2022 Q4 Form 10-K Financial Statement
#000121390023025539 Filed on March 31, 2023
Income Statement
Concept | 2022 Q4 | 2022 | 2021 |
---|---|---|---|
Revenue | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $4.510M | $3.610M | |
YoY Change | 24.93% | ||
% of Gross Profit | |||
Research & Development | $320.0K | $510.0K | |
YoY Change | -37.25% | ||
% of Gross Profit | |||
Depreciation & Amortization | $0.00 | $10.00K | $20.00K |
YoY Change | -50.0% | ||
% of Gross Profit | |||
Operating Expenses | $1.310M | $5.720M | $456.8K |
YoY Change | 241.93% | 1152.27% | 9597.88% |
Operating Profit | -$5.715M | -$456.8K | |
YoY Change | 1151.2% | ||
Interest Expense | $1.470M | $2.450M | -$17.82K |
YoY Change | -7910.84% | -13848.6% | |
% of Operating Profit | |||
Other Income/Expense, Net | $2.449M | -$17.82K | |
YoY Change | -13840.24% | ||
Pretax Income | $170.0K | -$3.267M | -$474.6K |
YoY Change | -142.29% | 588.28% | 9976.22% |
Income Tax | $300.0K | $431.6K | |
% Of Pretax Income | 176.47% | ||
Net Earnings | -$130.0K | -$3.698M | -$474.6K |
YoY Change | -67.66% | 679.23% | 9976.22% |
Net Earnings / Revenue | |||
Basic Earnings Per Share | |||
Diluted Earnings Per Share | -$0.01 | -$0.17 | -$21.82K |
COMMON SHARES | |||
Basic Shares Outstanding | |||
Diluted Shares Outstanding |
Balance Sheet
Concept | 2022 Q4 | 2022 | 2021 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $177.9M | $100.0K | $505.5K |
YoY Change | 35095.16% | -80.22% | 4446.04% |
Cash & Equivalents | $128.0K | $460.0K | $90.00K |
Short-Term Investments | $177.8M | ||
Other Short-Term Assets | $0.00 | $0.00 | $223.1K |
YoY Change | -100.0% | -100.0% | |
Inventory | |||
Prepaid Expenses | $6.667K | ||
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $134.6K | $100.0K | $728.7K |
YoY Change | -81.52% | -86.28% | 6452.7% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $7.414K | $330.0K | $320.0K |
YoY Change | 3.13% | ||
Goodwill | |||
YoY Change | |||
Intangibles | $1.925M | ||
YoY Change | |||
Long-Term Investments | $177.8M | $177.8M | $174.2M |
YoY Change | 2.05% | 2.05% | |
Other Assets | $1.925M | $500.0K | $0.00 |
YoY Change | -100.0% | ||
Total Long-Term Assets | $178.3M | $178.3M | $174.2M |
YoY Change | 2.34% | 2.34% | 92847.28% |
TOTAL ASSETS | |||
Total Short-Term Assets | $134.6K | $100.0K | $728.7K |
Total Long-Term Assets | $178.3M | $178.3M | $174.2M |
Total Assets | $178.4M | $178.4M | $175.0M |
YoY Change | 1.99% | 1.97% | 88009.15% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $2.857M | $5.000M | $60.00K |
YoY Change | 8233.33% | ||
Accrued Expenses | $762.1K | $0.00 | $241.6K |
YoY Change | 215.47% | -100.0% | 168.57% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $2.000M | $2.000M | $0.00 |
YoY Change | -100.0% | ||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $7.418M | $7.400M | $241.6K |
YoY Change | 2970.78% | 2963.17% | 35.5% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $4.300M | $4.300M | $6.038M |
YoY Change | -28.78% | -28.78% | |
Total Long-Term Liabilities | $1.384M | $4.300M | $6.038M |
YoY Change | -77.07% | -28.78% | |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $7.418M | $7.400M | $241.6K |
Total Long-Term Liabilities | $1.384M | $4.300M | $6.038M |
Total Liabilities | $11.73M | $11.70M | $6.279M |
YoY Change | 86.82% | 86.33% | 3421.84% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$10.87M | ||
YoY Change | 96.05% | ||
Common Stock | $368.00 | ||
YoY Change | 1836.84% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$10.87M | $166.7M | $168.7M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $178.4M | $178.4M | $175.0M |
YoY Change | 1.99% | 1.97% | 88009.15% |
Cashflow Statement
Concept | 2022 Q4 | 2022 | 2021 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$130.0K | -$3.698M | -$474.6K |
YoY Change | -67.66% | 679.23% | 9976.22% |
Depreciation, Depletion And Amortization | $0.00 | $10.00K | $20.00K |
YoY Change | -50.0% | ||
Cash From Operating Activities | -$260.0K | -$1.223M | -$528.3K |
YoY Change | 209.19% | 131.42% | 23804.07% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | -$1.440M | -$1.110M | -$174.2M |
YoY Change | -99.36% | ||
Cash From Investing Activities | -$1.440M | -$1.105M | -$174.2M |
YoY Change | -99.37% | ||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $0.00 | ||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 1.820M | $1.950M | 175.2M |
YoY Change | 3540.0% | -98.89% | 1314586.27% |
NET CHANGE | |||
Cash From Operating Activities | -260.0K | -$1.223M | -528.3K |
Cash From Investing Activities | -1.440M | -$1.105M | -174.2M |
Cash From Financing Activities | 1.820M | $1.950M | 175.2M |
Net Change In Cash | 120.0K | -$377.6K | 494.4K |
YoY Change | -452.01% | -176.37% | 4346.04% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$260.0K | -$1.223M | -$528.3K |
Capital Expenditures | $0.00 | $0.00 | $0.00 |
Free Cash Flow | -$260.0K | -$1.223M | -$528.3K |
YoY Change | 131.42% |
Facts In Submission
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CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
505518 | usd |
CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
11120 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
127965 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
505518 | usd |
CY2022 | us-gaap |
Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
|
511760 | usd |
CY2022 | cenqu |
Deferred Underwriting Commissions Charged To Additional Paid In Capital
DeferredUnderwritingCommissionsChargedToAdditionalPaidInCapital
|
-1725000 | usd |
CY2021 | cenqu |
Deferred Underwriting Commissions Charged To Additional Paid In Capital
DeferredUnderwritingCommissionsChargedToAdditionalPaidInCapital
|
6037500 | usd |
CY2022 | us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
3353871 | usd |
CY2021 | us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
30972951 | usd |
CY2021 | cenqu |
Reclassification Of Overallotment Option From Liability To Equity
ReclassificationOfOverallotmentOptionFromLiabilityToEquity
|
180000 | usd |
CY2022 | cenqu |
Founder Shares Description
FounderSharesDescription
|
The Company estimated the aggregate fair value of these founder shares attributable to anchor investors to be $6,270,000, or $7.60 per share. | |
CY2022Q4 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
1 | |
CY2021Q3 | cenqu |
Additional Purchase Units
AdditionalPurchaseUnits
|
2250000 | shares |
CY2021Q3 | cenqu |
Underwriters Exercised Price Per Share
UnderwritersExercisedPricePerShare
|
10 | |
CY2022Q4 | us-gaap |
Business Combination Acquired Receivables Fair Value
BusinessCombinationAcquiredReceivablesFairValue
|
6265215 | usd |
CY2022 | cenqu |
Issued Representative Shares
IssuedRepresentativeShares
|
189750 | shares |
CY2022 | cenqu |
Fair Value Amount
FairValueAmount
|
1442100 | usd |
CY2022Q4 | cenqu |
Sponsor Deposited
SponsorDeposited
|
1725000 | usd |
CY2022Q4 | cenqu |
Gross Proceeds Percentage
GrossProceedsPercentage
|
0.01 | pure |
CY2022Q4 | cenqu |
Fair Market Value Percentage
FairMarketValuePercentage
|
0.80 | pure |
CY2022 | cenqu |
Acquires Outstanding Voting Percentage
AcquiresOutstandingVotingPercentage
|
0.50 | pure |
CY2022Q4 | cenqu |
Net Tangible Assets
NetTangibleAssets
|
5000001 | usd |
CY2022 | cenqu |
Trust Account Funds Percentage
TrustAccountFundsPercentage
|
0.01 | pure |
CY2022Q4 | us-gaap |
Deposits
Deposits
|
1725000 | usd |
CY2022Q4 | cenqu |
Dissolution Expenses
DissolutionExpenses
|
100000 | usd |
CY2022 | cenqu |
Public Per Shares
PublicPerShares
|
10.1 | |
CY2022 | cenqu |
Excise Tax
ExciseTax
|
0.01 | pure |
CY2022Q4 | us-gaap |
Cash
Cash
|
127965 | usd |
CY2022Q4 | cenqu |
Working Capitals
WorkingCapitals
|
7072012 | usd |
CY2022 | cenqu |
Net Proceeds
NetProceeds
|
37329178 | usd |
CY2022 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0"><b><i>Use of Estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify">The preparation of consolidated financial statements in conformity with 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 revenues and expenses during the reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify">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. The most significant estimates that affected the consolidated financial statements as of December 31, 2022 are the calculations of the fair values of the over-allotment option, fair values of the representative shares and the fair values of the anchor shares. Such estimates may be subject to change as more current information becomes available. Accordingly, the actual results could differ significantly from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify; text-indent: 16.2pt"> </p> | |
CY2022Q4 | us-gaap |
Cash
Cash
|
127965 | usd |
CY2021Q4 | us-gaap |
Cash
Cash
|
505518 | usd |
CY2022Q4 | us-gaap |
Marketable Securities
MarketableSecurities
|
177790585 | usd |
CY2022Q4 | us-gaap |
Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
|
511760 | usd |
CY2022 | cenqu |
Potential Common Shares
potentialCommonShares
|
19612500 | shares |
CY2022 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify"><b><i>Concentration of Credit Risk</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.35pt 0pt 0; text-align: justify">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 limit of $250,000. At December 31, 2022, the Company has not experienced losses on this account.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> | |
CY2022Q4 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
250000 | usd |
CY2022Q4 | us-gaap |
Assets Held In Trust
AssetsHeldInTrust
|
177790585 | usd |
CY2021Q4 | us-gaap |
Assets Held In Trust
AssetsHeldInTrust
|
174229680 | usd |
CY2021Q3 | cenqu |
Overallotment Liability
OverallotmentLiability
|
157500 | usd |
CY2021Q3 | cenqu |
Overallotment Option
OverallotmentOption
|
22500 | usd |
CY2021Q3 | cenqu |
Overallotment Liability Into Equity
OverallotmentLiabilityIntoEquity
|
180000 | usd |
CY2022 | cenqu |
Purchase Price
PurchasePrice
|
1500000 | usd |
CY2022 | cenqu |
Proposed Public Offering Description
ProposedPublicOfferingDescription
|
Additionally, upon consummation of the IPO, the Sponsor sold 75,000 Founder Shares to each of the 11 Anchor Investors that purchased at least 9.9% of the units sold in the IPO, at their original purchase price of approximately $0.0058 per share. The aggregate fair value of these founder shares attributable to anchor investors is $6,270,000, or $7.60 per share. The Company allocated $6,265,215, the excess of the fair value over the gross proceeds from these Anchor Investors, among Class A common stock, Public Warrants and Private Placement Warrants. | |
CY2022Q4 | us-gaap |
Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
|
3487500 | shares |
CY2022 | cenqu |
Exceeds Price Per Share
ExceedsPricePerShare
|
12 | |
CY2021 | us-gaap |
Long Term Debt Average Amount Outstanding
LongTermDebtAverageAmountOutstanding
|
0 | usd |
CY2022Q4 | us-gaap |
Sponsor Fees
SponsorFees
|
1725000 | usd |
CY2022Q4 | us-gaap |
Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
|
1725000 | usd |
CY2021Q4 | us-gaap |
Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
|
0 | usd |
CY2022Q4 | cenqu |
Promissory Note Related Party Description
PromissoryNoteRelatedPartyDescription
|
On November 15, 2022, the Company issued an unsecured promissory note (the “Sponsor Note”) allowing the Company to borrow up to $467,500 from the Sponsor. Amounts drawn under the Sponsor Note bear no interest and are due and payable upon the earlier to occur of (i) the date on which CENAQ’s initial business combination is consummated and (ii) the liquidation of the Company on or before February 16, 2023 or such later liquidation date as may be approved by the Company’s stockholders. On November 15, 2022, the Company requested and received $100,000 under the Sponsor Note. There was $100,000 and $0 outstanding under the Sponsor Note as of December 31, 2022 and 2021, respectively. Such amounts are included in Proceeds from note payable-related party on the Consolidated Balance Sheets. As further described in Note 6, in connection with the Closing, and based on the $158,797,476 of redemptions, CENAQ Sponsor was due $184,612 under the Extension Note. At closing, CENAQ Sponsor was also due $100,000 under the Sponsor Note and $125,000 under the Promissory Note. However, on February 15, 2023, in lieu of repayment of the Extension Note and repayment of the Sponsor Note and Promissory Note, CENAQ entered into a new promissory note with the Sponsor totaling $409,612 (“New Promissory Note”). The New Promissory Note, cancels and supersedes the Extension Note and the Sponsor Note. The New Promissory note is non-interest bearing and the entire principal balance of the New Promissory Note is payable on or before February 15, 2024. The New Promissory Note is payable at Verde Clean Fuel’s election in cash or in Class A Common Stock at a conversion price of $10.00 per share. | |
CY2021Q4 | us-gaap |
Other Commitment
OtherCommitment
|
1500000 | usd |
CY2022Q4 | cenqu |
Working Capital Loan Available
WorkingCapitalLoanAvailable
|
1500000 | usd |
CY2022Q4 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
1 | |
CY2022 | cenqu |
Business Combination Description
BusinessCombinationDescription
|
However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period, which occurs (i) in the case of the Founder Shares, on the earlier of (A) six months after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last sale price of our Class A common stock 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 75 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property and (ii) in the case of the Private Placement Warrants and the respective Class A common stock underlying such warrants, 30 days after the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. | |
CY2022 | cenqu |
Business Combination Terms
BusinessCombinationTerms
|
P5Y | |
CY2022Q3 | cenqu |
Subscription Agreement Description
SubscriptionAgreementDescription
|
Arb Clean Fuels Management LLC (“Arb Clean Fuels”), an entity affiliated with a member of the Sponsor, has agreed to purchase 7,000,000 shares to be sold in the PIPE Financing for an aggregate commitment of $70,000,000; provided, that, to the extent funds in the Trust Account immediately prior to the consummation of the business combination, after giving effect to the Company stockholders’ redemption rights, exceed $17,420,000, each $10.00 increment of such excess funds shall reduce Arb Clean Fuels’ commitment by $10.00 up to a maximum reduction of $20,000,000. Additionally, an entity unaffiliated with the Sponsor has agreed to purchase 200,000 shares for an aggregate commitment of $2,000,000. | |
CY2022 | cenqu |
Original Financing Shares
OriginalFinancingShares
|
8000000 | shares |
CY2022 | cenqu |
Clean Fuels Shares
CleanFuelsShares
|
7000000 | shares |
CY2022 | us-gaap |
Supplemental Deferred Purchase Price
SupplementalDeferredPurchasePrice
|
70000000 | usd |
CY2022 | cenqu |
Redemption Rights Exceed
RedemptionRightsExceed
|
17420000 | usd |
CY2022 | cenqu |
Price Per Shares
PricePerShares
|
10 | |
CY2022 | cenqu |
Excess Trust Account
ExcessTrustAccount
|
17420000 | usd |
CY2022Q4 | cenqu |
Committed Shares
CommittedShares
|
2000000 | shares |
CY2022 | cenqu |
Committed Purchase Prices
CommittedPurchasePrices
|
20000000 | usd |
CY2022Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
21752250 | shares |
CY2022Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
21752250 | shares |
CY2022Q4 | us-gaap |
Shares Outstanding
SharesOutstanding
|
17172959 | shares |
CY2022Q4 | srt |
Financing Receivable Nonaccrual To Outstanding Percent
FinancingReceivableNonaccrualToOutstandingPercent
|
0.7895 | pure |
CY2022 | cenqu |
Business Combination Agreement Description
BusinessCombinationAgreementDescription
|
The stockholders (a) approved and adopted the Business Combination Agreement and Plan of Reorganization, dated as of August 12, 2022 (the “Business Combination Agreement”), among CENAQ, Verde Clean Fuels OpCo, LLC, a Delaware limited liability company and a wholly owned subsidiary of CENAQ (“OpCo”), Bluescape Clean Fuels Holdings, LLC, a Delaware limited liability company (“Holdings”), Bluescape Clean Fuels Intermediate Holdings, LLC, a Delaware limited liability company (“Intermediate”), and CENAQ Sponsor LLC, pursuant to which (i) (A) CENAQ will contribute to OpCo (1) all of its assets (excluding its interests in OpCo and the aggregate amount of cash required to satisfy any exercise by CENAQ stockholders of their redemption rights (“Redemption Rights”) pursuant to CENAQ’s third amended and restated certificate of incorporation (the “Charter”)) and (2) 22,500,000 newly issued shares of Class C common stock, par value $0.0001 per share (the “Class C Common Stock”), of CENAQ (such shares, the “Holdings Class C Shares”) and (B) in exchange therefor, OpCo will issue to CENAQ a number of Class A common units of OpCo equal to the number of total shares of Class A common stock, par value $0.0001 per share (the “Class A Common Stock”), of CENAQ issued and outstanding immediately after the closing (the “Closing”) of the transactions (the “Transactions”) contemplated by the Business Combination Agreement (taking into account the private offering of securities of Verde Clean Fuels, Inc. to certain investors in connection with the business combination (the “PIPE Financing”) and following the exercise of Redemption Rights) (such transactions, the “SPAC Contribution”) and (ii) immediately following the SPAC Contribution, (A) Holdings will contribute to OpCo 100% of the issued and outstanding limited liability company interests of Intermediate and (B) in exchange therefor, OpCo will transfer to Holdings (1) 22,500,000 Class C common units (the “Class C OpCo Units”) of OpCo and the Holdings Class C Shares (such transactions, the “Holdings Contribution” and, together with the SPAC Contribution, the “business combination”) and (b) approved the business combination and the Transactions (the “Business Combination Proposal”). | |
CY2022 | cenqu |
Stockholders Shares Description
StockholdersSharesDescription
|
The proposal to increase the number of authorized shares of CENAQ’s capital stock, par value $0.0001 per share, from 221,000,000 shares, consisting of (a) 220,000,000 shares of common stock, including 200,000,000 shares of Class A Common Stock and 20,000,000 shares of Class B common stock, par value $0.0001 per share, and (b) 1,000,000 shares of preferred stock, to 376,000,000 shares, consisting of (i) 350,000,000 shares of Class A Common Stock, (ii) 25,000,000 shares of Class C Common Stock and (iii) 1,000,000 shares of preferred stock, was approved. | |
CY2022 | cenqu |
Restated Limited Liability
RestatedLimitedLiability
|
(a) the issuance of 22,500,000 shares of Class C Common Stock pursuant to the Business Combination Agreement, (b) the issuance of 22,500,000 shares of Class A Common Stock upon the exchange of the Class C OpCo Units, together with an equal number of shares of Class C Common Stock, for shares of Class A Common Stock pursuant to the amended and restated limited liability company agreement of OpCo and the Proposed Fourth A&R Charter and (c) the issuance and sale of 8,000,000 shares of Class A Common Stock in the PIPE Financing (the “Nasdaq Proposal”). | |
CY2022 | us-gaap |
Business Combination Control Obtained Description
BusinessCombinationControlObtainedDescription
|
On February 15, 2023 (the “Closing Date”), as contemplated by the Business Combination Agreement: ●CENAQ filed a Fourth Amended and Restated Certificate of Incorporation (the “Fourth A&R Charter”) with the Secretary of State of the State of Delaware, pursuant to which CENAQ changed its name to “Verde Clean Fuels, Inc.” and the number of authorized shares of Verde Clean Fuels’ capital stock, par value $0.0001 per share, was increased to 376,000,000 shares, consisting of (i) 350,000,000 shares of Class A common stock, par value $0.0001 per share (the “Class A Common Stock”), (ii) 25,000,000 shares of Class C common stock, par value $0.0001 per share (the “Class C Common Stock”), and (iii) 1,000,000 shares of preferred stock, par value $0.0001 per share; ●(A) CENAQ contributed to OpCo (i) all of its assets (excluding its interests in OpCo and the aggregate amount of cash required to satisfy any exercise by CENAQ stockholders of their Redemption Rights (as defined below)) and (ii) 22,500,000 newly issued shares of Class C Common Stock (such shares, the “Holdings Class C Shares”) and (B) in exchange therefor, OpCo issued to CENAQ a number of Class A common units of OpCo (the “Class A OpCo Units”) equal to the number of total shares of Class A Common Stock issued and outstanding immediately after the closing (the “Closing”) of the transactions (the “Transactions”) contemplated by the Business Combination Agreement (taking into account the PIPE Investment (as defined below) and following the exercise by CENAQ stockholders of their Redemption Rights) (such transactions, the “SPAC Contribution”); and ●Immediately following the SPAC Contribution, (A) Holdings contributed to OpCo 100% of the issued and outstanding limited liability company interests of Intermediate and (B) in exchange therefor, OpCo transferred to Holdings (i) 22,500,000 Class C common units of OpCo (the “Class C OpCo Units” and, together with the Class A OpCo Units, the “OpCo Units”) and (ii) the Holdings Class C Shares (such transactions, the “Holdings Contribution” and, together with the SPAC Contribution, the “Business Combination”). | |
CY2022 | us-gaap |
Proceeds From Interest Received
ProceedsFromInterestReceived
|
32000000 | usd |
CY2022Q4 | us-gaap |
Shares Issued
SharesIssued
|
3200000 | shares |
CY2022 | cenqu |
Redemption Rights Description
RedemptionRightsDescription
|
Holders of 15,403,880 Class A Common Stock sold in CENAQ’s initial public offering (the “public shares”) properly exercised their right to have their public shares redeemed (the “Redemption Rights”) for a pro rata portion of the trust account (the “Trust Account”) which holds the proceeds from CENAQ’s initial public offering, funds from CENAQ’s payment to extend the time to consummate a business combination and interest earned, calculated as of two business days prior to the Closing, which was approximately $10.31 per share, or $158,797,476 in the aggregate. The remaining balance in the Trust Account (after giving effect to the Redemption Rights) was $19,031,516. | |
CY2022Q4 | us-gaap |
Escrow Deposit
EscrowDeposit
|
1725000 | usd |
CY2022Q4 | us-gaap |
Investment Owned Balance Principal Amount
InvestmentOwnedBalancePrincipalAmount
|
1725000 | usd |
CY2022Q4 | us-gaap |
Escrow Deposit
EscrowDeposit
|
158797476 | usd |
CY2022Q4 | us-gaap |
Due From Banks
DueFromBanks
|
184612 | usd |
CY2022Q4 | us-gaap |
Due From Affiliates
DueFromAffiliates
|
100000 | usd |
CY2022Q4 | us-gaap |
Investment Owned Balance Principal Amount
InvestmentOwnedBalancePrincipalAmount
|
125000 | usd |
CY2023Q1 | cenqu |
Debt Instrument Convertible Conversion Price
DebtInstrumentConvertibleConversionPrice
|
10 | |
CY2022 | cenqu |
Other Additional Transaction Expense
OtherAdditionalTransactionExpense
|
The Company also obtained additional transaction expense reductions leading up to the Closing including a reduction to the deferred underwriting fees and a reduction to legal expenses. In connection with the execution of the Business Combination Agreement, on August 12, 2022, the Company, Intermediate and Holdings entered into a letter agreement with the underwriters, pursuant to which, among other things, (i) Imperial Capital, LLC agreed to forfeit all of its 1,423,125 Private Placement Warrants and all of its 156,543 Representative Shares, (ii) I-Bankers Securities, Inc. agreed to forfeit all of its 301,875 Private Placement Warrants and all of its 33,207 Representative Shares and (iii) the underwriters agreed to reduce their deferred underwriting fees related to the IPO from $6,037,500 to $4,312,500. As part of the Closing, the underwriters agreed to further reduce their deferred underwriting fees related to the IPO from $4,312,500 to $1,700,000. Additionally, as of December 31, 2022, the Company had $4,110,755 of accrued legal expenses related to the Closing (included in Accounts payable and accrued expenses) and $511,760 of legal expenses recorded to Deferred financing costs related to the PIPE capital raise. However, the Company’s legal counsel agreed to reduce total legal expenses to $3,250,000 in connection with the Closing. The underwriter’s counsel involved in the PIPE capital raise also agreed, in connection with Closing, to reduce total legal expenses included in deferred financing costs to $325,000. | |
CY2022Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | shares |
CY2022Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2021Q3 | cenqu |
Founder Share
FounderShare
|
562500 | shares |
CY2022 | cenqu |
Percentage Of Conversion Shares
PercentageOfConversionShares
|
0.20 | pure |
CY2022Q4 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
19612500 | shares |
CY2022 | cenqu |
Public Warrants
PublicWarrants
|
12937500 | shares |
CY2022 | cenqu |
Private Placement Warrants
PrivatePlacementWarrants
|
6675000 | shares |
CY2022 | us-gaap |
Class Of Warrant Or Right Reason For Issuing To Nonemployees
ClassOfWarrantOrRightReasonForIssuingToNonemployees
|
We may call the warrants for redemption, in whole and not in part, at a price of $0.01 per warrant: ● at any time after the warrants become exercisable; ● upon not less than 30 days’ prior written notice of redemption to each warrant holder; ● if, and only if, the reported last sale price of the shares of Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period commencing at any time after the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders; and ● if, and only if, there is a current registration statement in effect with respect to the shares of Class A common stock underlying such warrants. | |
CY2022Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Restructuring Charges
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsRestructuringCharges
|
195311 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Restructuring Charges
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsRestructuringCharges
|
53826 | usd |
CY2022Q4 | us-gaap |
Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
|
119186 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
41721 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
|
76125 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
|
95547 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
195311 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
95547 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Liabilities
DeferredTaxLiabilities
|
119186 | usd |
CY2022 | us-gaap |
Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
|
312446 | usd |
CY2022 | us-gaap |
Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
|
19422 | usd |
CY2021 | us-gaap |
Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
|
-94557 | usd |
CY2022 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
99764 | usd |
CY2021 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
94557 | usd |
CY2022 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
431632 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards Not Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsNotSubjectToExpiration
|
0 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards Not Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsNotSubjectToExpiration
|
198672 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
99764 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
95547 | usd |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
CY2021 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
|
0 | pure |
CY2021 | us-gaap |
Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
|
0 | pure |
CY2021 | us-gaap |
Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
|
-0.0108 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Nondeductible Expense Depletion
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseDepletion
|
-0.3117 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-0.0305 | pure |
CY2021 | us-gaap |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-0.1992 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
-0.1322 | pure |
CY2021Q4 | us-gaap |
Deferred Costs
DeferredCosts
|
usd | |
CY2021Q4 | us-gaap |
Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
|
usd | |
CY2021Q4 | us-gaap |
Interest Payable Current
InterestPayableCurrent
|
usd | |
CY2021Q4 | us-gaap |
Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
|
usd | |
CY2021Q4 | us-gaap |
Derivative Liabilities Current
DerivativeLiabilitiesCurrent
|
usd | |
CY2022Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
CY2021Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
CY2021Q4 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
usd | |
CY2021 | us-gaap |
Interest Expense Related Party
InterestExpenseRelatedParty
|
usd | |
CY2022 | us-gaap |
Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
|
usd | |
CY2021 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
usd | |
CY2022 | us-gaap |
Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
|
usd | |
CY2022 | us-gaap |
Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
|
usd | |
CY2021 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
usd | |
CY2021 | us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
usd | |
CY2021 | us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
usd | |
CY2021 | us-gaap |
Proceeds From Decommissioning Fund
ProceedsFromDecommissioningFund
|
usd | |
CY2022 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
usd | |
CY2022 | us-gaap |
Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
|
usd | |
CY2022 | us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
usd | |
CY2022 | us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
usd | |
CY2021 | us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
usd | |
CY2022 | us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
usd | |
CY2021 | us-gaap |
Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
|
usd | |
CY2022 | cenqu |
Reclassification Of Overallotment Option From Liability To Equity
ReclassificationOfOverallotmentOptionFromLiabilityToEquity
|
usd | |
CY2021Q4 | us-gaap |
Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
|
usd | |
CY2022Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
usd | |
CY2021Q4 | us-gaap |
Deferred Tax Liabilities
DeferredTaxLiabilities
|
usd | |
CY2021 | us-gaap |
Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
|
usd | |
CY2022 | us-gaap |
Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
|
usd | |
CY2021 | us-gaap |
Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
|
usd | |
CY2022 | us-gaap |
Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
|
usd | |
CY2021 | us-gaap |
Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
|
usd | |
CY2021 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
usd | |
CY2022 | dei |
Amendment Flag
AmendmentFlag
|
false | |
CY2022 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
FY | |
CY2022 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001841425 |