10-Q Filing

Angel Studios, Inc. CIK: 1865200 Q2 2022

Filing Information

Form Type	10-Q
Accession Number	`0001104659-22-091200`
Period End Date	20220630
Filing Date	20220815
Fiscal Year	2022
Fiscal Period	Q2
XBRL Instance	port-20220630x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 48 Income Statement 27 Cash Flow Statement 27 Stockholders Equity 18

Balance Sheet 48 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$1.95M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$472.62K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Prepaid expenses - current	`PrepaidExpenseCurrent`	$488.41K	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
Total Current Assets	`AssetsCurrent`	$2.03M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$961.03K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Marketable securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$234.93M	USD	Point-in-time
Marketable securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$234.60M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$235.89M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$236.63M	USD	Point-in-time
Accrued expenses	`AccruedExpenses`	$326.12K	USD	Point-in-time
Accrued expenses	`AccruedExpenses`	$213.25K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$15.09K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$155.25K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$156.55K	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`	$821.97K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.02M	USD	Point-in-time
Warrant liability	`SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares`	$2.94M	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`	$10.99M	USD	Point-in-time
Total Non-current Liabilities	`LiabilitiesNoncurrent`	$25.27M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$26.29M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$11.81M	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`	$-10.85M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-24.26M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-10.85M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-24.26M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$23.15K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	-	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-13.91M	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`	$235.89M	USD	Point-in-time

Income Statement 27 line items

Line Item	Tag	Value	Unit	Period
Insurance expense	`GeneralInsuranceExpense`	$129.06K	USD	1 Quarter
Insurance expense	`GeneralInsuranceExpense`	$258.12K	USD	2 Qtrs
Formation and offering costs	`FormationAndOfferingExpenses`	$1.85K	USD	1 Quarter
Administrative expense	`OtherGeneralAndAdministrativeExpense`	$75.50K	USD	2 Qtrs
Administrative expense	`OtherGeneralAndAdministrativeExpense`	$14.00K	USD	1 Quarter
Legal and accounting expenses	`LegalAndAccountingExpense`	$347.13K	USD	2 Qtrs
Legal and accounting expenses	`LegalAndAccountingExpense`	$83.10K	USD	1 Quarter
Franchise tax expense	`FranchiseTaxExpense`	$49.86K	USD	1 Quarter
Franchise tax expense	`FranchiseTaxExpense`	$99.18K	USD	2 Qtrs
Listing Fees	`EntityListingExpenses`	$90.12K	USD	1 Quarter
Listing Fees	`EntityListingExpenses`	$90.12K	USD	2 Qtrs
Bank fees	`BankFees`	$623.00	USD	1 Quarter
Bank fees	`BankFees`	$1.18K	USD	2 Qtrs
Total expenses	`OperatingCostsAndExpenses`	$1.85K	USD	1 Quarter
Total expenses	`OperatingCostsAndExpenses`	$871.23K	USD	2 Qtrs
Total expenses	`OperatingCostsAndExpenses`	$366.77K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-871.23K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.85K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-366.77K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-14.28M	USD	2 Qtrs
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-3.43M	USD	1 Quarter
Unrealized gain on marketable securities held in Trust Account	`UnrealizedGainLossOnInvestments`	$333.26K	USD	2 Qtrs
Unrealized gain on marketable securities held in Trust Account	`UnrealizedGainLossOnInvestments`	$310.96K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-1.85K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$10.37M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.37M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$13.74M	USD	2 Qtrs

Cash Flow Statement 27 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$13.74M	USD	2 Qtrs
Net income (loss)	`ProfitLoss`	$-1.85K	USD	1 Quarter
Unrealized gain on marketable securities held in Trust Account	`UnrealizedGainLossOnInvestments`	$333.26K	USD	2 Qtrs
Unrealized gain on marketable securities held in Trust Account	`UnrealizedGainLossOnInvestments`	$310.96K	USD	1 Quarter
Change in fair value of warrant liabilities	`ChangesInFairValueAdjustmentOfWarrants`	$-14.28M	USD	2 Qtrs
Insurance expense	`GeneralInsuranceExpense`	$129.06K	USD	1 Quarter
Insurance expense	`GeneralInsuranceExpense`	$258.12K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.85K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$253.03K	USD	2 Qtrs
Accrued offering costs	`IncreaseDecreaseInAccruedOfferingCosts`	$611.44K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$746.53K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.72M	USD	2 Qtrs
Proceeds from issuance of Class B common stock to Sponsor	`ProceedsFromIssuanceOfCommonStock`	$25.00K	USD	1 Quarter
Repayment of amounts due from related party	`ProceedsFromRelatedPartyDebt`	$83.58K	USD	2 Qtrs
Payments made by related party on behalf of the Company	`ProceedsFromRelatedPartyPaymentsMadeOnBehalfOfCompany`	$156.55K	USD	2 Qtrs
Payments made by related party on behalf of the Company	`ProceedsFromRelatedPartyPaymentsMadeOnBehalfOfCompany`	$156.55K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$25.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$240.13K	USD	2 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.48M	USD	2 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$25.00K	USD	1 Quarter
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.95M	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$472.62K	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$25.00K	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.95M	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$472.62K	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$25.00K	USD	Point-in-time
Remeasurement of Class A common stock subject to possible redemption	`RemeasurementOfClassCommonStockSubjectToPossibleRedemption`	$333.26K	USD	2 Qtrs

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance at the beginning	`StockholdersEquity`	$-10.85M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$-24.26M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$23.15K	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	-	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$-13.91M	USD	Point-in-time
Issuance of Class B common stock to Sponsor	`StockIssuedDuringPeriodValueNewIssues`	$25.00K	USD	1 Quarter
Remeasurement of Class A common stock subject to possible redemption	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$310.96K	USD	1 Quarter
Remeasurement of Class A common stock subject to possible redemption	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$333.26K	USD	2 Qtrs
Remeasurement of Class A common stock subject to possible redemption	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$22.30K	USD	1 Quarter
Net income	`NetIncomeLoss`	$-1.85K	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.37M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.37M	USD	1 Quarter
Net income	`NetIncomeLoss`	$13.74M	USD	2 Qtrs
Balance at the ending	`StockholdersEquity`	$-10.85M	USD	Point-in-time
Balance at the ending	`StockholdersEquity`	$-24.26M	USD	Point-in-time
Balance at the ending	`StockholdersEquity`	$23.15K	USD	Point-in-time
Balance at the ending	`StockholdersEquity`	-	USD	Point-in-time
Balance at the ending	`StockholdersEquity`	$-13.91M	USD	Point-in-time

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