2022 Q1 Form 10-Q Financial Statement
#000141057822001463 Filed on May 13, 2022
Income Statement
Concept | 2022 Q1 | 2021 Q1 |
---|---|---|
Revenue | $0.00 | $0.00 |
YoY Change | ||
Cost Of Revenue | $3.652M | |
YoY Change | ||
Gross Profit | $245.0K | |
YoY Change | ||
Gross Profit Margin | ||
Selling, General & Admin | $7.522M | |
YoY Change | ||
% of Gross Profit | 3070.2% | |
Research & Development | $3.329M | |
YoY Change | ||
% of Gross Profit | 1358.78% | |
Depreciation & Amortization | $1.642M | |
YoY Change | ||
% of Gross Profit | 670.2% | |
Operating Expenses | $1.139M | $1.250M |
YoY Change | -8.89% | |
Operating Profit | -$1.139M | -$1.253M |
YoY Change | -9.11% | |
Interest Expense | $7.710K | $40.00K |
YoY Change | -80.73% | |
% of Operating Profit | ||
Other Income/Expense, Net | $80.41K | -$10.27M |
YoY Change | -100.78% | |
Pretax Income | -$1.058M | -$11.52M |
YoY Change | -90.81% | |
Income Tax | ||
% Of Pretax Income | ||
Net Earnings | -$1.058M | -$11.52M |
YoY Change | -90.82% | |
Net Earnings / Revenue | ||
Basic Earnings Per Share | -$1.85 | |
Diluted Earnings Per Share | -$60.68K | -$400.7K |
COMMON SHARES | ||
Basic Shares Outstanding | 13.95M | |
Diluted Shares Outstanding | 6.749M |
Balance Sheet
Concept | 2022 Q1 | 2021 Q1 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $0.00 | $0.00 |
YoY Change | ||
Cash & Equivalents | $0.00 | $27.48K |
Short-Term Investments | ||
Other Short-Term Assets | $109.8K | $300.0K |
YoY Change | -63.4% | |
Inventory | ||
Prepaid Expenses | $109.8K | |
Receivables | ||
Other Receivables | ||
Total Short-Term Assets | $109.8K | $300.0K |
YoY Change | -63.4% | |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | ||
YoY Change | ||
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | $82.58M | $230.1M |
YoY Change | -64.11% | |
Other Assets | ||
YoY Change | ||
Total Long-Term Assets | $82.58M | $230.2M |
YoY Change | -64.13% | |
TOTAL ASSETS | ||
Total Short-Term Assets | $109.8K | $300.0K |
Total Long-Term Assets | $82.58M | $230.2M |
Total Assets | $82.69M | $230.5M |
YoY Change | -64.13% | |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $6.750M | $1.300M |
YoY Change | 419.19% | |
Accrued Expenses | ||
YoY Change | ||
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $1.569M | $0.00 |
YoY Change | ||
Long-Term Debt Due | ||
YoY Change | ||
Total Short-Term Liabilities | $8.408M | $1.300M |
YoY Change | 546.75% | |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Other Long-Term Liabilities | $20.74M | $43.90M |
YoY Change | -52.75% | |
Total Long-Term Liabilities | $20.74M | $43.90M |
YoY Change | -52.75% | |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $8.408M | $1.300M |
Total Long-Term Liabilities | $20.74M | $43.90M |
Total Liabilities | $29.15M | $45.20M |
YoY Change | -35.51% | |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$28.88M | |
YoY Change | ||
Common Stock | ||
YoY Change | ||
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | -$28.88M | -$44.70M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $82.69M | $230.5M |
YoY Change | -64.13% |
Cashflow Statement
Concept | 2022 Q1 | 2021 Q1 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$1.058M | -$11.52M |
YoY Change | -90.82% | |
Depreciation, Depletion And Amortization | $1.642M | |
YoY Change | ||
Cash From Operating Activities | -$646.7K | -$764.9K |
YoY Change | -15.46% | |
INVESTING ACTIVITIES | ||
Capital Expenditures | $13.00K | |
YoY Change | ||
Acquisitions | ||
YoY Change | ||
Other Investing Activities | $147.6M | |
YoY Change | ||
Cash From Investing Activities | $147.6M | |
YoY Change | ||
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | $200.0K | |
YoY Change | ||
Cash From Financing Activities | -146.9M | |
YoY Change | ||
NET CHANGE | ||
Cash From Operating Activities | -646.7K | -764.9K |
Cash From Investing Activities | 147.6M | |
Cash From Financing Activities | -146.9M | |
Net Change In Cash | -8.390K | -764.9K |
YoY Change | -98.9% | |
FREE CASH FLOW | ||
Cash From Operating Activities | -$646.7K | -$764.9K |
Capital Expenditures | $13.00K | |
Free Cash Flow | -$659.7K | |
YoY Change |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
CY2022Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
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Commitments And Contingencies
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Preferred Stock Value
PreferredStockValue
|
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CY2021Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
CY2022Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
CY2021Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
CY2022Q1 | acev |
Redemption Of Shares Calculated Based On Number Of Business Days Prior To Consummation Of Business Combination
RedemptionOfSharesCalculatedBasedOnNumberOfBusinessDaysPriorToConsummationOfBusinessCombination
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P2D | |
CY2022Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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0 | |
CY2021Q4 | us-gaap |
Preferred Stock Shares Outstanding
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Current Fiscal Year End Date
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--12-31 | |
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Q1 | |
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Entity Incorporation State Country Code
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KY | |
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Entity Tax Identification Number
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Threshold Business Days For Redemption Of Public Shares
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Document Type
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Entity File Number
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Entity Registrant Name
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ACE Convergence Acquisition Corp. | |
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1013 Centre Road, Suite 403S | |
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Entity Address City Or Town
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Entity Address State Or Province
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DE | |
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Entity Address Postal Zip Code
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19805 | |
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Local Phone Number
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Entity Current Reporting Status
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Entity Interactive Data Current
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Net Cash Provided By Used In Operating Activities
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Cash Deposited In Trust Account
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Net Cash Provided By Used In Financing Activities
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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Sale Of Stock Other Offering Costs
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Minimum Net Tangible Assets Upon Consummation Of Business Combination
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Threshold Percentage Of Public Shares Subject To Redemption Without Companys Prior Written Consent
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|
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Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
|
1 | |
CY2022Q1 | acev |
Cash Withdrawn From Trust Account In Connection With Redemption
CashWithdrawnFromTrustAccountInConnectionWithRedemption
|
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Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
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1 | |
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Maximum Net Interest To Pay Dissolution Expenses
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Cash And Cash Equivalents At Carrying Value
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Working Capital Deficit
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Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of the unaudited condensed consolidated financial statements in conformity with 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 unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">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 financial statements, 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. One of the more significant accounting estimates included in these financial statements is the determination of fair value of the warrant liability. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates.</p> | |
CY2022Q1 | acev |
Amount Deposited In Trust Account
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Amount Deposited In Trust Account
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Amount Deposited In Trust Account
AmountDepositedInTrustAccount
|
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CY2022Q1 | acev |
Cash Withdrawn From Trust Account In Connection With Redemption
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|
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|
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Temporary Equity Issuance Costs
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Temporary Equity Accretion To Redemption Value
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24007837 | |
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Temporary Equity Carrying Amount Attributable To Parent
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230000000 | |
CY2022Q1 | acev |
Temporary Equity Issuance Costs
TemporaryEquityIssuanceCosts
|
-148079821 | |
CY2022Q1 | us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
492136 | |
CY2022Q1 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
82412315 | |
CY2022Q1 | us-gaap |
Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
|
13273096 | |
CY2022Q1 | acev |
Offering Costs Charged To Temporary Equity And Accreted To Redemption Value
OfferingCostsChargedToTemporaryEquityAndAccretedToRedemptionValue
|
12605837 | |
CY2022Q1 | acev |
Offering Costs Allocated To Warrant Liability
OfferingCostsAllocatedToWarrantLiability
|
667259 | |
CY2022Q1 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
250000 | |
CY2022Q1 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | |
CY2021Q4 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | |
CY2022Q1 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
|
0 | |
CY2021Q4 | us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
|
0 | |
CY2022Q1 | acev |
Deferred Underwriting Fee Payable
DeferredUnderwritingFeePayable
|
8050000 | |
CY2022Q1 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;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;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 Deposit Insurance Corporation coverage limits 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> | |
CY2022Q1 | acev |
Advances From Related Party Current
AdvancesFromRelatedPartyCurrent
|
88894 | |
CY2022Q1 | acev |
Advances From Related Party Current
AdvancesFromRelatedPartyCurrent
|
88894 | |
CY2020Q3 | acev |
Maximum Number Of Demands For Registration Of Securities
MaximumNumberOfDemandsForRegistrationOfSecurities
|
3 | |
CY2022Q1 | acev |
Cash Underwriting Discount Per Unit
CashUnderwritingDiscountPerUnit
|
0.20 | |
CY2022Q1 | acev |
Sale Of Stock Underwriting Fees
SaleOfStockUnderwritingFees
|
4600000 | |
CY2022Q1 | acev |
Deferred Fee Per Unit
DeferredFeePerUnit
|
0.35 | |
CY2022Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | |
CY2021Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | |
CY2022Q1 | 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 | |
CY2022Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
CY2021Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
CY2022Q1 | acev |
Threshold Conversion Ratio Of Stock
ThresholdConversionRatioOfStock
|
0.20 | |
CY2021Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
|
0 | |
CY2022Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
|
0 |