2024 Q2 Form 10-K Financial Statement

#000149315224014373 Filed on April 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $290.5K $340.6K $690.6K
YoY Change 123.43%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $290.5K $340.6K $690.6K
YoY Change 123.43% 189127.78% 130203.77%
Operating Profit -$290.5K -$690.6K
YoY Change 117.05% 131195.25%
Interest Expense $597.7K $853.5K $2.260M
YoY Change -0.38%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $307.2K $512.9K $1.570M
YoY Change -34.63% -285055.56% -296301.89%
Income Tax
% Of Pretax Income
Net Earnings $307.2K $512.9K $1.570M
YoY Change -34.45% -285055.56% -296300.94%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.04 $0.06 $0.19
COMMON SHARES
Basic Shares Outstanding 8.140M shares 8.140M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $680.00 $46.78K $46.78K
YoY Change -99.43% -1.47% -1.47%
Cash & Equivalents $0.00 $0.00
Short-Term Investments
Other Short-Term Assets $82.41K $59.53K $59.53K
YoY Change -25.08% 752.87% 752.87%
Inventory
Prepaid Expenses $82.41K $59.53K
Receivables
Other Receivables
Total Short-Term Assets $83.09K $106.3K $106.3K
YoY Change -68.6% 95.21% 95.21%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $65.46M $63.46M $63.46M
YoY Change 5.92%
Other Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $65.46M $63.46M $63.46M
YoY Change 5.86% 14216.12% 14216.12%
TOTAL ASSETS
Total Short-Term Assets $83.09K $106.3K $106.3K
Total Long-Term Assets $65.46M $63.46M $63.46M
Total Assets $65.54M $63.57M $63.57M
YoY Change 5.55% 12671.08% 12671.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $679.0K $399.0K $399.0K
YoY Change 440.58% 933.2% 933.2%
Deferred Revenue
YoY Change
Short-Term Debt $800.0K $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.623M $409.0K $409.0K
YoY Change 1097.07% -15.25% -15.25%
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 $1.623M $409.0K $409.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.623M $409.0K $409.0K
YoY Change 1097.07% -15.25% -15.25%
SHAREHOLDERS EQUITY
Retained Earnings -$1.540M -$302.9K
YoY Change 539.4% 2960.78%
Common Stock $214.00 $214.00
YoY Change 0.0% 23.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.540M -$302.7K $63.16M
YoY Change
Total Liabilities & Shareholders Equity $65.54M $63.57M $63.57M
YoY Change 5.55% 12671.08% 12671.08%

Cashflow Statement

Concept 2024 Q2 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $307.2K $512.9K $1.570M
YoY Change -34.45% -285055.56% -296300.94%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $770.00 -$50.20K -$372.8K
YoY Change -100.37% 1180.61% 2632.88%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$600.0K $0.00 -$61.20M
YoY Change
Cash From Investing Activities -$600.0K $0.00 -$61.20M
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 300.0K 34.32K $61.57M
YoY Change -1409.92% -44434.72%
NET CHANGE
Cash From Operating Activities 770.0 -50.20K -$372.8K
Cash From Investing Activities -600.0K 0.000 -$61.20M
Cash From Financing Activities 300.0K 34.32K $61.57M
Net Change In Cash -299.2K -15.88K -$700.00
YoY Change 42.49% 142.81% -99.54%
FREE CASH FLOW
Cash From Operating Activities $770.00 -$50.20K -$372.8K
Capital Expenditures
Free Cash Flow
YoY Change

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UseOfEstimates
<p id="xdx_849_eus-gaap--UseOfEstimates_zAoViGF8YVL7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_zxgZ5PGNwFlf">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; 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-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated 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 consolidated 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-right: 0pt; margin-bottom: 0pt; 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-right: 0pt; margin-bottom: 0pt; 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 consolidated 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-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q4 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
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84C_eus-gaap--ConcentrationRiskCreditRisk_zobRfEqSYF42" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_zR1hKhEyenx6">Concentration of Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; 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-right: 0pt; margin-bottom: 0pt; 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_90C_eus-gaap--CashFDICInsuredAmount_iI_c20231231_zOljf9Xn6Gki" title="Cash FDIC insured amount">250,000</span>. As on December 31, 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-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
1569865 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-526 usd
CY2023 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-2260478 usd
CY2023 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
6336146 usd
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7026759 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-526 usd
CY2023Q4 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.58
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.
CY2023 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
100000 usd
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q4 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
CY2023 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
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2140000 shares
CY2023Q4 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
CY2023 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.
CY2023 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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