2024 Q3 Form 10-Q Financial Statement
#000149315224046053 Filed on November 14, 2024
Income Statement
Concept | 2024 Q3 | 2023 Q3 |
---|---|---|
Revenue | $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 | $235.6K | |
YoY Change | -75.17% | |
Operating Profit | -$203.1K | -$235.6K |
YoY Change | -13.78% | -75.17% |
Interest Expense | $865.4K | |
YoY Change | -18.32% | |
% of Operating Profit | ||
Other Income/Expense, Net | $238.2K | $865.4K |
YoY Change | -72.48% | -18.32% |
Pretax Income | $629.8K | |
YoY Change | 469.98% | |
Income Tax | ||
% Of Pretax Income | ||
Net Earnings | $35.03K | $629.8K |
YoY Change | -94.44% | 469.96% |
Net Earnings / Revenue | ||
Basic Earnings Per Share | ||
Diluted Earnings Per Share | $0.05 | |
COMMON SHARES | ||
Basic Shares Outstanding | ||
Diluted Shares Outstanding |
Balance Sheet
Concept | 2024 Q3 | 2023 Q3 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $624.9K | |
YoY Change | 34.88% | |
Cash & Equivalents | $15.54K | $624.8K |
Short-Term Investments | ||
Other Short-Term Assets | $209.6K | |
YoY Change | -67.33% | |
Inventory | ||
Prepaid Expenses | $88.27K | $209.6K |
Receivables | ||
Other Receivables | ||
Total Short-Term Assets | $103.8K | $834.4K |
YoY Change | -87.56% | -24.46% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | ||
YoY Change | ||
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | $67.94M | |
YoY Change | -70.21% | |
Other Assets | ||
YoY Change | ||
Total Long-Term Assets | $21.92M | $67.94M |
YoY Change | -67.73% | -70.21% |
TOTAL ASSETS | ||
Total Short-Term Assets | $103.8K | $834.4K |
Total Long-Term Assets | $21.92M | $67.94M |
Total Assets | $22.02M | $68.77M |
YoY Change | -67.97% | -69.99% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $2.422M | |
YoY Change | 122.19% | |
Accrued Expenses | $0.00 | |
YoY Change | -100.0% | |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $1.458M | |
YoY Change | ||
Long-Term Debt Due | ||
YoY Change | ||
Total Short-Term Liabilities | $5.659M | $4.079M |
YoY Change | 38.73% | 200.21% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $0.00 | |
YoY Change | ||
Other Long-Term Liabilities | $8.105M | |
YoY Change | 0.0% | |
Total Long-Term Liabilities | $8.105M | |
YoY Change | 0.0% | |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $5.659M | $4.079M |
Total Long-Term Liabilities | $8.105M | |
Total Liabilities | $13.76M | $12.18M |
YoY Change | 12.97% | 28.74% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$13.66M | -$11.35M |
YoY Change | 20.36% | 35.77% |
Common Stock | ||
YoY Change | ||
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | -$13.66M | -$11.35M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $22.02M | $68.77M |
YoY Change | -67.97% | -69.99% |
Cashflow Statement
Concept | 2024 Q3 | 2023 Q3 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | $35.03K | $629.8K |
YoY Change | -94.44% | 469.96% |
Depreciation, Depletion And Amortization | ||
YoY Change | ||
Cash From Operating Activities | -$173.8K | |
YoY Change | 113.25% | |
INVESTING ACTIVITIES | ||
Capital Expenditures | ||
YoY Change | ||
Acquisitions | ||
YoY Change | ||
Other Investing Activities | -$140.0K | |
YoY Change | ||
Cash From Investing Activities | -$140.0K | |
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 | 820.2K | |
YoY Change | ||
NET CHANGE | ||
Cash From Operating Activities | -173.8K | |
Cash From Investing Activities | -140.0K | |
Cash From Financing Activities | 820.2K | |
Net Change In Cash | 506.4K | |
YoY Change | -721.3% | |
FREE CASH FLOW | ||
Cash From Operating Activities | -$173.8K | |
Capital Expenditures | ||
Free Cash Flow | ||
YoY Change |
Facts In Submission
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Deposits Per Unit
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|
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PercentageOfFairMarketValue
|
0.80 | pure |
CY2024Q3 | VMCA |
Percentage Of Public Shares That Can Be Transferred Without Any Restriction
PercentageOfPublicSharesThatCanBeTransferredWithoutAnyRestriction
|
0.15 | pure |
CY2024Q3 | VMCA |
Public Shares Redeem Percentage
PublicSharesRedeemPercentage
|
1 | pure |
CY2024Q3 | us-gaap |
Share Price
SharePrice
|
10.00 | |
us-gaap |
Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
|
420000 | usd | |
VMCA |
Payments For Additional Contribution Amount
PaymentsForAdditionalContributionAmount
|
140000 | usd | |
CY2024Q3 | us-gaap |
Minimum Net Worth Required For Compliance
MinimumNetWorthRequiredForCompliance
|
5000001 | usd |
CY2024Q3 | us-gaap |
Minimum Net Worth Required For Compliance
MinimumNetWorthRequiredForCompliance
|
5000001 | usd |
CY2024Q1 | us-gaap |
Interest Bearing Domestic Deposit Money Market
InterestBearingDomesticDepositMoneyMarket
|
100000000000 | usd |
CY2024Q2 | VMCA |
Reedemable Share Based Allocation Description
ReedemableShareBasedAllocationDescription
|
(i) on June 4, 2024, with respect to the initial extension, an amount equal to the lesser of (x) $60,000 or (y) $0.03 per public share multiplied by the number of Public Shares outstanding and (ii) one business day following the public announcement by the Company that the Board of Directors has elected to further extend such date for an additional month, an amount equal to the lesser of (x) $30,000 or (y) $0.015 per public share multiplied by the number of Public Shares outstanding (the “New Contributions”) | |
CY2024Q2 | us-gaap |
Sale Of Stock Percentage Of Ownership After Transaction
SaleOfStockPercentageOfOwnershipAfterTransaction
|
0.099 | pure |
CY2024Q2 | us-gaap |
Deposits
Deposits
|
56022 | usd |
CY2024Q3 | us-gaap |
Deposits
Deposits
|
28011 | usd |
CY2024Q3 | us-gaap |
Deposits
Deposits
|
28011 | usd |
CY2024Q3 | us-gaap |
Deposits
Deposits
|
28011 | usd |
CY2024Q3 | us-gaap |
Cash
Cash
|
15539 | usd |
CY2024Q3 | VMCA |
Working Capital Deficit
WorkingCapitalDeficit
|
5554762 | usd |
us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_845_eus-gaap--UseOfEstimates_zTpG0XmEnAD5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use of Estimates</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 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: 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: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | ||
CY2024Q3 | us-gaap |
Cash
Cash
|
15539 | usd |
CY2023Q4 | us-gaap |
Cash
Cash
|
684816 | usd |
CY2024Q3 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
0 | usd |
CY2023Q4 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
0 | usd |
CY2024Q2 | us-gaap |
Payments For Deposits
PaymentsForDeposits
|
56022 | usd |
CY2024Q3 | us-gaap |
Payments For Deposits
PaymentsForDeposits
|
28011 | usd |
CY2024Q3 | us-gaap |
Payments For Deposits
PaymentsForDeposits
|
28011 | usd |
CY2024Q3 | us-gaap |
Payments For Deposits
PaymentsForDeposits
|
28011 | usd |
CY2024Q4 | us-gaap |
Payments For Deposits
PaymentsForDeposits
|
84033 | usd |
CY2022 | us-gaap |
Proceeds From Other Equity
ProceedsFromOtherEquity
|
220099630 | usd |
CY2022 | us-gaap |
Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
|
5942690 | usd |
CY2022 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
-10393817 | usd |
CY2022 | us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
26186866 | usd |
CY2022Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
229949989 | usd |
CY2023 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
167831206 | usd |
CY2023 | us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
7143555 | usd |
CY2023Q4 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
69262338 | usd |
CY2024Q1 | us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
1266149 | usd |
CY2024Q1 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
70528487 | usd |
CY2024Q2 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
49900380 | usd |
CY2024Q2 | us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
970515 | usd |
CY2024Q2 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
21598622 | usd |
CY2024Q3 | us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
322211 | usd |
CY2024Q3 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
21920833 | usd |
CY2024Q3 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | usd |
CY2023Q4 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | usd |
CY2024Q3 | us-gaap |
Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
|
0 | usd |
CY2023Q4 | us-gaap |
Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
|
0 | usd |
us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p id="xdx_847_eus-gaap--ConcentrationRiskCreditRisk_zgzbE7DWhOFa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration of Credit Risk</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 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_905_eus-gaap--CashFDICInsuredAmount_iI_c20240930_z9TK0Fjrr8N" title="Federal deposit insurance corporation coverage limit">250,000</span>. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | ||
CY2024Q3 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
250000 | usd |
CY2021Q4 | us-gaap |
Sponsor Fees
SponsorFees
|
25000 | usd |
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 subdivisions, 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
|
198384 | usd |
CY2024Q1 | us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
170000 | usd |
CY2024Q2 | us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
255000 | usd |
CY2024Q3 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | shares |
CY2024Q3 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2024Q3 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2024Q3 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2023Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2023Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2024Q3 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
0.01 | |
CY2024Q3 | VMCA |
Equity Proceeds Percentage
EquityProceedsPercentage
|
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 |