2023 Q4 Form 10-Q Financial Statement

#000149315223040554 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $340.6K $119.0K
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $340.6K $119.0K $160.00
YoY Change 189127.78% 74275.0%
Operating Profit -$119.0K -$163.00
YoY Change 72906.13%
Interest Expense $853.5K $804.4K
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $512.9K $685.4K -$160.00
YoY Change -285055.56% -428487.5%
Income Tax
% Of Pretax Income
Net Earnings $512.9K $685.4K -$160.00
YoY Change -285055.56% -428487.5%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.06 $0.08 $0.00
COMMON SHARES
Basic Shares Outstanding 8.140M shares 8.140M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.78K $62.65K $54.02K
YoY Change -1.47% 15.98%
Cash & Equivalents $0.00 $0.00 $54.02K
Short-Term Investments
Other Short-Term Assets $59.53K $87.82K
YoY Change 752.87%
Inventory
Prepaid Expenses $59.53K $87.82K
Receivables
Other Receivables
Total Short-Term Assets $106.3K $184.8K $54.02K
YoY Change 95.21% 242.07%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $63.46M $62.61M
YoY Change
Other Assets $0.00 $13.71K $411.5K
YoY Change -100.0% -96.67%
Total Long-Term Assets $63.46M $62.62M $411.5K
YoY Change 14216.12% 15116.55%
TOTAL ASSETS
Total Short-Term Assets $106.3K $184.8K $54.02K
Total Long-Term Assets $63.46M $62.62M $411.5K
Total Assets $63.57M $62.81M $465.6K
YoY Change 12671.08% 13390.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $399.0K $150.6K $6.250K
YoY Change 933.2% 2309.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $444.0K
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $409.0K $160.6K $450.3K
YoY Change -15.25% -64.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $409.0K $160.6K $450.3K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $409.0K $160.6K $450.3K
YoY Change -15.25% -64.33%
SHAREHOLDERS EQUITY
Retained Earnings -$302.9K $37.69K
YoY Change 2960.78%
Common Stock $214.00 $214.00
YoY Change 23.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$302.7K $37.90K $15.28K
YoY Change
Total Liabilities & Shareholders Equity $63.57M $62.81M $465.6K
YoY Change 12671.08% 13390.59%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income $512.9K $685.4K -$160.00
YoY Change -285055.56% -428487.5%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$50.20K -$52.57K -$320.00
YoY Change 1180.61% 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 34.32K -2.250K -81.11K
YoY Change -1409.92% -97.23%
NET CHANGE
Cash From Operating Activities -50.20K -52.57K -320.0
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 34.32K -2.250K -81.11K
Net Change In Cash -15.88K -54.82K -81.43K
YoY Change 142.81% -32.68%
FREE CASH FLOW
Cash From Operating Activities -$50.20K -$52.57K -$320.00
Capital Expenditures
Free Cash Flow
YoY Change

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us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_849_eus-gaap--UseOfEstimates_z7alVx4U5nZf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_zTMyc108n7o2">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 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_84C_eus-gaap--ConcentrationRiskCreditRisk_zgvpudaEAYI6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86A_zrJZUw4Rutvh">Concentration of Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_90D_eus-gaap--CashFDICInsuredAmount_iI_c20230930_zAAdUJ3L07y7" title="Cash FDIC insured amount">250,000</span>. As on September 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
685420 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-163 usd
us-gaap Net Income Loss
NetIncomeLoss
1056943 usd
us-gaap Net Income Loss
NetIncomeLoss
-346 usd
CY2023Q3 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-804420 usd
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-1406946 usd
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
6336146 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-119000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-163 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6686149 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-346 usd
CY2023Q3 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.43
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 their founder shares until the earlier of: (A) one year after the completion of the initial Business Combination or (B) subsequent to our Business Combination, the last sale price of the ordinary share (x) equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date following the completion of the initial Business Combination on which the Company completes a liquidation, merger, stock exchange or other similar transaction that results in all of the public shareholders having the right to exchange their ordinary shares for cash, securities or other property
CY2023Q3 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
30000 usd
us-gaap Administrative Fees Expense
AdministrativeFeesExpense
70000 usd
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q3 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
CY2023Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2140000 shares
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2140000 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1725000 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
CY2022Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
0 usd
CY2023Q1 us-gaap Share Price
SharePrice
6.45

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