$YOTA
Yotta Acquisition Corp

2023 Q3 Form 10-Q Financial Statement

#000182912623006163 Filed on September 18, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $271.7K $390.0K
YoY Change 61.79% 187.72%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $271.7K $390.0K
YoY Change 61.79% 187.72%
Operating Profit -$271.7K -$393.9K
YoY Change 61.79% 190.6%
Interest Expense $562.2K $790.0K
YoY Change 8.15% 467.61%
% of Operating Profit
Other Income/Expense, Net $635.1K
YoY Change
Pretax Income $925.6K $399.3K
YoY Change 163.04% 10899.81%
Income Tax $59.10K $160.4K
% Of Pretax Income 6.38% 40.17%
Net Earnings $866.5K $238.9K
YoY Change 249.25% -1281.54%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.12 $0.03
COMMON SHARES
Basic Shares Outstanding 7.304M shares 7.304M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $688.1K $500.0K
YoY Change 93.97% 29.37%
Cash & Equivalents $688.1K $460.2K
Short-Term Investments
Other Short-Term Assets $17.50K $0.00
YoY Change -89.52% -100.0%
Inventory
Prepaid Expenses $17.50K $11.21K
Receivables
Other Receivables
Total Short-Term Assets $705.6K $471.4K
YoY Change 35.24% -25.87%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $43.54M $43.00M
YoY Change -62.36% -62.65%
Other Assets
YoY Change
Total Long-Term Assets $43.54M $42.96M
YoY Change -62.36% -62.69%
TOTAL ASSETS
Total Short-Term Assets $705.6K $471.4K
Total Long-Term Assets $43.54M $42.96M
Total Assets $44.24M $43.43M
YoY Change -61.92% -62.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $1.394M $1.207M
YoY Change 2455.08% 4456.38%
Deferred Revenue
YoY Change
Short-Term Debt $1.625M $1.300M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $40.46M $4.355M
YoY Change 16480.41% 4932.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.025M $4.000M
YoY Change 0.0% -0.62%
Total Long-Term Liabilities $4.025M $4.000M
YoY Change 0.0% -0.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $40.46M $4.355M
Total Long-Term Liabilities $4.025M $4.000M
Total Liabilities $44.48M $8.380M
YoY Change 941.95% 103.82%
SHAREHOLDERS EQUITY
Retained Earnings -$7.977M -$7.909M
YoY Change 112.87% 127.54%
Common Stock $321.00 $321.00
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$7.977M -$7.909M
YoY Change
Total Liabilities & Shareholders Equity $44.24M $43.43M
YoY Change -61.92% -62.48%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $866.5K $238.9K
YoY Change 249.25% -1281.54%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $522.2K -$500.0K
YoY Change -1744.66% 40.96%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$19.20K $76.38M
YoY Change -166.42%
Cash From Investing Activities -$19.20K $76.38M
YoY Change -166.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -275.1K -75.82M
YoY Change -165.59%
NET CHANGE
Cash From Operating Activities 522.2K -500.0K
Cash From Investing Activities -19.20K 76.38M
Cash From Financing Activities -275.1K -75.82M
Net Change In Cash 227.9K 60.00K
YoY Change -817.73% -74.52%
FREE CASH FLOW
Cash From Operating Activities $522.2K -$500.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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RemeasurementOfCommonStockToRedemptionsValue
2633244 usd
YOTAU Remeasurement Of Common Stock To Redemptions Value
RemeasurementOfCommonStockToRedemptionsValue
15345955 usd
YOTAU Excise Tax Payable
ExciseTaxPayable
763224 usd
YOTAU Transaction Costs
TransactionCosts
6764402 usd
YOTAU Underwriting Fees
UnderwritingFees
2300000 usd
YOTAU Deferred Underwriting Fees
DeferredUnderwritingFees
4025000 usd
YOTAU Other Offering Costs
OtherOfferingCosts
439402 usd
CY2022Q2 YOTAU Proceeds From Ipo And Private Placement
ProceedsFromIpoAndPrivatePlacement
115000000 usd
YOTAU Percentage Of Asset Held In Trust Account
PercentageOfAssetHeldInTrustAccount
0.80 pure
CY2023Q2 YOTAU Business Combination Percentage Of Voting Securities
BusinessCombinationPercentageOfVotingSecurities
0.50 pure
CY2023Q2 YOTAU Net Tangible Assets
NetTangibleAssets
5000001 usd
CY2023Q2 us-gaap Deposits
Deposits
1000000 usd
CY2023Q2 us-gaap Share Price
SharePrice
0.10
YOTAU Aggregate Amount
AggregateAmount
2000000 usd
CY2023Q2 us-gaap Deposits
Deposits
120000 usd
CY2023Q2 YOTAU Stockholders Vote
StockholdersVote
7414905 shares
CY2023Q2 YOTAU Redemption Value
RedemptionValue
76322364 usd
YOTAU Issued Shares Description
IssuedSharesDescription
the Company will issue 17.5 million shares of common stock to the former security holders of the Target. In addition, the stockholders of the Target are entitled to receive an additional 5.0 million shares of common stock (current valuation of $50.0 million) based on achieving certain revenue targets for 2024 and 5 million shares of common stock (current valuation of $50 million) based on achieving certain revenue targets for 2025. In the event the Company or the Target validly terminates the Agreement because of a default by the other, a breakup fee of $3.0 million will be due to the terminating party.
CY2023Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
575000 usd
CY2023Q1 us-gaap Deposits
Deposits
1150000 usd
CY2023Q1 YOTAU Aggregate Principal Amount
AggregatePrincipalAmount
250000 usd
CY2023Q2 us-gaap Deposits
Deposits
120000 usd
CY2023Q2 YOTAU Cover Working Capital
CoverWorkingCapital
80000 usd
CY2023Q2 us-gaap Deposits
Deposits
120000 usd
CY2023Q2 YOTAU Cover Working Capital
CoverWorkingCapital
80000 usd
CY2023Q2 us-gaap Deposits
Deposits
120000 usd
CY2023Q2 us-gaap Liabilities Subject To Compromise Early Contract Termination Fees
LiabilitiesSubjectToCompromiseEarlyContractTerminationFees
3000000 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
460209 usd
CY2023Q2 YOTAU Working Capital Deficit
WorkingCapitalDeficit
3399349 usd
CY2023Q2 us-gaap Deposits
Deposits
120000 usd
CY2023Q2 us-gaap Deposits
Deposits
120000 usd
CY2023Q2 us-gaap Deposits
Deposits
120000 usd
CY2023Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
763224 usd
CY2022 YOTAU Proceeds Allocated To Public Rights
ProceedsAllocatedToPublicRights
-8280000 usd
CY2022 YOTAU Offering Costs Of Public Shares
OfferingCostsOfPublicShares
-6236777 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_847_eus-gaap--UseOfEstimates_zkCjZhA2VCmh" 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><span id="xdx_86B_zrDQvJXODSrj">Use of Estimates</span></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"> </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">In preparing these unaudited condensed financial statements in conformity with U.S. GAAP, the Company’s management makes 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 expenses during the reporting period.</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"> </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">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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q2 us-gaap Cash
Cash
460209 usd
CY2022Q4 us-gaap Cash
Cash
235864 usd
CY2023Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022 YOTAU Accretion Of Carrying Value To Redemption Value
AccretionOfCarryingValueToRedemptionValue
16858238 usd
CY2022 YOTAU Common Stock Subject To Possible Redemption
CommonStockSubjectToPossibleRedemption
116651461 usd
YOTAU Accretion Of Carrying Value To Redemption Value
AccretionOfCarryingValueToRedemptionValue
2633244 usd
YOTAU Payments To Redeemed Public Stockholders
PaymentsToRedeemedPublicStockholders
76322364 usd
YOTAU Common Stock Subject To Possible Redemption
CommonStockSubjectToPossibleRedemption
42962341 usd
us-gaap Share Based Compensation
ShareBasedCompensation
0 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
16666 shares
us-gaap Stock Issued During Period Value Share Based Compensation Forfeited
StockIssuedDuringPeriodValueShareBasedCompensationForfeited
123900 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.38
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.4017 pure
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.5722 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000 pure
us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.21 pure
us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.21 pure
CY2023Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q2 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0 usd
CY2022Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84D_eus-gaap--ConcentrationRiskCreditRisk_zTuk5RFGp6Pa" 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><span id="xdx_86B_zoMzrXIMnlfi">Concentration of Credit Risk</span></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"> </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 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_903_eus-gaap--CashFDICInsuredAmount_c20230630_pp0p0" title="Federal Depository Insurance coverage">250,000</span>. 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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11843500 shares
CY2022Q2 YOTAU Proceeds From Ipo And Private Placement
ProceedsFromIpoAndPrivatePlacement
115000000 usd
CY2022 YOTAU Gross Proceeds From Initial Public Offering
GrossProceedsFromInitialPublicOffering
115000000 usd
CY2022 YOTAU Proceeds Allocated To Public Warrants
ProceedsAllocatedToPublicWarrants
-690000 usd
CY2023Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
575000 usd
CY2023Q2 us-gaap Deposits
Deposits
120000 usd
CY2023Q2 YOTAU Cover Working Capital
CoverWorkingCapital
80000 usd
CY2023Q2 us-gaap Deposits
Deposits
120000 usd
CY2023Q2 YOTAU Cover Working Capital
CoverWorkingCapital
80000 usd
CY2023Q2 YOTAU Promissory Note Related Party
PromissoryNoteRelatedParty
1265000 usd
CY2022Q4 YOTAU Promissory Note Related Party
PromissoryNoteRelatedParty
0 usd
YOTAU Working Capital Loans
WorkingCapitalLoans
0 usd
CY2022 YOTAU Working Capital Loans
WorkingCapitalLoans
0 usd
CY2022Q2 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
10000 usd
CY2023Q2 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
30000 usd
us-gaap Administrative Fees Expense
AdministrativeFeesExpense
60000 usd
CY2023Q2 us-gaap Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
60000 usd
CY2022Q4 us-gaap Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
80000 usd
CY2023Q2 YOTAU Initial Public Offering Filings Fee
InitialPublicOfferingFilingsFee
2050 usd
YOTAU Initial Public Offering Filings Fee
InitialPublicOfferingFilingsFee
3400 usd
CY2022Q2 YOTAU Initial Public Offering Filings Fee
InitialPublicOfferingFilingsFee
3550 usd
YOTAU Initial Public Offering Filings Fee
InitialPublicOfferingFilingsFee
18550 usd
YOTAU Periodic Compliance Filings Fee
PeriodicComplianceFilingsFee
1000 usd
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3218499 shares
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3218499 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3218499 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3218499 shares
CY2023Q2 us-gaap Liabilities Subject To Compromise Early Contract Termination Fees
LiabilitiesSubjectToCompromiseEarlyContractTerminationFees
3000000 usd

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