2023 Q1 Form 10-Q Financial Statement
#000121390023039788 Filed on May 15, 2023
Income Statement
Concept | 2023 Q1 | 2022 Q1 |
---|---|---|
Revenue | $0.00 | $0.00 |
YoY Change | ||
Cost Of Revenue | ||
YoY Change | ||
Gross Profit | $9.460M | |
YoY Change | ||
Gross Profit Margin | ||
Selling, General & Admin | $609.6K | $413.8K |
YoY Change | 47.31% | 300.18% |
% of Gross Profit | 6.44% | |
Research & Development | ||
YoY Change | ||
% of Gross Profit | ||
Depreciation & Amortization | $910.0K | |
YoY Change | ||
% of Gross Profit | 9.62% | |
Operating Expenses | $609.6K | $413.8K |
YoY Change | 47.31% | 300.18% |
Operating Profit | -$609.6K | -$413.8K |
YoY Change | 47.31% | |
Interest Expense | $85.15K | $53.77K |
YoY Change | 58.36% | -102.89% |
% of Operating Profit | ||
Other Income/Expense, Net | $100.0K | $3.772M |
YoY Change | -97.35% | 2635.23% |
Pretax Income | -$1.594M | $3.412M |
YoY Change | -146.7% | -287.18% |
Income Tax | $100.0K | |
% Of Pretax Income | ||
Net Earnings | -$1.594M | $3.412M |
YoY Change | -146.7% | -287.17% |
Net Earnings / Revenue | ||
Basic Earnings Per Share | -$0.11 | |
Diluted Earnings Per Share | -$0.17 | $110.3K |
COMMON SHARES | ||
Basic Shares Outstanding | 21.80M | |
Diluted Shares Outstanding | 21.80M |
Balance Sheet
Concept | 2023 Q1 | 2022 Q1 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $25.00K | $25.00K |
YoY Change | 0.0% | 0.0% |
Cash & Equivalents | $25.00K | $25.00K |
Short-Term Investments | ||
Other Short-Term Assets | $460.6K | $44.63K |
YoY Change | 932.0% | -95.32% |
Inventory | ||
Prepaid Expenses | $460.6K | |
Receivables | ||
Other Receivables | ||
Total Short-Term Assets | $485.6K | $69.63K |
YoY Change | 597.37% | -92.88% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | ||
YoY Change | ||
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | $15.47M | $225.6M |
YoY Change | -93.14% | -9.75% |
Other Assets | $570.8K | |
YoY Change | ||
Total Long-Term Assets | $15.47M | $226.2M |
YoY Change | -93.16% | -9.52% |
TOTAL ASSETS | ||
Total Short-Term Assets | $485.6K | $69.63K |
Total Long-Term Assets | $15.47M | $226.2M |
Total Assets | $15.96M | $226.3M |
YoY Change | -92.95% | -9.85% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | ||
YoY Change | ||
Accrued Expenses | $1.340M | $815.5K |
YoY Change | 64.34% | 3744.88% |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $9.121M | $5.452M |
YoY Change | 67.28% | 972.85% |
Long-Term Debt Due | ||
YoY Change | ||
Total Short-Term Liabilities | $10.60M | $6.889M |
YoY Change | 53.92% | 1141.14% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Other Long-Term Liabilities | $3.434M | $4.066M |
YoY Change | -15.56% | -59.49% |
Total Long-Term Liabilities | $3.434M | $4.066M |
YoY Change | -15.56% | -59.49% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $10.60M | $6.889M |
Total Long-Term Liabilities | $3.434M | $4.066M |
Total Liabilities | $14.04M | $10.95M |
YoY Change | 28.13% | 3.43% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$13.90M | |
YoY Change | ||
Common Stock | $554.00 | |
YoY Change | ||
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | -$13.45M | -$10.31M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $15.96M | $226.3M |
YoY Change | -92.95% | -9.85% |
Cashflow Statement
Concept | 2023 Q1 | 2022 Q1 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$1.594M | $3.412M |
YoY Change | -146.7% | -287.17% |
Depreciation, Depletion And Amortization | $910.0K | |
YoY Change | ||
Cash From Operating Activities | ||
YoY Change | ||
INVESTING ACTIVITIES | ||
Capital Expenditures | $622.0K | |
YoY Change | ||
Acquisitions | ||
YoY Change | ||
Other Investing Activities | $16.32M | $24.40M |
YoY Change | -33.11% | -109.76% |
Cash From Investing Activities | $16.32M | $24.40M |
YoY Change | -33.11% | -109.76% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | -$16.34M | -24.40M |
YoY Change | -33.04% | -109.76% |
NET CHANGE | ||
Cash From Operating Activities | ||
Cash From Investing Activities | $16.32M | 24.40M |
Cash From Financing Activities | -$16.34M | -24.40M |
Net Change In Cash | -$16.15K | $0.00 |
YoY Change | ||
FREE CASH FLOW | ||
Cash From Operating Activities | ||
Capital Expenditures | $622.0K | |
Free Cash Flow | -$622.0K | |
YoY Change |
Facts In Submission
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---|---|---|---|---|
CY2023Q1 | dei |
Document Type
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10-Q | |
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true | |
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Document Period End Date
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2023-03-31 | |
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Document Fiscal Year Focus
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2023 | |
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Document Transition Report
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false | |
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DE | |
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001-40206 | |
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Entity Tax Identification Number
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85-2002883 | |
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110 East 59th Street | |
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New York | |
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NY | |
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10022 | |
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(212) | |
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938-5000 | |
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|
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|
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Sponsor Fees
SponsorFees
|
79000 | usd |
CY2023Q1 | us-gaap |
Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
|
1750000 | usd |
CY2022Q2 | cffe |
Working Capital Loan
WorkingCapitalLoan
|
1000000 | usd |
CY2022Q4 | cffe |
Working Capital Loan
WorkingCapitalLoan
|
750000 | usd |
CY2023Q2 | cffe |
Extensions Loan
ExtensionsLoan
|
344781 | usd |
CY2023Q1 | cffe |
Working Capital Loan
WorkingCapitalLoan
|
500000 | usd |
CY2023Q1 | cffe |
Face Amounts Loan
FaceAmountsLoan
|
9121000 | usd |
CY2022Q4 | cffe |
Face Amounts Loan
FaceAmountsLoan
|
8500000 | usd |
CY2023Q1 | us-gaap |
Other Expenses
OtherExpenses
|
100000 | usd |
CY2023Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of Estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of unaudited condensed 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 and the reported amounts of revenues and expenses during the reporting period. 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 consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in these unaudited condensed consolidated financial statements is the determination of the fair value of the warrant liability, FPS liability and sponsor loans liability. Such estimates may be subject to change as more current information becomes available and accordingly, the actual results could differ significantly from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> | |
CY2023Q1 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Concentration of Credit Risk</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal Deposit Insurance Corporation maximum coverage limit of $250,000, and cash equivalents held in the Trust Account. Any loss incurred or lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations and cash flows. For the three months ended March 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 accounts.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> | |
CY2023Q1 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
250000 | usd |
CY2023Q1 | us-gaap |
Interest Expense Other
InterestExpenseOther
|
248396 | usd |
CY2023Q1 | us-gaap |
Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
|
0 | usd |
CY2022Q1 | us-gaap |
Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
|
0 | usd |
CY2021Q1 | cffe |
Issued And Outstanding Shares Percentage
IssuedAndOutstandingSharesPercentage
|
0.20 | pure |
CY2021Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
29000 | usd |
CY2021Q1 | us-gaap |
Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
|
On March 11, 2021, the Company effected a 1.1-for-1 stock split. | |
CY2021Q1 | cffe |
Initial Shareholders Holding Percentage
InitialShareholdersHoldingPercentage
|
0.20 | pure |
CY2023Q1 | us-gaap |
Shares Outstanding
SharesOutstanding
|
733400 | shares |
CY2023Q1 | us-gaap |
Other General Expense
OtherGeneralExpense
|
10000 | usd |
CY2023Q1 | us-gaap |
Administrative Fees Expense
AdministrativeFeesExpense
|
30000 | usd |
CY2022Q1 | us-gaap |
Administrative Fees Expense
AdministrativeFeesExpense
|
30000 | usd |
CY2023Q1 | cffe |
Working Capital Loan
WorkingCapitalLoan
|
500000 | usd |
CY2022Q3 | cffe |
Second Extension Loan
SecondExtensionLoan
|
976832 | usd |
CY2022Q3 | cffe |
Public Share Per Share
PublicSharePerShare
|
0.33 | |
CY2023Q2 | cffe |
Third Extension Loan
ThirdExtensionLoan
|
344781 | usd |
CY2023Q1 | cffe |
Face Amounts Loans
FaceAmountsLoans
|
9121000 | usd |
CY2022Q4 | cffe |
Face Amounts Loans
FaceAmountsLoans
|
8500000 | usd |
CY2023Q1 | cffe |
Aggregate Converted Basis Percentage
AggregateConvertedBasisPercentage
|
0.20 | pure |
CY2021Q1 | us-gaap |
Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
|
the Company effected a 1.1-for-1 stock split | |
CY2023Q1 | cffe |
Public Warrants Term
PublicWarrantsTerm
|
P5Y | |
CY2023Q1 | us-gaap |
Debt Instrument Redemption Description
DebtInstrumentRedemptionDescription
|
●in whole and not in part; ● at a price of $0.01 per warrant; ● at any time during the exercise period; ● upon a minimum of 30 days’ prior written notice of redemption; ● if, and only if, the last reported sale price of the Company’s common stock equals or exceeds $18.00 per share for any 20-trading days within a 30-trading day period ending on the third business day prior to the date on which the Company sends the notice of redemption to the warrant holders; and ● if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants. | |
CY2023Q1 | us-gaap |
Warrant Exercise Price Decrease
WarrantExercisePriceDecrease
|
0.01 | |
CY2023Q1 | us-gaap |
Share Price
SharePrice
|
18 | |
CY2023Q1 | cffe |
Fps Commitment
FPSCommitment
|
10000000 | usd |
CY2023Q1 | us-gaap |
Commitments Fair Value Disclosure
CommitmentsFairValueDisclosure
|
10000000 | usd |
CY2023Q1 | cffe |
Business Combination
BusinessCombination
|
0.80 | pure |
CY2022 | cffe |
Business Combination
BusinessCombination
|
0.80 | pure |
CY2023Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
CF Acquisition Corp. VIII | |
CY2022Q4 | us-gaap |
Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
|
usd | |
CY2023Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
usd | |
CY2022Q4 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
usd | |
CY2023Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
CY2022Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
CY2023Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
usd | |
CY2022Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
usd | |
CY2023Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
CY2022Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
CY2023Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
CY2022Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
CY2023Q1 | cffe |
Share Conversion1
ShareConversion1
|
usd | |
CY2023Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
usd | |
CY2022Q1 | us-gaap |
Interest Expense Debt
InterestExpenseDebt
|
usd | |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
usd | |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
usd | |
CY2022Q1 | us-gaap |
Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
|
usd | |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
usd | |
CY2022Q1 | cffe |
Prepaid Expenses Paid With Payables To Related Party
PrepaidExpensesPaidWithPayablesToRelatedParty
|
usd | |
CY2023Q1 | dei |
Amendment Flag
AmendmentFlag
|
false | |
CY2023Q1 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
CY2023Q1 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
CY2023Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001839530 |