$VMCA
Valuence Merger Corp I

2022 Q3 Form 10-Q Financial Statement

#000149315222022910 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $949.0K $409.6K $96.00K
YoY Change
Operating Profit -$949.0K -$409.6K -$96.00K
YoY Change 19187.62%
Interest Expense $1.059M $276.3K $13.72K
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.059M $276.3K $13.72K
YoY Change
Pretax Income $110.5K -$133.3K -$82.27K
YoY Change
Income Tax
% Of Pretax Income
Net Earnings $110.5K -$133.3K -$82.27K
YoY Change -2345.79%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $4.016K -$4.844K -$2.964K
COMMON SHARES
Basic Shares Outstanding 22.01M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $463.3K $544.8K $965.6K
YoY Change
Cash & Equivalents $463.3K $544.8K $965.6K
Short-Term Investments
Other Short-Term Assets $641.4K $769.1K $870.7K
YoY Change
Inventory
Prepaid Expenses $641.4K $769.1K
Receivables
Other Receivables
Total Short-Term Assets $1.105M $1.314M $1.836M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $5.000M $5.000M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $228.1M $227.0M $226.7M
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $228.1M $227.0M $226.7M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.105M $1.314M $1.836M
Total Long-Term Assets $228.1M $227.0M $226.7M
Total Assets $229.2M $228.3M $228.6M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.090M $350.5K $80.00
YoY Change
Accrued Expenses $70.00K $70.00K $533.3K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.359M $618.9K $731.8K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.105M $8.105M $8.105M
YoY Change
Total Long-Term Liabilities $8.105M $8.105M $8.105M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.359M $618.9K $731.8K
Total Long-Term Liabilities $8.105M $8.105M $8.105M
Total Liabilities $9.464M $8.724M $8.837M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$8.360M -$7.411M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.359M -$7.410M -$6.987M
YoY Change
Total Liabilities & Shareholders Equity $229.2M $228.3M $228.6M
YoY Change

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $110.5K -$133.3K -$82.27K
YoY Change -2345.79%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$81.51K $42.49K -$966.7K
YoY Change 1556.71%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$226.7M
YoY Change
Cash From Investing Activities $0.00 $0.00 -$226.7M
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 0.000 -463.3K 228.5M
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -81.51K 42.49K -966.7K
Cash From Investing Activities 0.000 0.000 -226.7M
Cash From Financing Activities 0.000 -463.3K 228.5M
Net Change In Cash -81.51K -420.8K 786.9K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$81.51K $42.49K -$966.7K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Central Index Key
EntityCentralIndexKey
0001892747
dei Amendment Flag
AmendmentFlag
false
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2022-06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
001-41304
dei Entity Registrant Name
EntityRegistrantName
VALUENCE MERGER CORP. I
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
E9
dei Entity Address Address Line1
EntityAddressAddressLine1
4 Orinda Way
dei Entity Address Address Line2
EntityAddressAddressLine2
Suite 100D
dei Entity Address City Or Town
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dei Entity Address State Or Province
EntityAddressStateOrProvince
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dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
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dei City Area Code
CityAreaCode
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dei Local Phone Number
LocalPhoneNumber
340-0222
dei Entity Current Reporting Status
EntityCurrentReportingStatus
No
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
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dei Entity Filer Category
EntityFilerCategory
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CY2021Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
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CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
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CY2022Q2 us-gaap Stockholders Equity
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CY2022Q2 us-gaap Operating Costs And Expenses
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us-gaap Operating Costs And Expenses
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us-gaap Operating Income Loss
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CY2022Q2 us-gaap Cash
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CY2022Q2 VMCAU Working Capital
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CY2022Q2 us-gaap Investment Income Interest
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us-gaap Investment Income Interest
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us-gaap Net Income Loss
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CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
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CY2022Q1 VMCAU Adjustments To Additional Paid In Capital Fair Value Of Public Warrants Net Of Transaction Costs
AdjustmentsToAdditionalPaidInCapitalFairValueOfPublicWarrantsNetOfTransactionCosts
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CY2022Q1 VMCAU Adjustments To Additional Paid In Capital Accretion Of Common Stock Subject To Redemption
AdjustmentsToAdditionalPaidInCapitalAccretionOfCommonStockSubjectToRedemption
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CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q2 VMCAU Adjustments To Additional Paid In Capital Accretion Of Common Stock Subject To Redemption
AdjustmentsToAdditionalPaidInCapitalAccretionOfCommonStockSubjectToRedemption
-290004 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Investment Income Interest
InvestmentIncomeInterest
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us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments For Proceeds From Other Deposits
PaymentsForProceedsFromOtherDeposits
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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VMCAU Proceeds From Sale Of Units Net Of Underwriting Discounts Paid
ProceedsFromSaleOfUnitsNetOfUnderwritingDiscountsPaid
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us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
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us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
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us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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OfferingCostsIncludedInAccruedOfferingCosts
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VMCAU Deferred Underwriting Fee Payable
DeferredUnderwritingFeePayable
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CY2022Q1 us-gaap Deposits
Deposits
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CY2022Q1 VMCAU Deposits Per Unit
DepositsPerUnit
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ProceedsFromDepositHeldInTrustAccount
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CY2022Q1 VMCAU Transaction Costs
TransactionCosts
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CY2022Q1 us-gaap Other Underwriting Expense
OtherUnderwritingExpense
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CY2022Q1 us-gaap Payments For Underwriting Expense
PaymentsForUnderwritingExpense
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CY2022Q1 VMCAU Deferred Underwriting Fees
DeferredUnderwritingFees
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CY2022Q1 us-gaap Other Deferred Costs Net
OtherDeferredCostsNet
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CY2022Q1 VMCAU Percentage Assets Held In The Trust Account
PercentageAssetsHeldInTheTrustAccount
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CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2022Q1 VMCAU Payment To Dissolution Expenses
PaymentToDissolutionExpenses
100000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_848_eus-gaap--UseOfEstimates_zmAga4fCimP5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zhYhXiIcbGS5">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the unaudited condensed 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 unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 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 unaudited condensed 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 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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VALUENCE MERGER CORP. I</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONDENSED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>JUNE 30, 2022</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(UNAUDITED)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 us-gaap Cash
Cash
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CY2021Q4 us-gaap Cash
Cash
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CY2022Q2 us-gaap Cash Equivalents At Carrying Value
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CY2022Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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CY2021Q4 us-gaap Unrecognized Tax Benefits
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us-gaap Concentration Risk Credit Risk
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<p id="xdx_844_eus-gaap--ConcentrationRiskCreditRisk_zFET9KWIijEi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_z8jSvhbKseE3">Concentration of Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 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 a cash account in a financial institution, which, at times may exceed the Federal Deposit Insurance Corporation coverage limit of $<span id="xdx_903_eus-gaap--CashFDICInsuredAmount_iI_c20220331_zmIn6WBYrlGl">250,000</span>. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such accounts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
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25000 usd
CY2021Q4 VMCAU Common Stock Shares Subject To Forfeiture
CommonStockSharesSubjectToForfeiture
750000 shares
us-gaap Related Party Transaction Description Of Transaction
RelatedPartyTransactionDescriptionOfTransaction
(A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Public Shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property.
us-gaap Payments To Fund Longterm Loans To Related Parties
PaymentsToFundLongtermLoansToRelatedParties
1500000 usd
CY2022Q1 us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
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CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
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1000000 shares
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.0001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.0001
CY2022Q2 us-gaap Preferred Stock Shares Issued
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CY2022Q2 us-gaap Preferred Stock Shares Outstanding
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CY2021Q4 us-gaap Preferred Stock Shares Issued
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CY2021Q4 us-gaap Preferred Stock Shares Outstanding
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CY2022Q2 VMCAU Equity Proceeds Percentage
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0.60 pure
us-gaap Sale Of Stock Description Of Transaction
SaleOfStockDescriptionOfTransaction
the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

Files In Submission

Name View Source Status
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ex10-2.htm Edgar Link pending
ex10-3.htm Edgar Link pending
ex10-4.htm Edgar Link pending
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ex31-1.htm Edgar Link pending
ex31-2.htm Edgar Link pending
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