$WAVS
Western Acquisition Ventures Corp.

2024 Q2 Form 10-K Financial Statement

#000141057824000540 Filed on April 26, 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 $576.5K $286.6K $1.099M
YoY Change 190.11% -30.7% -45.52%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $576.5K $286.6K $1.099M
YoY Change 190.11% -30.7% -45.52%
Operating Profit -$576.5K -$1.099M
YoY Change 190.12% -45.52%
Interest Expense $0.00 $17.77K $137.0K
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$127.2K
YoY Change
Pretax Income -$703.7K -$268.8K -$961.8K
YoY Change 123.31% -150.07% 113.64%
Income Tax $0.00 $7.990K $72.82K
% Of Pretax Income
Net Earnings -$703.7K -$276.8K -$1.035M
YoY Change 111.62% -173.87% 47.6%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.20 -$0.07 -$0.25
COMMON SHARES
Basic Shares Outstanding 3.525M 3.556M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $0.00
YoY Change -100.0% -100.0%
Cash & Equivalents $14.88K $8.651K
Short-Term Investments
Other Short-Term Assets $17.99K $17.99K
YoY Change -93.29% -93.29%
Inventory
Prepaid Expenses
Receivables
Other Receivables $99.96K
Total Short-Term Assets $149.0K $118.0K $118.0K
YoY Change -66.65% -89.06% -89.06%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.294M $3.294M
YoY Change -97.19% -97.19%
Other Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $2.601M $3.294M $3.294M
YoY Change -67.89% -97.19% -97.19%
TOTAL ASSETS
Total Short-Term Assets $149.0K $118.0K $118.0K
Total Long-Term Assets $2.601M $3.294M $3.294M
Total Assets $2.749M $3.412M $3.412M
YoY Change -67.82% -97.12% -97.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.099M $1.099M
YoY Change 32.52% 32.52%
Accrued Expenses $21.25K $21.25K
YoY Change -86.98% -86.98%
Deferred Revenue
YoY Change
Short-Term Debt $204.2K $204.2K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.306M $3.306M
YoY Change 165.87% 165.87%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.306M $3.306M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $3.438M $3.306M $3.306M
YoY Change 15.92% 165.87% 165.87%
SHAREHOLDERS EQUITY
Retained Earnings -$3.487M -$3.203M
YoY Change 36.67% 71.97%
Common Stock $324.00 $324.00
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.367M -$3.202M $106.1K
YoY Change
Total Liabilities & Shareholders Equity $2.749M $3.412M $3.412M
YoY Change -67.82% -97.12% -97.12%

Cashflow Statement

Concept 2024 Q2 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$703.7K -$276.8K -$1.035M
YoY Change 111.62% -173.87% 47.6%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$313.2K -$293.9K -$940.7K
YoY Change 220.44% 53.62% -28.65%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $366.1K $0.00 $114.3M
YoY Change -1320.27% -100.0% -198.83%
Cash From Investing Activities $366.1K $0.00 $114.3M
YoY Change -1320.27% -100.0% -198.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $114.3M
YoY Change -143011.99%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -38.99K 0.000 -114.1M
YoY Change -196.93%
NET CHANGE
Cash From Operating Activities -313.2K -293.9K -940.7K
Cash From Investing Activities 366.1K 0.000 114.3M
Cash From Financing Activities -38.99K 0.000 -114.1M
Net Change In Cash 13.86K -293.9K -800.8K
YoY Change -110.85% -188.09% -199.41%
FREE CASH FLOW
Cash From Operating Activities -$313.2K -$293.9K -$940.7K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2023Q1 wavs Temporary Equity Stock Redeemed Or Called During Period Shares
TemporaryEquityStockRedeemedOrCalledDuringPeriodShares
10729779
CY2023Q1 us-gaap Share Price
SharePrice
10.20
CY2023Q1 wavs Temporary Equity Stock Redeemed Or Called During Period Value
TemporaryEquityStockRedeemedOrCalledDuringPeriodValue
109436586
CY2023Q3 wavs Aggregate Number Of Shares Stockholders Elected To Redeem
AggregateNumberOfSharesStockholdersElectedToRedeem
464811
CY2023Q3 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
4893008
CY2023Q3 us-gaap Share Price
SharePrice
10.53
CY2023Q2 wavs Minimum Net Tangible Assets Upon Consummation Of Business Combination
MinimumNetTangibleAssetsUponConsummationOfBusinessCombination
50000000
CY2023Q2 wavs Minimum Net Tangible Assets Upon Consummation Of Business Combination
MinimumNetTangibleAssetsUponConsummationOfBusinessCombination
50000000
CY2023Q4 us-gaap Share Price
SharePrice
10.10
CY2023Q4 us-gaap Restricted Cash Current
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8651
CY2023Q4 wavs Working Capital Deficit
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3187882
CY2022 wavs Proceeds From Cash Withdrawn From Trust Account To Pay Franchise And Income Taxes
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-525000
CY2023 wavs Excess Amount Erroneously Withdrawn From Trust Account
ExcessAmountErroneouslyWithdrawnFromTrustAccount
108611
CY2023 wavs Due From Sponsor
DueFromSponsor
-99961
CY2023Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
8651
CY2023 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The preparation of the 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 financial statements and the reported amounts of revenues and expenses during the reporting period.</p>
CY2023Q4 us-gaap Cash
Cash
0
CY2022Q4 us-gaap Cash
Cash
809481
CY2022Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
0
CY2022Q1 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
11500000
CY2023 wavs Excise Tax Payable As Percentage Of Shares Redeemed
ExciseTaxPayableAsPercentageOfSharesRedeemed
0.01
CY2023 wavs Excess Amount Erroneously Withdrawn From Trust Account
ExcessAmountErroneouslyWithdrawnFromTrustAccount
108611
CY2023Q4 us-gaap Deferred Costs
DeferredCosts
0
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:bold;">Concentration of Credit Risk</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">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 Corporation limit of $250,000. As of December 31, 2023 and 2022, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such account.</p>
CY2023Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q1 wavs Units Issued During Period Shares New Issues
UnitsIssuedDuringPeriodSharesNewIssues
11500000
CY2021Q4 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
2
CY2023 wavs Underwriting Option Period
UnderwritingOptionPeriod
P45D
CY2021Q4 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
2
CY2023 wavs Debt Instrument Amortization Percentage
DebtInstrumentAmortizationPercentage
0.045
CY2023 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
5175000
CY2023 wavs Number Of Shares Of Common Stock To Be Issued As Business Combination Marketing Agreement Fee
NumberOfSharesOfCommonStockToBeIssuedAsBusinessCombinationMarketingAgreementFee
250000
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
430021
CY2023Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
665116
CY2023 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-235095
CY2023Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
1143296
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3251000
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023 wavs Effective Income Tax Rate Reconciliation Change In Fair Value Of Derivative Liabilities Percent
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfDerivativeLiabilitiesPercent
0.0513
CY2022 wavs Effective Income Tax Rate Reconciliation Change In Fair Value Of Derivative Liabilities Percent
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfDerivativeLiabilitiesPercent
0.000
CY2023 wavs Effective Income Tax Rate Reconciliation Transaction Costs Allocated To Warrants Percent
EffectiveIncomeTaxRateReconciliationTransactionCostsAllocatedToWarrantsPercent
-0.0246
CY2023Q4 wavs Deferred Tax Assets Startup Or Organization Expenses
DeferredTaxAssetsStartupOrOrganizationExpenses
549352
CY2022Q4 wavs Deferred Tax Assets Startup Or Organization Expenses
DeferredTaxAssetsStartupOrOrganizationExpenses
347666
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
549352
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
347666
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
549352
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
347666
CY2023 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
72824
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
250739
CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-201686
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-345278
CY2023 wavs Change In Valuation Allowance In State
ChangeInValuationAllowanceInState
201686
CY2022 wavs Change In Valuation Allowance In State
ChangeInValuationAllowanceInState
345278
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
72824
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
250739
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
0
CY2023 wavs Change In Valuation Allowance In State
ChangeInValuationAllowanceInState
201686
CY2022 wavs Change In Valuation Allowance In State
ChangeInValuationAllowanceInState
345278
CY2023 us-gaap Income Tax Examination Penalties Expense
IncomeTaxExaminationPenaltiesExpense
250
CY2022 us-gaap Income Tax Examination Penalties Expense
IncomeTaxExaminationPenaltiesExpense
0
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.000
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.000
CY2022 wavs Effective Income Tax Rate Reconciliation Transaction Costs Allocated To Warrants Percent
EffectiveIncomeTaxRateReconciliationTransactionCostsAllocatedToWarrantsPercent
0.000
CY2023 wavs Effective Income Tax Rate Reconciliation Change In Fair Value Of Over Allotment Option Liability Percent
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfOverAllotmentOptionLiabilityPercent
0.000
CY2022 wavs Effective Income Tax Rate Reconciliation Change In Fair Value Of Over Allotment Option Liability Percent
EffectiveIncomeTaxRateReconciliationChangeInFairValueOfOverAllotmentOptionLiabilityPercent
0.000
CY2023 wavs Effective Income Tax Rate Reconciliation Fines And Penalties
EffectiveIncomeTaxRateReconciliationFinesAndPenalties
-0.0001
CY2022 wavs Effective Income Tax Rate Reconciliation Fines And Penalties
EffectiveIncomeTaxRateReconciliationFinesAndPenalties
0.000
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.2097
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.765
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0757
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.555
CY2023Q4 wavs Forward Purchase Agreement Liability
ForwardPurchaseAgreementLiability
665116
CY2023Q1 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
430021
CY2023Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
665116
CY2023 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-235095
CY2023 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
430021
CY2023 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
235095
CY2023Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
665116
CY2023 wavs Excess Amount Erroneously Withdrawn From Trust Account
ExcessAmountErroneouslyWithdrawnFromTrustAccount
108611
CY2023Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
8651
CY2023 wavs Amount Erroneously Withdrawn From Trust Account Intended To Be Deposited Back Into Trust Account
AmountErroneouslyWithdrawnFromTrustAccountIntendedToBeDepositedBackIntoTrustAccount
99961
CY2023 wavs Excess Amount Erroneously Withdrawn From Trust Account Intended To Use For Tax Obligations Until Deposited
ExcessAmountErroneouslyWithdrawnFromTrustAccountIntendedToUseForTaxObligationsUntilDeposited
99961

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