$SUAC
ShoulderUP Technology Acquisition Corp.

2022 Q4 Form 10-K Financial Statement

#000121390023021418 Filed on March 20, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $153.7K $923.3K
YoY Change 47.85% 788.23%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $203.7K $1.123M
YoY Change -9.39% 393.03%
Operating Profit -$1.123M
YoY Change
Interest Expense $10.00 $70.00
YoY Change 0.0% 600.0%
% of Operating Profit
Other Income/Expense, Net $2.585M $4.410M
YoY Change 81974.92% 139899.68%
Pretax Income $2.382M $3.287M
YoY Change -1174.57% -1562.92%
Income Tax $500.9K $858.7K
% Of Pretax Income 21.03% 26.13%
Net Earnings $1.881M $2.428M
YoY Change -948.57% -1180.71%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.04 $0.06
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $409.7K $409.7K
YoY Change -48.19% -48.19%
Cash & Equivalents $409.7K
Short-Term Investments
Other Short-Term Assets $244.7K $244.7K
YoY Change -54.15% -54.15%
Inventory
Prepaid Expenses $244.7K
Receivables
Other Receivables
Total Short-Term Assets $654.4K $654.4K
YoY Change -50.59% -50.59%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $309.7M $309.7M
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $309.7M $309.7M
YoY Change 1.22% 1.22%
TOTAL ASSETS
Total Short-Term Assets $654.4K $654.4K
Total Long-Term Assets $309.7M $309.7M
Total Assets $310.4M $310.4M
YoY Change 1.0% 1.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $552.1K $552.1K
YoY Change 81.13% 81.13%
Accrued Expenses $100.9K $100.9K
YoY Change -26.24% 683.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.096M $1.096M
YoY Change 142.07% 142.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.20M $11.20M
YoY Change 0.0% 0.0%
Total Long-Term Liabilities $11.20M $11.20M
YoY Change 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.096M $1.096M
Total Long-Term Liabilities $11.20M $11.20M
Total Liabilities $12.30M $12.30M
YoY Change 5.52% 5.52%
SHAREHOLDERS EQUITY
Retained Earnings -$10.43M
YoY Change 7.22%
Common Stock $135.00
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$11.03M $298.1M
YoY Change
Total Liabilities & Shareholders Equity $310.4M $310.4M
YoY Change 1.0% 1.0%

Cashflow Statement

Concept 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $1.881M $2.428M
YoY Change -948.57% -1180.71%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$435.4K -$1.050M
YoY Change -26.61% 76.96%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $378.8K $668.9K
YoY Change -100.12% -100.22%
Cash From Investing Activities $378.8K $668.9K
YoY Change -100.12% -100.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -435.4K -$1.050M
Cash From Investing Activities 378.8K $668.9K
Cash From Financing Activities 0.000
Net Change In Cash -56.66K -$381.0K
YoY Change -107.4% -148.19%
FREE CASH FLOW
Cash From Operating Activities -$435.4K -$1.050M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2022Q4 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
600000 usd
CY2021Q4 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
600000 usd
CY2022 suac Private Unit Description
PrivateUnitDescription
Each Private Unit consists of one share of Class A common stock and one-half of one warrant. Each whole warrant is exercisable to purchase one whole share of Class A common stock at $11.50 per share.
CY2022Q4 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
1500000 usd
CY2021Q4 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
10000 usd
CY2022 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
120000 usd
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
14000 usd
CY2022 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
23000 usd
us-gaap Administrative Fees Expense
AdministrativeFeesExpense
6000 usd
CY2021Q4 us-gaap Other Underwriting Expense
OtherUnderwritingExpense
5300000 usd
CY2022 us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
300000000 usd
CY2022 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
13350000 usd
CY2022 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
-16246121 usd
CY2022Q4 us-gaap Temporary Equity Aggregate Amount Of Redemption Requirement
TemporaryEquityAggregateAmountOfRedemptionRequirement
35596121 usd
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
306000000 usd
CY2022 us-gaap Temporary Equity Other Changes
TemporaryEquityOtherChanges
3130532 usd
CY2022Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
309130532 usd
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022 us-gaap Line Of Credit Facility Expiration Period
LineOfCreditFacilityExpirationPeriod
P5Y
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
usd
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
usd
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
usd
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
usd
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
usd
CY2022 us-gaap Class Of Warrant Or Right Reason For Issuing To Nonemployees
ClassOfWarrantOrRightReasonForIssuingToNonemployees
Once the warrants become exercisable, the Company may redeem the outstanding warrants:  ●in whole and not in part;   ●at a price of $0.01 per warrant;   ●upon a minimum of 30 days’ prior written notice of redemption (the 30-day redemption period); 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, reorganizations, 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 the warrant holders.  
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
884112 usd
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-193896 usd
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-21830 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
168508 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
21830 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
858724 usd
CY2022Q4 us-gaap Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
215796 usd
CY2021Q4 us-gaap Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
21830 usd
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
25351 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
215796 usd
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
47181 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
215796 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
47181 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022 suac Effective Income Tax Rate Reconciliation Change In Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInValuationAllowance
0.051 pure
CY2021 suac Effective Income Tax Rate Reconciliation Change In Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInValuationAllowance
-0.21 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.261 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0 pure
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
usd
CY2022 us-gaap Other Selling General And Administrative Expense
OtherSellingGeneralAndAdministrativeExpense
usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
usd
us-gaap Proceeds From Decommissioning Fund
ProceedsFromDecommissioningFund
usd
CY2022 suac Cash Deposited In Trust Account
CashDepositedInTrustAccount
usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
CY2022 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
usd
CY2022 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
usd
CY2022 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
usd
CY2022 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
usd
CY2022 suac Offering Costs Included In Accounts Payable
OfferingCostsIncludedInAccountsPayable
usd
CY2022 suac Offering Costs Paid By Related Party
OfferingCostsPaidByRelatedParty
usd
CY2022 us-gaap Stock Issued1
StockIssued1
usd
CY2022 us-gaap Notes Issued1
NotesIssued1
usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2022 dei Amendment Flag
AmendmentFlag
false
CY2022 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2022 dei Entity Central Index Key
EntityCentralIndexKey
0001885461

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