$STI
Solidion Technology Inc.

2023 Q2 Form 10-Q Financial Statement

#000121390023068547 Filed on August 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q2
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $540.0K
YoY Change 183.35%
% of Gross Profit
Research & Development $681.6K
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $535.1K
YoY Change 180.8%
Operating Profit -$1.033M
YoY Change
Interest Expense $1.450M
YoY Change 690376.19%
% of Operating Profit
Other Income/Expense, Net $1.451M
YoY Change 679.9%
Pretax Income $915.7K
YoY Change -20216.5%
Income Tax $293.5K
% Of Pretax Income 32.05%
Net Earnings $622.2K
YoY Change -3008.52%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share $0.04
COMMON SHARES
Basic Shares Outstanding 69.80M shares
Diluted Shares Outstanding 69.80M shares

Balance Sheet

Concept 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00
YoY Change -100.0%
Cash & Equivalents $6.258K
Short-Term Investments
Other Short-Term Assets $200.0K
YoY Change -27.13%
Inventory
Prepaid Expenses $152.7K
Receivables
Other Receivables
Total Short-Term Assets $158.9K
YoY Change -83.04%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $41.70M
YoY Change -66.94%
Other Assets
YoY Change
Total Long-Term Assets $41.75M
YoY Change -66.94%
TOTAL ASSETS
Total Short-Term Assets $158.9K
Total Long-Term Assets $41.75M
Total Assets $41.91M
YoY Change -67.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.200M
YoY Change 741.28%
Accrued Expenses $0.00
YoY Change -100.0%
Deferred Revenue
YoY Change
Short-Term Debt $1.300M
YoY Change 937.18%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.497M
YoY Change 1180.87%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.497M
Total Long-Term Liabilities $0.00
Total Liabilities $7.819M
YoY Change 70.15%
SHAREHOLDERS EQUITY
Retained Earnings -$7.606M
YoY Change 127.07%
Common Stock $12.00
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$7.605M
YoY Change
Total Liabilities & Shareholders Equity $41.91M
YoY Change -67.06%

Cashflow Statement

Concept 2023 Q2
OPERATING ACTIVITIES
Net Income $622.2K
YoY Change -3008.52%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$1.050M
YoY Change 73.43%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $89.87M
YoY Change
Cash From Investing Activities $89.87M
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 -88.91M
YoY Change
NET CHANGE
Cash From Operating Activities -1.050M
Cash From Investing Activities 89.87M
Cash From Financing Activities -88.91M
Net Change In Cash -90.00K
YoY Change -85.13%
FREE CASH FLOW
Cash From Operating Activities -$1.050M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
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true
dei Document Period End Date
DocumentPeriodEndDate
2023-06-30
dei Document Fiscal Year Focus
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2023
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
001-41323
dei Entity Registrant Name
EntityRegistrantName
NUBIA BRAND INTERNATIONAL CORP.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
87-1993879
dei Entity Address Address Line1
EntityAddressAddressLine1
13355 Noel Rd
dei Entity Address Address Line2
EntityAddressAddressLine2
Suite 1100
dei Entity Address City Or Town
EntityAddressCityOrTown
Dallas
dei Entity Address State Or Province
EntityAddressStateOrProvince
TX
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
75240
dei City Area Code
CityAreaCode
(972)
dei Local Phone Number
LocalPhoneNumber
918-5120
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
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dei Entity Filer Category
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of Estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of 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 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">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>
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CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.06 pure
CY2022Q1 us-gaap Preferred Stock Dividends Shares
PreferredStockDividendsShares
337500 shares
CY2023Q2 us-gaap Common Stock Dividends Shares
CommonStockDividendsShares
337500 shares
CY2022Q2 us-gaap Common Stock Dividends Shares
CommonStockDividendsShares
337500 shares
us-gaap Common Stock Dividends Shares
CommonStockDividendsShares
337500 shares
us-gaap Common Stock Dividends Shares
CommonStockDividendsShares
337500 shares
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
250000 usd
CY2023Q2 us-gaap Cost Of Trust Assets Sold To Pay Expenses
CostOfTrustAssetsSoldToPayExpenses
30000 usd
CY2022Q2 us-gaap Cost Of Trust Assets Sold To Pay Expenses
CostOfTrustAssetsSoldToPayExpenses
30000 usd
us-gaap Cost Of Trust Assets Sold To Pay Expenses
CostOfTrustAssetsSoldToPayExpenses
60000 usd
us-gaap Cost Of Trust Assets Sold To Pay Expenses
CostOfTrustAssetsSoldToPayExpenses
35000 usd
CY2022 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
38475 usd
us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
5000 usd
us-gaap Noncontrolling Interest Increase From Business Combination
NoncontrollingInterestIncreaseFromBusinessCombination
1500000 usd
CY2023Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1
CY2022Q1 nubi Purchase Of Underwriters Units
PurchaseOfUnderwritersUnits
1350000 shares
CY2022Q1 nubi Offering Price Per Unit
OfferingPricePerUnit
10
CY2022Q1 nubi Additional Gross Proceeds
AdditionalGrossProceeds
13500000 usd
us-gaap Sale Leaseback Transaction Gross Proceeds Investing Activities
SaleLeasebackTransactionGrossProceedsInvestingActivities
5000000 usd
CY2023Q2 us-gaap Common Stock No Par Value
CommonStockNoParValue
11.5
CY2022Q1 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
405000 shares
CY2022Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
405000 usd
CY2022Q1 nubi Aggregate To Founder Shares
AggregateToFounderShares
3162500 shares
nubi Percentage Of Issued And Outstanding
PercentageOfIssuedAndOutstanding
0.20 pure
CY2022 us-gaap Stock Issued During Period Shares Reverse Stock Splits
StockIssuedDuringPeriodSharesReverseStockSplits
75000 shares
CY2021Q3 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
300000 usd
CY2022Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1
CY2023Q2 nubi Aggregate Principal Amount Of Promissory Note
AggregatePrincipalAmountOfPromissoryNote
1000000 usd
CY2023Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1
CY2023Q2 us-gaap Advances Fair Value Disclosure
AdvancesFairValueDisclosure
62500 usd
nubi Advances Outstanding
AdvancesOutstanding
62500 usd
CY2022 nubi Advances Outstanding
AdvancesOutstanding
0 usd
us-gaap Stock Issued During Period Shares Purchase Of Assets
StockIssuedDuringPeriodSharesPurchaseOfAssets
1650000 shares
CY2023Q2 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
0.1
nubi Aggregate Amount
AggregateAmount
4322500 usd
CY2022Q1 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
1350000 shares
CY2022Q1 nubi Offering Price Per Share
OfferingPricePerShare
10
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
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
nubi Common Stock Subject To Possible Redemption Shares
CommonStockSubjectToPossibleRedemptionShares
3919617 shares
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3087500 shares
us-gaap Debt Conversion Converted Instrument Rate
DebtConversionConvertedInstrumentRate
0.20 pure
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.
CY2022Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
usd
CY2022Q2 us-gaap Stock Issued During Period Value Share Based Compensation Forfeited
StockIssuedDuringPeriodValueShareBasedCompensationForfeited
usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
usd
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
usd
us-gaap Proceeds From Decommissioning Fund
ProceedsFromDecommissioningFund
usd
nubi Cash Withdrawn For Redemptions Of Class Common Stocks
CashWithdrawnForRedemptionsOfClassCommonStocks
usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
usd
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
nubi Deferred Underwriters Compensation Charged To Temporary Equity In Connection With The Public Of
DeferredUnderwritersCompensationChargedToTemporaryEquityInConnectionWithThePublicOf
usd
nubi Class A Common Stock Measurement Adjustment
ClassACommonStockMeasurementAdjustment
usd
nubi Fair Value Of Representative Shares
FairValueOfRepresentativeShares
usd
nubi Fair Value Of Overallotment Option
FairValueOfOverallotmentOption
usd
nubi Excise Tax On Redemption Of Class A Common Stock
ExciseTaxOnRedemptionOfClassACommonStock
usd
nubi Class A Common Stock Redeemable Current Period Remeasurement Adjustment
ClassACommonStockRedeemableCurrentPeriodRemeasurementAdjustment
usd
CY2023Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
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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