q2 us-gaap Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
usd
CY2021Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
usd
CY2022Q2 us-gaap Other Deferred Costs Net
OtherDeferredCostsNet
usd
CY2021Q2 nubiu Deferred Underwriters Compensation Charged To Temporary Equity In Connection With The Public Of
DeferredUnderwritersCompensationChargedToTemporaryEquityInConnectionWithThePublicOf
usd
CY2021Q2 nubiu Class A Common Stock Measurement Adjustment
ClassACommonStockMeasurementAdjustment
usd
CY2022Q2 nubiu Deferred Offering Costs Included In Accrued Offering Costs
DeferredOfferingCostsIncludedInAccruedOfferingCosts
usd
CY2021Q2 nubiu Fair Value Of Representative Shares
FairValueOfRepresentativeShares
usd
CY2021Q2 nubiu Fair Value Of Overallotment Option
FairValueOfOverallotmentOption
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001881551

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