10-Q Filing

Angel Studios, Inc. CIK: 1865200 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001104659-22-061490`
Period End Date	20220331
Filing Date	20220516
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	port-20220331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 49 Income Statement 10 Cash Flow Statement 16 Stockholders Equity 6

Balance Sheet 49 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$1.95M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$531.10K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Prepaid expenses - current	`PrepaidExpenseCurrent`	$544.53K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Due from related party	`DueFromRelatedPartiesCurrent`	$83.58K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.08M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.03M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Marketable securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$234.62M	USD	Point-in-time
Marketable securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$234.60M	USD	Point-in-time
Prepaid expenses - current	`PrepaidExpenseNoncurrent`	$98.53K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$236.63M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	5.75M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	5.75M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$235.80M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	5.75M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	5.75M	shares	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$466.63K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$213.25K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$17.65K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$15.09K	USD	Point-in-time
Accrued offering costs	`AccruedOfferingCosts`	$184.05K	USD	Point-in-time
Accrued offering costs	`AccruedOfferingCosts`	$795.49K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.02M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$668.33K	USD	Point-in-time
Warrant liability	`SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares`	$6.36M	USD	Point-in-time
Warrant liability	`SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares`	$17.22M	USD	Point-in-time
Deferred underwriting fee payable	`DeferredUnderwritingFeesNoncurrent`	$8.05M	USD	Point-in-time
Deferred underwriting fee payable	`DeferredUnderwritingFeesNoncurrent`	$8.05M	USD	Point-in-time
Total Non-current Liabilities	`LiabilitiesNoncurrent`	$14.41M	USD	Point-in-time
Total Non-current Liabilities	`LiabilitiesNoncurrent`	$25.27M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$15.08M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$26.29M	USD	Point-in-time
Commitments and Contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-24.26M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-13.91M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-13.91M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-24.26M	USD	Point-in-time
TOTAL LIABILITIES, COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$236.63M	USD	Point-in-time
TOTAL LIABILITIES, COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$235.80M	USD	Point-in-time

Income Statement 10 line items

Line Item	Tag	Value	Unit	Period
Insurance expense	`GeneralInsuranceExpense`	$129.06K	USD	1 Quarter
Administrative expense	`OtherGeneralAndAdministrativeExpense`	$61.50K	USD	1 Quarter
Legal And Accounting Expense	`LegalAndAccountingExpense`	$264.03K	USD	1 Quarter
Franchise Tax Expense	`FranchiseTaxExpense`	$49.31K	USD	1 Quarter
Bank Fees	`BankFees`	$556.00	USD	1 Quarter
Total expenses	`OperatingCostsAndExpenses`	$504.46K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-504.46K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-10.85M	USD	1 Quarter
Unrealized gain on marketable securities held in Trust Account	`UnrealizedGainLossOnInvestments`	$22.30K	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.37M	USD	1 Quarter

Cash Flow Statement 16 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$10.37M	USD	1 Quarter
Unrealized gain on marketable securities held in Trust Account	`UnrealizedGainLossOnInvestments`	$22.30K	USD	1 Quarter
Change in fair value of warrant liabilities	`ChangesInFairValueAdjustmentOfWarrants`	$-10.85M	USD	1 Quarter
Insurance expense	`GeneralInsuranceExpense`	$129.06K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$255.94K	USD	1 Quarter
Accrued offering costs	`IncreaseDecreaseInAccruedOfferingCosts`	$611.44K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$772.13K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.50M	USD	1 Quarter
Due from related party	`ProceedsFromRelatedPartyDebt`	$83.58K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$83.58K	USD	1 Quarter
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.42M	USD	1 Quarter
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$531.10K	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.95M	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$531.10K	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.95M	USD	Point-in-time
Remeasurement of Class A common stock subject to possible redemption	`RemeasurementOfClassCommonStockSubjectToPossibleRedemption`	$22.30K	USD	1 Quarter

Stockholders Equity 6 line items

Line Item	Tag	Value	Unit	Period
Balance at the beginning	`StockholdersEquity`	$-13.91M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$-24.26M	USD	Point-in-time
Less: Accretion allocation based on ownership percentage	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$22.30K	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.37M	USD	1 Quarter
Balance at the ending	`StockholdersEquity`	$-13.91M	USD	Point-in-time
Balance at the ending	`StockholdersEquity`	$-24.26M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.