2023 Q2 Form 10-Q Financial Statement

#000121390023067004 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q2
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit $11.69M
YoY Change
Gross Profit Margin
Selling, General & Admin $530.0K
YoY Change 3.31%
% of Gross Profit 4.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $946.0K
YoY Change
% of Gross Profit 8.09%
Operating Expenses $530.0K
YoY Change 3.31%
Operating Profit -$525.5K
YoY Change 2.45%
Interest Expense $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $350.0K
YoY Change -18.43%
Pretax Income -$360.0K
YoY Change -135.8%
Income Tax $25.68K
% Of Pretax Income
Net Earnings -$386.1K
YoY Change -139.99%
Net Earnings / Revenue
Basic Earnings Per Share -$0.03
Diluted Earnings Per Share -$0.05
COMMON SHARES
Basic Shares Outstanding 21.80M
Diluted Shares Outstanding 21.80M

Balance Sheet

Concept 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00
YoY Change -100.0%
Cash & Equivalents $25.00K
Short-Term Investments
Other Short-Term Assets $200.0K
YoY Change -29.65%
Inventory
Prepaid Expenses $220.5K
Receivables
Other Receivables
Total Short-Term Assets $245.5K
YoY Change -86.04%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $15.70M
YoY Change -93.04%
Other Assets
YoY Change
Total Long-Term Assets $15.71M
YoY Change -93.04%
TOTAL ASSETS
Total Short-Term Assets $245.5K
Total Long-Term Assets $15.71M
Total Assets $15.95M
YoY Change -92.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $1.364M
YoY Change 685.4%
Deferred Revenue
YoY Change
Short-Term Debt $9.500M
YoY Change 37.64%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.91M
YoY Change 27.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $3.500M
YoY Change 17.47%
Total Long-Term Liabilities $3.500M
YoY Change 17.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.91M
Total Long-Term Liabilities $3.500M
Total Liabilities $14.42M
YoY Change 24.96%
SHAREHOLDERS EQUITY
Retained Earnings -$14.29M
YoY Change 52.84%
Common Stock $554.00
YoY Change 925.93%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$13.99M
YoY Change
Total Liabilities & Shareholders Equity $15.95M
YoY Change -92.99%

Cashflow Statement

Concept 2023 Q2
OPERATING ACTIVITIES
Net Income -$386.1K
YoY Change -139.99%
Depreciation, Depletion And Amortization $946.0K
YoY Change
Cash From Operating Activities $0.00
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00
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 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 0.000
Cash From Investing Activities 0.000
Cash From Financing Activities 0.000
Net Change In Cash 0.000
YoY Change -100.0%
FREE CASH FLOW
Cash From Operating Activities $0.00
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 and six months ended June 30, 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.</span></p>
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us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
26000 usd
CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation Deductions
EffectiveIncomeTaxRateReconciliationDeductions
-0.071 pure
us-gaap Effective Income Tax Rate Reconciliation Deductions
EffectiveIncomeTaxRateReconciliationDeductions
-0.013 pure
CY2022Q2 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
40000 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
40000 usd
CY2021Q1 cffe Issued And Outstanding Shares Percentage
IssuedAndOutstandingSharesPercentage
0.20 pure
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
29000 usd
CY2021Q1 us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
the Company effected a 1.1-for-1 stock split.
CY2021Q1 cffe Initial Shareholders Holding Percentage
InitialShareholdersHoldingPercentage
0.20 pure
CY2023Q2 us-gaap Shares Outstanding
SharesOutstanding
733400 shares
us-gaap Other General Expense
OtherGeneralExpense
10000 usd
CY2023Q2 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
30000 usd
CY2022Q2 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
30000 usd
us-gaap Administrative Fees Expense
AdministrativeFeesExpense
60000 usd
us-gaap Administrative Fees Expense
AdministrativeFeesExpense
60000 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
CY2023Q1 cffe Third Extension Loan
ThirdExtensionLoan
344781 usd
cffe Face Amounts Loans
FaceAmountsLoans
9941000 usd
CY2022Q4 cffe Face Amounts Loans
FaceAmountsLoans
8500000 usd
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.
us-gaap Warrant Exercise Price Decrease
WarrantExercisePriceDecrease
0.01
CY2023Q2 us-gaap Share Price
SharePrice
18
CY2023Q2 cffe Fps Commitment
FPSCommitment
10000000 usd
CY2023Q2 us-gaap Commitments Fair Value Disclosure
CommitmentsFairValueDisclosure
10000000 usd
cffe Business Combination
BusinessCombination
0.80 pure
CY2022Q4 cffe Business Combination
BusinessCombination
0.80 pure
cffe Interest Expense Mandatorily Redeemable Securities
InterestExpenseMandatorilyRedeemableSecurities
usd
us-gaap Other Income
OtherIncome
usd
CY2023Q1 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
usd
us-gaap Share Based Compensation
ShareBasedCompensation
usd
us-gaap Interest Expense Other
InterestExpenseOther
usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
usd
us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
usd
cffe Prepaid Expenses Paid With Payables To Related Party
PrepaidExpensesPaidWithPayablesToRelatedParty
usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001839530

Files In Submission

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cffe-20230630_def.xml Edgar Link unprocessable
cffe-20230630_lab.xml Edgar Link unprocessable
cffe-20230630_pre.xml Edgar Link unprocessable
0001213900-23-067004-index-headers.html Edgar Link pending
0001213900-23-067004-index.html Edgar Link pending
0001213900-23-067004.txt Edgar Link pending
0001213900-23-067004-xbrl.zip Edgar Link pending
cffe-20230630.xsd Edgar Link pending
f10q0623ex31-1_cfacq8.htm Edgar Link pending
f10q0623ex31-2_cfacq8.htm Edgar Link pending
f10q0623ex32-1_cfacq8.htm Edgar Link pending
f10q0623ex32-2_cfacq8.htm Edgar Link pending
f10q0623_cfacquisition8.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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report.css Edgar Link pending
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cffe-20230630_cal.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
f10q0623_cfacquisition8_htm.xml Edgar Link completed