2023 Q3 Form 10-Q Financial Statement

#000149315223027312 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $119.0K $130.0K
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $119.0K $130.0K $160.00
YoY Change 74275.0% 81150.0%
Operating Profit -$119.0K -$133.8K -$156.00
YoY Change 72906.13% 85683.97%
Interest Expense $804.4K $600.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $685.4K $470.0K -$160.00
YoY Change -428487.5% -293850.0%
Income Tax
% Of Pretax Income
Net Earnings $685.4K $468.7K -$160.00
YoY Change -428487.5% -293039.38%
Net Earnings / Revenue
Basic Earnings Per Share $0.08
Diluted Earnings Per Share $0.08 -$0.02 $0.00
COMMON SHARES
Basic Shares Outstanding 8.140M shares 8.140M shares
Diluted Shares Outstanding 2.140M shares 1.500M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.65K $120.0K
YoY Change 15.98%
Cash & Equivalents $0.00 $0.00 $134.3K
Short-Term Investments
Other Short-Term Assets $87.82K $110.0K
YoY Change
Inventory
Prepaid Expenses $87.82K $114.1K
Receivables
Other Receivables
Total Short-Term Assets $184.8K $264.6K
YoY Change 242.07%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $62.61M $61.80M
YoY Change
Other Assets $13.71K $30.00K
YoY Change -96.67%
Total Long-Term Assets $62.62M $61.83M
YoY Change 15116.55%
TOTAL ASSETS
Total Short-Term Assets $184.8K $264.6K
Total Long-Term Assets $62.62M $61.83M
Total Assets $62.81M $62.10M
YoY Change 13390.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $150.6K $125.6K
YoY Change 2309.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $160.6K $135.6K
YoY Change -64.33%
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 $160.6K $135.6K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $160.6K $135.6K
YoY Change -64.33%
SHAREHOLDERS EQUITY
Retained Earnings $37.69K -$240.9K
YoY Change
Common Stock $214.00 $214.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $37.90K $156.9K $15.45K
YoY Change
Total Liabilities & Shareholders Equity $62.81M $62.10M
YoY Change 13390.59%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $685.4K $468.7K -$160.00
YoY Change -428487.5% -293039.38%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$52.57K -$210.0K
YoY Change 16328.13%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00
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 -2.250K 0.000
YoY Change -97.23%
NET CHANGE
Cash From Operating Activities -52.57K -210.0K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities -2.250K 0.000
Net Change In Cash -54.82K -210.0K
YoY Change -32.68%
FREE CASH FLOW
Cash From Operating Activities -$52.57K -$210.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_842_eus-gaap--UseOfEstimates_zampqfVKnMX3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i><span id="xdx_861_zB08vH48cuzh">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p>
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
0 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
0 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84A_eus-gaap--ConcentrationRiskCreditRisk_ztwjKomKcHH" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i><span id="xdx_865_z0AOG4X5ahEj">Concentration of Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $<span id="xdx_904_eus-gaap--CashFDICInsuredAmount_iI_c20230630_zpF3aNHdrfM3" title="Cash FDIC insured amount">250,000</span>. As on June 30, 2023 and December 31, 2022, the Company did not experience losses on this account and management believes the Company is not exposed to significant risks on such account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p>
CY2023Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
468703 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-156 usd
us-gaap Net Income Loss
NetIncomeLoss
371523 usd
us-gaap Net Income Loss
NetIncomeLoss
-183 usd
CY2023Q2 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
602526 usd
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
602526 usd
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
6336146 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-133823 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-156 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6567149 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-183 usd
CY2023Q2 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.30
CY2023Q1 us-gaap Net Shares Reclassified To Mandatorily Redeemable Capital Stock Value
NetSharesReclassifiedToMandatorilyRedeemableCapitalStockValue
3781346 usd
CY2022Q1 TMTCU Business Acquisitions Name Of Acquired Entity
BusinessAcquisitionsNameOfAcquiredEntity
The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination and (B) the date on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction after our initial business combination that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property. Notwithstanding the foregoing, if the last reported sale price of the ordinary shares equals or exceeds $12.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Business Combination.
CY2023Q2 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
30000 usd
us-gaap Administrative Fees Expense
AdministrativeFeesExpense
40000 usd
us-gaap Underwriting Commitments
UnderwritingCommitments
The underwriters were entitled to a cash underwriting discount of $0.20 per Unit, or $1,200,000 in the aggregate, which was paid upon the closing of the IPO.
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
us-gaap Common Stock Voting Rights
CommonStockVotingRights
Holders of Class A and Class B ordinary shares were entitled to one vote for each share.
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000 shares
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2140000 shares
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2140000 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1725000 shares
us-gaap Sale Of Stock Description Of Transaction
SaleOfStockDescriptionOfTransaction
Simultaneously with the closing of the IPO, the Company issued to Maxim Partners LLC, pursuant to the underwriting agreement, 270,000 Representative Shares (the “Representative Shares”). The underwriter has agreed not to transfer, assign or sell any such Representative Shares without prior consent of the Company until the completion of the initial Business Combination
TMTCU Fair Value Of Representative Shares
FairValueOfRepresentativeShares
1741500 usd

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