$WTMA
Welsbach Technology Metals Acquisition Corp

2023 Q1 Form 10-K Financial Statement

#000121390023013299 Filed on February 21, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $908.3K $1.329M $3.331M
YoY Change 57.4% 4754.55%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $908.3K $1.329M $3.331M
YoY Change 57.41% 4754.55%
Operating Profit -$908.3K -$3.331M
YoY Change
Interest Expense $845.1K $660.0K $1.121M
YoY Change 10762.34% 11211500.0%
% of Operating Profit
Other Income/Expense, Net $845.1K $1.121M
YoY Change 10766.53%
Pretax Income -$63.23K -$668.6K -$2.210M
YoY Change -88.89% 3121.62%
Income Tax $167.0K $128.1K $180.7K
% Of Pretax Income
Net Earnings -$230.2K -$796.7K -$2.391M
YoY Change -59.56% 3385.01%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.02 -$0.07 -$0.24
COMMON SHARES
Basic Shares Outstanding 10.01M shares 10.01M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $137.6K $309.9K $309.9K
YoY Change -84.72% -74.2%
Cash & Equivalents $350.8K $213.2K
Short-Term Investments
Other Short-Term Assets $78.31K $25.00K $25.00K
YoY Change -69.98% -92.48%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $215.9K $334.9K $334.9K
YoY Change -81.41% -78.16%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles $5.000M $5.000M
YoY Change
Long-Term Investments $80.62M $79.65M $79.65M
YoY Change 4.31% 6.19%
Other Assets $213.2K $213.2K $213.2K
YoY Change
Total Long-Term Assets $80.83M $79.86M $79.86M
YoY Change 4.59% 6.48%
TOTAL ASSETS
Total Short-Term Assets $215.9K $334.9K $334.9K
Total Long-Term Assets $80.83M $79.86M $79.86M
Total Assets $81.04M $80.19M $80.19M
YoY Change 3.31% 4.78% 4.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.552M $1.819M $1.819M
YoY Change 13691.99% 2182.7%
Accrued Expenses $215.8K $163.4K $163.4K
YoY Change 94.89% 168.94%
Deferred Revenue
YoY Change
Short-Term Debt $1.671M $1.546M $1.546M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $47.63M $3.914M $3.914M
YoY Change 13693.93% 2687.22% 2687.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.705M $2.705M $2.705M
YoY Change 0.0% 3.04%
Total Long-Term Liabilities $2.705M $2.705M $2.705M
YoY Change 0.0% 3.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $47.63M $3.914M $3.914M
Total Long-Term Liabilities $2.705M $2.705M $2.705M
Total Liabilities $50.34M $6.619M $6.619M
YoY Change 1550.38% 139.33% 139.33%
SHAREHOLDERS EQUITY
Retained Earnings -$6.921M -$5.940M
YoY Change 382.1%
Common Stock $228.00 $228.00
YoY Change -8.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.921M -$5.940M $73.57M
YoY Change
Total Liabilities & Shareholders Equity $81.04M $80.19M $80.19M
YoY Change 3.31% 4.78% 4.78%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$230.2K -$796.7K -$2.391M
YoY Change -59.56% 3385.01%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $42.46M -$211.7K -$976.3K
YoY Change -14235.45% 274.31%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $125.0K -$474.3K $3.822M
YoY Change -105.49% -105.1%
Cash From Investing Activities -$125.0K -$474.3K -$3.524M
YoY Change -94.51% -95.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $45.54K
YoY Change -99.94%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$42.51M 772.8K $3.822M
YoY Change -1967.12% -95.0%
NET CHANGE
Cash From Operating Activities $42.46M -211.7K -$976.3K
Cash From Investing Activities -$125.0K -474.3K -$3.524M
Cash From Financing Activities -$42.51M 772.8K $3.822M
Net Change In Cash -$172.3K 86.71K -$677.9K
YoY Change -42.65% -156.45%
FREE CASH FLOW
Cash From Operating Activities $42.46M -$211.7K -$976.3K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2022 us-gaap Use Of Estimates
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<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Estimates</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated 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 consolidated financial statements. Making estimates requires management to exercise significant judgment. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. 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. Actual results could differ from those estimates.</span></p><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Assets Held In Trust
AssetsHeldInTrust
298414 usd
CY2022 wtma Franchise Taxes
FranchiseTaxes
85232 usd
wtma Franchise Taxes
FranchiseTaxes
85232 usd
CY2021Q4 wtma Balance Amount
BalanceAmount
213182 usd
CY2022Q1 wtma Aggregate Purchase Price
AggregatePurchasePrice
45540 usd
CY2022Q1 wtma Forfeited Shares
ForfeitedShares
224328 shares
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concentration of Credit Risk</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><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; text-indent: 0.25in"><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 cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation limit. As of December 31, 2022, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such account.</span></p><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
180688 usd
CY2022 wtma Limited Exception
LimitedException
0.50 pure
CY2022Q1 us-gaap Sale Of Stock Consideration Received Per Transaction
SaleOfStockConsiderationReceivedPerTransaction
259136 usd
CY2022 us-gaap Sale Leaseback Transaction Net Proceeds Financing Activities
SaleLeasebackTransactionNetProceedsFinancingActivities
77276860 usd
us-gaap Sale Leaseback Transaction Net Proceeds Financing Activities
SaleLeasebackTransactionNetProceedsFinancingActivities
75000000 usd
CY2022 wtma Fair Value Of Public Rights At Issuance
FairValueOfPublicRightsAtIssuance
2627413 usd
wtma Fair Value Of Public Rights At Issuance
FairValueOfPublicRightsAtIssuance
2550000 usd
CY2022 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
4626437 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
4505480 usd
CY2022 wtma Accretion Of Carrying Value To Redemption Value
AccretionOfCarryingValueToRedemptionValue
9491256 usd
wtma Accretion Of Carrying Value To Redemption Value
AccretionOfCarryingValueToRedemptionValue
7055480 usd
CY2022Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
79514266 usd
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
75000000 usd
CY2022Q4 us-gaap Business Acquisition Preacquisition Contingency Amount Of Settlement
BusinessAcquisitionPreacquisitionContingencyAmountOfSettlement
199573 usd
CY2022Q4 us-gaap Financing Receivable Revolving
FinancingReceivableRevolving
205663 usd
CY2022 wtma Working Capital Loans
WorkingCapitalLoans
1500000 usd
CY2022 wtma Aggregate Underwriting Fee
AggregateUnderwritingFee
1545537 usd
CY2022 wtma Additional Underwriting Payable Per Share
AdditionalUnderwritingPayablePerShare
0.35
wtma Change In Valuation Allowance Percentage
ChangeInValuationAllowancePercentage
-0.21 pure
CY2022 wtma Income Tax Provision Percentage
IncomeTaxProvisionPercentage
-0.0818 pure
CY2022Q4 us-gaap Other Loans Payable
OtherLoansPayable
2704690 usd
CY2022Q4 wtma Share Of Common Stock
ShareOfCommonStock
1 shares
CY2022Q4 us-gaap Common Stock Convertible Conversion Price Increase
CommonStockConvertibleConversionPriceIncrease
0.01
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Other Commitment
OtherCommitment
150000000 usd
CY2022Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
10
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
12755 usd
CY2022Q4 us-gaap Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
383835 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
383835 usd
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
12755 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
383835 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
12755 usd
CY2022 us-gaap Federal State And Local Income Tax Expense Benefit Continuing Operations
FederalStateAndLocalIncomeTaxExpenseBenefitContinuingOperations
0 usd
us-gaap Federal State And Local Income Tax Expense Benefit Continuing Operations
FederalStateAndLocalIncomeTaxExpenseBenefitContinuingOperations
60739 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
371080 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
12755 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022 wtma Permanent Booktax Difference
PermanentBooktaxDifference
-0.1239 pure
wtma Permanent Booktax Difference
PermanentBooktaxDifference
0 pure
CY2022 wtma Change In Valuation Allowance Percentage
ChangeInValuationAllowancePercentage
-0.1679 pure
CY2022Q4 us-gaap Assets Held In Trust
AssetsHeldInTrust
298414 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
usd
CY2021Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
usd
CY2021Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
usd
CY2021Q4 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
usd
CY2022Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2021Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2022Q4 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2021Q4 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
usd
CY2022 wtma Forfeiture Of Shares By Sponsor To The Extent The Overallotment Option Was Not Exercised In Full
ForfeitureOfSharesBySponsorToTheExtentTheOverallotmentOptionWasNotExercisedInFull
usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
usd
us-gaap Proceeds From Sale Of Other Assets Investing Activities
ProceedsFromSaleOfOtherAssetsInvestingActivities
usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
usd
CY2021Q4 us-gaap Restricted Cash
RestrictedCash
usd
CY2022 us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
wtma Franchise Tax
FranchiseTax
usd
CY2022 wtma Initial Value Of Class A Common Stock Subject To Possible Redemption
InitialValueOfClassACommonStockSubjectToPossibleRedemption
usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
usd
CY2021Q4 us-gaap Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
usd
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
usd
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
usd
CY2022 dei Amendment Flag
AmendmentFlag
false
CY2022 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2022 dei Entity Central Index Key
EntityCentralIndexKey
0001866226

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