10-Q Filing

Angel Studios, Inc. CIK: 1865200 Q3 2022

Filing Information

Form Type	10-Q
Accession Number	`0001104659-22-118656`
Period End Date	20220930
Filing Date	20221114
Fiscal Year	2022
Fiscal Period	Q3
XBRL Instance	port-20220930x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 35 Cash Flow Statement 30 Stockholders Equity 32

Balance Sheet 54 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$1.95M	USD	Point-in-time
Cash	`Cash`	$2.03M	USD	Point-in-time
Cash	`Cash`	$173.39K	USD	Point-in-time
Prepaid expenses - current	`PrepaidExpenseCurrent`	$359.34K	USD	Point-in-time
Preferred stock, par value (In dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (In dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Due from related party	`DueFromRelatedPartiesCurrent`	$83.58K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$532.73K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.03M	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`	$234.60M	USD	Point-in-time
Marketable securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$236.00M	USD	Point-in-time
Total Non-Current Assets	`AssetsNoncurrent`	$234.60M	USD	Point-in-time
Total Non-Current Assets	`AssetsNoncurrent`	$236.00M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$236.63M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$236.53M	USD	Point-in-time
Accrued expenses	`AccruedExpenses`	$213.25K	USD	Point-in-time
Accrued expenses	`AccruedExpenses`	$335.14K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$70.43K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$15.09K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$156.55K	USD	Point-in-time
Accrued offering costs	`AccruedOfferingCosts`	$795.49K	USD	Point-in-time
Accrued offering costs	`AccruedOfferingCosts`	$184.05K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$746.18K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.02M	USD	Point-in-time
Warrant liability	`SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares`	$2.34M	USD	Point-in-time
Warrant liability	`SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares`	$17.22M	USD	Point-in-time
Deferred underwriting fee payable	`DeferredUnderwritingFeesNoncurrent`	$8.05M	USD	Point-in-time
Total Non-Current Liabilities	`LiabilitiesNoncurrent`	$2.34M	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`	$3.09M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A common stock subject to possible redemption; 200,000,000 shares authorized; 23,000,000 shares issued and outstanding subject to possible redemption at redemption value	`TemporaryEquityCarryingAmountAttributableToParent`	$236.00M	USD	Point-in-time
Class A common stock subject to possible redemption; 200,000,000 shares authorized; 23,000,000 shares issued and outstanding subject to possible redemption at redemption value	`TemporaryEquityCarryingAmountAttributableToParent`	$234.60M	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`	$-2.56M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-10.85M	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`	$-2.56M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$22.55K	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`	$236.53M	USD	Point-in-time
TOTAL LIABILITIES, COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$236.63M	USD	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
Insurance expense	`GeneralInsuranceExpense`	$387.19K	USD	3 Qtrs
Insurance expense	`GeneralInsuranceExpense`	$129.06K	USD	1 Quarter
Formation and offering costs	`FormationAndOfferingExpenses`	$2.45K	USD	2 Qtrs
Formation and offering costs	`FormationAndOfferingExpenses`	$598.00	USD	1 Quarter
Administrative expense	`OtherGeneralAndAdministrativeExpense`	$25.89K	USD	1 Quarter
Administrative expense	`OtherGeneralAndAdministrativeExpense`	$101.39K	USD	3 Qtrs
Legal and accounting expenses	`LegalAndAccountingExpense`	$82.70K	USD	1 Quarter
Legal and accounting expenses	`LegalAndAccountingExpense`	$429.83K	USD	3 Qtrs
Franchise tax expense	`FranchiseTaxExpense`	$149.59K	USD	3 Qtrs
Franchise tax expense	`FranchiseTaxExpense`	$50.41K	USD	1 Quarter
Listing Fees	`EntityListingExpenses`	$153.87K	USD	3 Qtrs
Listing Fees	`EntityListingExpenses`	$63.75K	USD	1 Quarter
Bank fees	`BankFees`	$685.00	USD	1 Quarter
Bank fees	`BankFees`	$1.86K	USD	3 Qtrs
Total expenses	`OperatingCostsAndExpenses`	$1.22M	USD	3 Qtrs
Total expenses	`OperatingCostsAndExpenses`	$352.51K	USD	1 Quarter
Total expenses	`OperatingCostsAndExpenses`	$2.45K	USD	2 Qtrs
Total expenses	`OperatingCostsAndExpenses`	$598.00	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-352.51K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.22M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-2.45K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-598.00	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-14.87M	USD	3 Qtrs
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-593.00K	USD	1 Quarter
Dividend income on marketable securities held in Trust Account	`InvestmentIncomeDividend`	$408.36K	USD	3 Qtrs
Dividend income on marketable securities held in Trust Account	`InvestmentIncomeDividend`	$408.36K	USD	1 Quarter
Unrealized gain on marketable securities held in Trust Account	`UnrealizedGainLossOnInvestments`	$990.87K	USD	3 Qtrs
Unrealized gain on marketable securities held in Trust Account	`UnrealizedGainLossOnInvestments`	$657.61K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-2.45K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.31M	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`	$-598.00	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$15.05M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$3.37M	USD	1 Quarter

Cash Flow Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$-2.45K	USD	2 Qtrs
Net income (loss)	`ProfitLoss`	$15.05M	USD	3 Qtrs
Unrealized gain on marketable securities held in Trust Account	`UnrealizedGainLossOnInvestments`	$990.87K	USD	3 Qtrs
Unrealized gain on marketable securities held in Trust Account	`UnrealizedGainLossOnInvestments`	$657.61K	USD	1 Quarter
Dividend income on marketable securities held in Trust Account	`InvestmentIncomeDividend`	$408.36K	USD	3 Qtrs
Dividend income on marketable securities held in Trust Account	`InvestmentIncomeDividend`	$408.36K	USD	1 Quarter
Change in fair value of warrant liabilities	`ChangesInFairValueAdjustmentOfWarrants`	$-14.87M	USD	3 Qtrs
Insurance expense	`GeneralInsuranceExpense`	$387.19K	USD	3 Qtrs
Insurance expense	`GeneralInsuranceExpense`	$129.06K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.85K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$177.24K	USD	3 Qtrs
Accrued offering costs	`IncreaseDecreaseInAccruedOfferingCosts`	$611.44K	USD	3 Qtrs
Payments made by related party on behalf of the Company	`IncreaseDecreaseInFromRelatedPartyPaymentsMadeOnBehalfOfCompany`	$156.55K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$746.53K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.86M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-599.00	USD	2 Qtrs
Proceeds from issuance of Class B common stock to Sponsor	`ProceedsFromIssuanceOfCommonStock`	$25.00K	USD	2 Qtrs
Receipt of amounts due from related party	`ProceedsFromRelatedPartyDebt`	$83.58K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$83.58K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$25.00K	USD	2 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$24.40K	USD	2 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.78M	USD	3 Qtrs
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.40K	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.95M	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$173.39K	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.40K	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.95M	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$173.39K	USD	Point-in-time
Remeasurement of Class A common stock subject to possible redemption	`RemeasurementOfClassCommonStockSubjectToPossibleRedemption`	$1.40M	USD	3 Qtrs
Gain on waiver of deferred underwriting fee	`GainOnWaiverOfDeferredUnderwritingFees`	$8.05M	USD	3 Qtrs

Stockholders Equity 32 line items

Line Item	Tag	Value	Unit	Period
Balance at the beginning	`StockholdersEquity`	$-10.85M	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`	$-2.56M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$22.55K	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$-13.91M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$-24.26M	USD	Point-in-time
Temporary Equity, Balance at the beginning	`TemporaryEquityCarryingAmountAttributableToParent`	$236.00M	USD	Point-in-time
Temporary Equity, Balance at the beginning	`TemporaryEquityCarryingAmountAttributableToParent`	$234.60M	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`	$1.07M	USD	1 Quarter
Remeasurement of Class A common stock subject to possible redemption	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$22.30K	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`	$27.99M	USD	Annual
Remeasurement of Class A common stock subject to possible redemption	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$1.40M	USD	3 Qtrs
Gain on waiver of deferred underwriting fee	`AccumulatedDeficitGainOnWaiverOfDeferredUnderwritingFees`	$8.05M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-2.45K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.31M	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`	$-598.00	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$15.05M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$3.37M	USD	1 Quarter
Balance at the ending	`StockholdersEquity`	$-10.85M	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`	$-2.56M	USD	Point-in-time
Balance at the ending	`StockholdersEquity`	$22.55K	USD	Point-in-time
Balance at the ending	`StockholdersEquity`	$-13.91M	USD	Point-in-time
Balance at the ending	`StockholdersEquity`	$-24.26M	USD	Point-in-time
Temporary Equity, Balance at the ending	`TemporaryEquityCarryingAmountAttributableToParent`	$236.00M	USD	Point-in-time
Temporary Equity, Balance at the ending	`TemporaryEquityCarryingAmountAttributableToParent`	$234.60M	USD	Point-in-time

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