10-K Filing

Angel Studios, Inc. CIK: 1865200 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001104659-23-066186`
Period End Date	20221231
Filing Date	20230530
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	port-20221231x10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 50 Income Statement 29 Cash Flow Statement 47 Stockholders Equity 24

Balance Sheet 50 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$50.86K	USD	Point-in-time
Cash	`Cash`	$2.03M	USD	Point-in-time
Cash	`Cash`	$1.95M	USD	Point-in-time
Preferred stock, par value (In dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses - current	`PrepaidExpenseCurrent`	$227.59K	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`	$278.45K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.03M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	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
Cash and marketable securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$234.60M	USD	Point-in-time
Cash and marketable securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$237.98M	USD	Point-in-time
Total Non-current Assets	`AssetsNoncurrent`	$234.60M	USD	Point-in-time
Total Non-current Assets	`AssetsNoncurrent`	$237.98M	USD	Point-in-time
Total Assets	`Assets`	$238.26M	USD	Point-in-time
Total Assets	`Assets`	$236.63M	USD	Point-in-time
Accrued expenses	`AccruedExpenses`	$681.39K	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`	$97.99K	USD	Point-in-time
Accrued offering costs	`AccruedOfferingCosts`	$184.05K	USD	Point-in-time
Accrued offering costs	`AccruedOfferingCosts`	$795.49K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$244.55K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.02M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.21M	USD	Point-in-time
Warrant Liability	`SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares`	$17.22M	USD	Point-in-time
Warrant Liability	`SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares`	$527.05K	USD	Point-in-time
Deferred underwriter fee payable	`DeferredUnderwritingFeesNoncurrent`	$8.05M	USD	Point-in-time
Total Non-current Liabilities	`LiabilitiesNoncurrent`	$527.05K	USD	Point-in-time
Total Non-current Liabilities	`LiabilitiesNoncurrent`	$25.27M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.74M	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
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`	$237.98M	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`	$-1.46M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-24.26M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-1.46M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	-	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`	$238.26M	USD	Point-in-time

Income Statement 29 line items

Line Item	Tag	Value	Unit	Period
Transaction costs allocated to warrant issuance	`TransactionCostsAllocatedToWarrantIssuance`	$609.51K	USD	3 Qtrs
Administrative expenses	`OtherGeneralAndAdministrativeExpense`	$217.42K	USD	Annual
Administrative expenses	`OtherGeneralAndAdministrativeExpense`	$6.77K	USD	3 Qtrs
Legal and accounting expenses	`LegalAndAccountingExpense`	$45.62K	USD	3 Qtrs
Legal and accounting expenses	`LegalAndAccountingExpense`	$466.29K	USD	Annual
Insurance expense	`GeneralInsuranceExpense`	$516.25K	USD	Annual
Insurance expense	`GeneralInsuranceExpense`	$30.53K	USD	3 Qtrs
Franchise tax expense	`FranchiseTaxExpense`	$143.56K	USD	3 Qtrs
Franchise tax expense	`FranchiseTaxExpense`	$200.00K	USD	Annual
Listing fees	`EntityListingExpenses`	$175.12K	USD	Annual
Other operating costs	`OtherCostAndExpenseOperating`	$2.46K	USD	Annual
Other operating costs	`OtherCostAndExpenseOperating`	$3.00K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.58M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-839.00K	USD	3 Qtrs
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-16.69M	USD	Annual
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-3.16M	USD	3 Qtrs
Dividend income on marketable securities held in Trust Account	`InvestmentIncomeDividend`	$690.00	USD	3 Qtrs
Dividend income on marketable securities held in Trust Account	`InvestmentIncomeDividend`	$1.40M	USD	3 Qtrs
Dividend income on marketable securities held in Trust Account	`InvestmentIncomeDividend`	$3.38M	USD	Annual
Dividend income on marketable securities held in Trust Account	`InvestmentIncomeDividend`	$1.07M	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$3.16M	USD	3 Qtrs
Other income	`OtherNonoperatingIncome`	$20.07M	USD	Annual
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.33M	USD	3 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$18.50M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$362.28K	USD	Annual
Net income	`NetIncomeLoss`	$-2.33M	USD	Point-in-time
Net income	`NetIncomeLoss`	$18.13M	USD	Annual
Net income	`NetIncomeLoss`	$2.33M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$-2.23K	USD	Point-in-time

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$2.33M	USD	3 Qtrs
Net income	`ProfitLoss`	$18.13M	USD	Annual
Accrued dividend on marketable securities held in Trust Account	`UnrealizedGainLossOnInvestments`	$759.52K	USD	Annual
Accrued dividend on marketable securities held in Trust Account	`UnrealizedGainLossOnInvestments`	$690.00	USD	3 Qtrs
Change in fair value of warrant liability	`ChangesInFairValueAdjustmentOfWarrants`	$-3.16M	USD	3 Qtrs
Change in fair value of warrant liability	`ChangesInFairValueAdjustmentOfWarrants`	$-16.69M	USD	Annual
Allocation of deferred offering cost for warrant liability	`AllocationOfDeferredOfferingCostForWarrantLiability`	$609.51K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$551.05K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$228.34K	USD	3 Qtrs
Accrued offering costs	`IncreaseDecreaseInAccruedOfferingCosts`	$-795.49K	USD	3 Qtrs
Accrued offering costs	`IncreaseDecreaseInAccruedOfferingCosts`	$611.44K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$227.59K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$396.48K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.45M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$794.34K	USD	3 Qtrs
Purchase of marketable securities held in Trust Account	`PaymentsToAcquireMarketableSecurities`	$235.56M	USD	3 Qtrs
Purchase of marketable securities held in Trust Account	`PaymentsToAcquireMarketableSecurities`	$237.78M	USD	Annual
Sale of marketable securities held in Trust Account	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$235.16M	USD	3 Qtrs
Sale of marketable securities held in Trust Account	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$235.16M	USD	Annual
Investment of cash in Trust Account	`InvestmentOfCashInTrustAccountInvestingActivities`	$234.60M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.62M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-408.36K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-234.60M	USD	3 Qtrs
Proceeds from issuance of Class B ordinary shares to the Sponsor	`ProceedsFromIssuanceOfCommonStock`	$25.00K	USD	3 Qtrs
Proceeds from sale of Units, net of underwriting discounts paid	`ProceedsFromSaleOfUnitsNetOfUnderwritingDiscountsPaid`	$225.40M	USD	3 Qtrs
Proceeds from sale of Private Placement Warrants	`ProceedsFromIssuanceOfWarrants`	$11.70M	USD	3 Qtrs
Proceeds from promissory note - related party	`ProceedsFromPromissoryNoteRelatedParty`	$489.73K	USD	3 Qtrs
Repayment of promissory note - related party	`RepaymentOfPromissoryNoteRelatedParty`	$489.73K	USD	3 Qtrs
Due from related party	`PaymentsOfDistributionsToAffiliates`	$83.58K	USD	3 Qtrs
Payments made by related party on behalf of the Company	`PaymentsByRelatedPartyBehalfOfCompany`	-	USD	Annual
Payments made by related party on behalf of the Company	`PaymentsByRelatedPartyBehalfOfCompany`	$244.55K	USD	Annual
Receipt of amounts due from related party	`ProceedsFromContributionsFromAffiliates`	$83.58K	USD	Annual
Deferred offering costs	`PaymentsOfStockIssuanceCosts`	$1.29M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$328.13K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$235.76M	USD	3 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$1.95M	USD	3 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.90M	USD	Annual
Cash - Beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.95M	USD	Point-in-time
Cash - Beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$50.86K	USD	Point-in-time
Cash - Ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.95M	USD	Point-in-time
Cash - Ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$50.86K	USD	Point-in-time
Initial classification of Class A common stock subject to possible redemption	`InitialClassificationOfCommonStockSubjectToPossibleRedemption`	$206.61M	USD	3 Qtrs
Remeasurement of Class A common stock subject to possible redemption	`RemeasurementOfClassCommonStockSubjectToPossibleRedemption`	$3.38M	USD	Annual
Remeasurement of Class A common stock subject to possible redemption	`RemeasurementOfClassCommonStockSubjectToPossibleRedemption`	$27.99M	USD	3 Qtrs
Initial measurement of public warrants and private placement warrants	`InitialMeasurementOfPublicWarrantsAndPrivatePlacementWarrantsNonCashFinancingActivities`	$20.38M	USD	3 Qtrs
Gain on waiver of deferred underwriting fee	`GainOnWaiverOfDeferredUnderwritingFees`	$8.05M	USD	Annual
Deferred underwriting fee payable	`DeferredUnderwritingFeePayable`	$8.05M	USD	3 Qtrs

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Balance at the beginning	`StockholdersEquity`	$-1.46M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	-	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$-24.26M	USD	Point-in-time
Temporary Equity, Balance at the beginning	`TemporaryEquityCarryingAmountAttributableToParent`	$237.98M	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	3 Qtrs
Deemed capital contribution from issuance of private placement warrants	`AdjustmentsToAdditionalPaidInCapitalDeemedCapitalContributionFromIssuanceOfPrivatePlacementWarrants`	$1.38M	USD	3 Qtrs
Accretion of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue.`	$3.38M	USD	Annual
Accretion of Class A common stock to redemption value	`TemporaryEquityAccretionToRedemptionValue.`	$-27.99M	USD	3 Qtrs
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`	$3.38M	USD	Annual
Remeasurement of Class A common stock subject to possible redemption	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$27.99M	USD	3 Qtrs
Remeasurement of Class A common stock subject to possible redemption	`TemporaryEquityRemeasurementToRedemptionValueAdjustment`	$690.00	USD	3 Qtrs
Gain on waiver of deferred underwriting fee	`AccumulatedDeficitGainOnWaiverOfDeferredUnderwritingFees`	$8.05M	USD	Annual
Gain on waiver of deferred underwriting fee	`AccumulatedDeficitGainOnWaiverOfDeferredUnderwritingFees`	$8.05M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$-2.33M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$18.13M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$2.33M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-2.23K	USD	Point-in-time
Balance at the ending	`StockholdersEquity`	$-1.46M	USD	Point-in-time
Balance at the ending	`StockholdersEquity`	-	USD	Point-in-time
Balance at the ending	`StockholdersEquity`	$-24.26M	USD	Point-in-time
Temporary Equity, Balance at the ending	`TemporaryEquityCarryingAmountAttributableToParent`	$237.98M	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.