$TMPOQ
Tempo Automation Holdings, Inc.

2022 Q2 Form 10-Q Financial Statement

#000141057822002589 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $0.00 $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 $1.216M $1.139M $2.170M
YoY Change 37.21% -8.89% 114.88%
Operating Profit -$1.216M -$1.139M
YoY Change 37.21% -9.11%
Interest Expense $105.4K $7.710K $5.890K
YoY Change 598.08% -80.73% -88.22%
% of Operating Profit
Other Income/Expense, Net $11.35M $80.41K -$1.710M
YoY Change -7342.26% -100.78% -79.01%
Pretax Income $10.14M -$1.058M -$3.875M
YoY Change -1072.13% -90.81% -57.47%
Income Tax
% Of Pretax Income
Net Earnings $10.14M -$1.058M -$3.875M
YoY Change -1072.12% -90.82% -57.47%
Net Earnings / Revenue
Basic Earnings Per Share -$1.85
Diluted Earnings Per Share $726.4K -$60.68K -$134.8K
COMMON SHARES
Basic Shares Outstanding 13.95M
Diluted Shares Outstanding 6.749M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $0.00 $8.390K
YoY Change -100.0% -98.95%
Cash & Equivalents $0.00 $0.00 $8.390K
Short-Term Investments
Other Short-Term Assets $46.95K $109.8K $113.1K
YoY Change -80.11% -63.4% -62.29%
Inventory $879.0K
Prepaid Expenses $46.95K $109.8K $113.1K
Receivables $2.918M
Other Receivables
Total Short-Term Assets $46.95K $109.8K $121.5K
YoY Change -80.29% -63.4% -89.3%
LONG-TERM ASSETS
Property, Plant & Equipment $8.891M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $83.42M $82.58M $230.2M
YoY Change -63.75% -64.11%
Other Assets $2.925M
YoY Change -98.73%
Total Long-Term Assets $83.42M $82.58M $230.2M
YoY Change -63.75% -64.13% 0.03%
TOTAL ASSETS
Total Short-Term Assets $46.95K $109.8K $121.5K
Total Long-Term Assets $83.42M $82.58M $230.2M
Total Assets $83.47M $82.69M $230.3M
YoY Change -63.77% -64.13% -0.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.692M $6.750M $6.261M
YoY Change 282.58% 419.19% 595.63%
Accrued Expenses $3.971M
YoY Change
Deferred Revenue $175.0K
YoY Change
Short-Term Debt $2.329M $1.569M $527.8K
YoY Change 2488.11%
Long-Term Debt Due $10.49M
YoY Change
Total Short-Term Liabilities $10.30M $8.408M $6.788M
YoY Change 390.28% 546.75% 689.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.498M $20.74M $20.82M
YoY Change -78.42% -52.75% -37.86%
Total Long-Term Liabilities $9.498M $20.74M $20.82M
YoY Change -78.42% -52.75% -37.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.30M $8.408M $6.788M
Total Long-Term Liabilities $9.498M $20.74M $20.82M
Total Liabilities $19.80M $29.15M $27.60M
YoY Change -57.08% -35.51% -19.75%
SHAREHOLDERS EQUITY
Retained Earnings -$19.75M -$28.88M -$27.33M
YoY Change -190.78% -17.62%
Common Stock $1.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$19.75M -$28.88M -$27.32M
YoY Change
Total Liabilities & Shareholders Equity $83.47M $82.69M $230.3M
YoY Change -63.77% -64.13% -0.41%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $10.14M -$1.058M -$3.875M
YoY Change -1072.12% -90.82% -57.47%
Depreciation, Depletion And Amortization $1.642M
YoY Change
Cash From Operating Activities -$210.3K -$646.7K -$226.0K
YoY Change 74.82% -15.46% 73.85%
INVESTING ACTIVITIES
Capital Expenditures $13.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$738.2K $147.6M $0.00
YoY Change
Cash From Investing Activities -$738.2K $147.6M $0.00
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 948.6K -146.9M 218.6K
YoY Change 953.94% -75.16%
NET CHANGE
Cash From Operating Activities -210.3K -646.7K -226.0K
Cash From Investing Activities -738.2K 147.6M 0.000
Cash From Financing Activities 948.6K -146.9M 218.6K
Net Change In Cash 0.000000002125 -8.390K -7.450K
YoY Change -100.0% -98.9% -100.99%
FREE CASH FLOW
Cash From Operating Activities -$210.3K -$646.7K -$226.0K
Capital Expenditures $13.00K
Free Cash Flow -$659.7K
YoY Change

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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>
acev Cash And Marketable Securities Held In Trust Account
CashAndMarketableSecuritiesHeldInTrustAccount
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Cash and Marketable Securities Held in Trust Account</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">At June 30, 2022, all of the assets held in the Trust Account were held in cash. At December 31, 2021, substantially all of the assets held in the Trust Account were held in cash and money market funds which were invested primarily in U.S. Treasury securities. All of the Company’s investments that were held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in interest earned on marketable securities held in Trust Account in the accompanying condensed consolidated statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">With respect to the regulation of special purpose acquisition companies like the Company (“SPACs”), on March 30, 2022, the SEC issued proposed rules (the “SPAC Rule Proposals”) relating to, among other items, disclosures in business combination transactions involving SPACs and private operating companies; the condensed financial statement requirements applicable to transactions involving shell companies; the use of projections by SPACs in SEC filings in connection with proposed business combination transactions; the potential liability of certain participants in proposed business combination transactions; and the extent to which SPACs could become subject to regulation under the Investment Company Act of 1940, as amended, including a proposed rule that would provide SPACs a safe harbor from treatment as an investment company if they satisfy certain conditions that limit a SPAC’s duration, asset composition, business purpose and activities.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">With regard to the SEC’s investment company proposals included in the SPAC Rule Proposals, while the funds in the Trust Account have, since the Company’s initial public offering, been held only in U.S. government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries, to mitigate the risk of being viewed as operating an unregistered investment company (including pursuant to the subjective test of Section 3(a)(1)(A) of the Investment Company Act of 1940), on June 22, 2022, the Company instructed Continental Stock Transfer &amp; Trust Company, the trustee managing the Trust Account, to hold all funds in the Trust Account in cash until the earlier of consummation of the Tempo Business Combination or the liquidation of the Company.</p>
CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q2 acev Investment Of Cash In Trust Account
InvestmentOfCashInTrustAccount
492136
acev Investment Of Cash In Trust Account
InvestmentOfCashInTrustAccount
738206
CY2022Q1 acev Cash Withdrawn From Trust Account In Connection With Redemption
CashWithdrawnFromTrustAccountInConnectionWithRedemption
148079821
CY2021 acev Proceeds From Issuance Of Temporary Equity
ProceedsFromIssuanceOfTemporaryEquity
230000000
CY2021 acev Temporary Equity Proceeds Allocated To Warrants
TemporaryEquityProceedsAllocatedToWarrants
-11270000
CY2021 acev Temporary Equity Issuance Costs
TemporaryEquityIssuanceCosts
-12737837
CY2021 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
24007837
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
230000000
acev Temporary Equity Issuance Costs
TemporaryEquityIssuanceCosts
-148079821
us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
1009587
CY2022Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
83421902
us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
13273096
acev Offering Costs Charged To Temporary Equity And Accreted To Redemption Value
OfferingCostsChargedToTemporaryEquityAndAccretedToRedemptionValue
12605837
acev Offering Costs Allocated To Warrant Liability
OfferingCostsAllocatedToWarrantLiability
667259
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>
CY2022Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2022Q2 acev Percentage Of Conversion Price Higher Than Value Of Warrants
PercentageOfConversionPriceHigherThanValueOfWarrants
1250
CY2020Q3 acev Maximum Number Of Demands For Registration Of Securities
MaximumNumberOfDemandsForRegistrationOfSecurities
3
CY2022Q2 acev Cash Underwriting Discount Per Unit
CashUnderwritingDiscountPerUnit
0.20
acev Sale Of Stock Underwriting Fees
SaleOfStockUnderwritingFees
4600000
CY2022Q2 acev Deferred Fee Per Unit
DeferredFeePerUnit
0.35
CY2022Q2 acev Deferred Underwriting Fee Payable
DeferredUnderwritingFeePayable
8050000
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2022Q2 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
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q2 acev Threshold Conversion Ratio Of Stock
ThresholdConversionRatioOfStock
0.20
acev Class Of Warrant Or Right Redemption Of Warrants Or Rights Stock Price Trigger
ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsStockPriceTrigger
18.00
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0

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