$WINV
WinVest Acquisition Corp

2023 Q2 Form 10-Q Financial Statement

#000149315223018472 Filed on May 22, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 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 $649.8K $569.6K $251.8K
YoY Change 132.84% 126.21% 73955.88%
Operating Profit -$649.8K -$569.6K -$251.8K
YoY Change 132.84% 126.21%
Interest Expense $230.0K $209.1K $11.70K
YoY Change 46.64% 1686.75%
% of Operating Profit
Other Income/Expense, Net $229.3K $209.1K $11.70K
YoY Change 46.21% 1687.37%
Pretax Income -$420.5K -$360.5K -$240.1K
YoY Change 243.98% 50.16% 70517.65%
Income Tax $38.00K $44.00K
% Of Pretax Income
Net Earnings -$458.5K -$404.5K -$240.1K
YoY Change 275.05% 68.48% 71145.7%
Net Earnings / Revenue
Basic Earnings Per Share -$0.02
Diluted Earnings Per Share -$0.10 -$0.14 -$16.70K
COMMON SHARES
Basic Shares Outstanding 4.768M shares 4.768M shares 11.50M shares
Diluted Shares Outstanding 2.875M shares 2.875M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $57.05K $307.6K
YoY Change -100.0% -81.45% 1130.44%
Cash & Equivalents $1.674K $57.05K $307.6K
Short-Term Investments
Other Short-Term Assets $200.0K $230.7K $438.1K
YoY Change -53.16% -47.36%
Inventory
Prepaid Expenses $225.9K $230.7K
Receivables
Other Receivables
Total Short-Term Assets $227.5K $287.7K $745.7K
YoY Change -64.51% -61.42% 2882.92%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $13.70M $20.01M $116.2M
YoY Change -88.22% -82.78%
Other Assets $177.9K
YoY Change 131.34%
Total Long-Term Assets $13.67M $20.01M $116.3M
YoY Change -88.26% -82.8% 151209.92%
TOTAL ASSETS
Total Short-Term Assets $227.5K $287.7K $745.7K
Total Long-Term Assets $13.67M $20.01M $116.3M
Total Assets $13.90M $20.29M $117.1M
YoY Change -88.13% -82.67% 114816.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.200M $708.3K $30.00K
YoY Change 2300.0% 2260.93% 20.0%
Accrued Expenses $100.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $900.0K $623.0K $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.539M $1.689M $91.97K
YoY Change 1407.79% 1736.77% 19.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.000M $4.025M $4.025M
YoY Change -0.62% 0.0%
Total Long-Term Liabilities $4.000M $4.025M $4.025M
YoY Change -0.62% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.539M $1.689M $91.97K
Total Long-Term Liabilities $4.000M $4.025M $4.025M
Total Liabilities $6.564M $5.714M $4.117M
YoY Change 56.53% 38.8% 5230.79%
SHAREHOLDERS EQUITY
Retained Earnings -$6.337M -$5.427M
YoY Change 88.05%
Common Stock $288.00 $288.00
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.336M -$5.427M -$3.179M
YoY Change
Total Liabilities & Shareholders Equity $13.90M $20.29M $117.1M
YoY Change -88.13% -82.67% 114816.02%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$458.5K -$404.5K -$240.1K
YoY Change 275.05% 68.48% 71145.7%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$220.0K -$304.1K -$200.3K
YoY Change 135.42% 51.8%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $6.570M -$225.2K $0.00
YoY Change
Cash From Investing Activities $6.570M -$225.1K $0.00
YoY Change
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 -6.410M $498.0K
YoY Change
NET CHANGE
Cash From Operating Activities -220.0K -$304.1K -200.3K
Cash From Investing Activities 6.570M -$225.1K 0.000
Cash From Financing Activities -6.410M $498.0K
Net Change In Cash -60.00K -$31.20K $0.00
YoY Change -35.79%
FREE CASH FLOW
Cash From Operating Activities -$220.0K -$304.1K -$200.3K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p id="xdx_84C_eus-gaap--UseOfEstimates_zLgF5woXDOil" 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"><i><span id="xdx_869_zNfmp6oUhQ4">Use of Estimates</span></i></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 unaudited condensed financial statements in conformity with U.S. 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.</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 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>
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CY2022 us-gaap Related Party Tax Expense Due To Affiliates Current
RelatedPartyTaxExpenseDueToAffiliatesCurrent
0 usd
CY2023Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
625000 usd
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84C_eus-gaap--ConcentrationRiskCreditRisk_zWjsYQL4B2Wd" 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"><i><span id="xdx_86B_z5xrxQJAYxa">Concentration of Credit Risk</span></i></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 Depository Insurance Coverage of $<span id="xdx_90C_eus-gaap--CashFDICInsuredAmount_iI_c20230331_z4JTlpmr2dL7" title="Cash, FDIC insured amount">250,000</span>. As of March 31, 2023, the Company has not experienced 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q1 us-gaap Professional Fees
ProfessionalFees
10000 usd
CY2022Q3 WINV Percentage Of Aggregate Sales Price Of Securities Sold
PercentageOfAggregateSalesPriceOfSecuritiesSold
0.05 pure
CY2023Q1 WINV Deferred Underwriting Commissions
DeferredUnderwritingCommissions
4025000 usd
CY2022Q4 WINV Deferred Underwriting Commissions
DeferredUnderwritingCommissions
4025000 usd
CY2023Q1 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
20005762 usd
CY2022Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
19571562 usd
CY2023Q1 WINV Redemption Description
RedemptionDescription
Subsequent to calculating the total income (loss) allocable to both sets of shares, the Company split the amount to be allocated using a ratio of 0% for the redeemable public shares and 100% for the non-redeemable shares, reflective of the respective participation rights, for the three months ended March 31, 2023.
CY2023Q1 WINV Change In Value Of Common Stock Subject To Possible Redemption Shares
ChangeInValueOfCommonStockSubjectToPossibleRedemptionShares
11966667 shares
CY2021Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2023Q1 us-gaap Deferred Offering Costs
DeferredOfferingCosts
2923969 usd
WINV Common Shares Subject Possible Redemption Gross Proceeds
CommonSharesSubjectPossibleRedemptionGrossProceeds
115000000 usd
WINV Offering Costs Allocated To Common Stock Subject To Possible Redemption
OfferingCostsAllocatedToCommonStockSubjectToPossibleRedemption
-6498541 usd
WINV Proceeds From Issuance Of Public Warrants
ProceedsFromIssuanceOfPublicWarrants
2357500 usd
WINV Deposit To Trust Account From Private Placement
DepositToTrustAccountFromPrivatePlacement
1150000 usd
WINV Temporary Equity Accretion Value Adjustment Subject To Possible Redemption
TemporaryEquityAccretionValueAdjustmentSubjectToPossibleRedemption
8856041 usd
CY2021Q4 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
RedeemableNoncontrollingInterestEquityCommonCarryingAmount
116150000 usd
CY2022 WINV Temporary Equity Accretion Value Adjustment Subject To Possible Redemption
TemporaryEquityAccretionValueAdjustmentSubjectToPossibleRedemption
1422276 usd
CY2022 WINV Redemption Of Common Stock
RedemptionOfCommonStock
98000714 usd
CY2022Q4 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
RedeemableNoncontrollingInterestEquityCommonCarryingAmount
19571562 usd
CY2023Q1 WINV Stock Issued During Period Value Deposits To Trust Account
StockIssuedDuringPeriodValueDepositsToTrustAccount
-375000 usd
CY2023Q1 WINV Temporary Equity Accretion Value Adjustment Subject To Possible Redemption1
TemporaryEquityAccretionValueAdjustmentSubjectToPossibleRedemption1
209051 usd
CY2023Q1 WINV Stock Issued During Period Value Taxes Withdrawn From Trust Account
StockIssuedDuringPeriodValueTaxesWithdrawnFromTrustAccount
149851 usd
CY2023Q4 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
RedeemableNoncontrollingInterestEquityCommonCarryingAmount
20005762 usd
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
11.50
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.122 pure
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022Q3 WINV Effective Taxable Description
EffectiveTaxableDescription
President Biden signed into law the Inflation Reduction Act of 2022, which includes a 15% minimum tax on the adjusted financial statement income of corporations with a three taxable year average annual adjusted financial statement income in excess of $1 billion, a 1% excise tax on net stock repurchases made by publicly traded US corporations and several tax incentives to promote clean energy. The alternative minimum tax and the excise tax are effective in taxable years beginning after December 31, 2022
CY2022Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment
5000001 usd
CY2022Q2 us-gaap Deposits
Deposits
65000 usd
CY2022Q2 us-gaap Deposits
Deposits
65000 usd

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