10-Q Filing

Angel Studios, Inc. CIK: 1865200 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001104659-23-081631`
Period End Date	20230331
Filing Date	20230717
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	port-20230331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 52 Income Statement 26 Cash Flow Statement 29 Stockholders Equity 20

Balance Sheet 52 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$16.72K	USD	Point-in-time
Cash	`Cash`	$16.72K	USD	Point-in-time
Cash	`Cash`	$50.86K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$227.59K	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
Prepaid expenses	`PrepaidExpenseCurrent`	$98.53K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$278.45K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$115.25K	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
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`	$237.98M	USD	Point-in-time
Marketable securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$240.51M	USD	Point-in-time
Total Non-current Assets	`AssetsNoncurrent`	$240.51M	USD	Point-in-time
Total Non-current Assets	`AssetsNoncurrent`	$237.98M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$240.63M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$238.26M	USD	Point-in-time
Accrued expenses	`AccruedExpenses`	$1.25M	USD	Point-in-time
Accrued expenses	`AccruedExpenses`	$681.39K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$161.75K	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`	$184.05K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$244.55K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$244.55K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.84M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.21M	USD	Point-in-time
Warrant liability	`SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares`	$1.07M	USD	Point-in-time
Warrant liability	`SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares`	$527.05K	USD	Point-in-time
Total Non-current Liabilities	`LiabilitiesNoncurrent`	$527.05K	USD	Point-in-time
Total Non-current Liabilities	`LiabilitiesNoncurrent`	$1.07M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.74M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$2.91M	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`	$234.60M	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`	$240.51M	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`	$-2.80M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-2.80M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-1.46M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-24.26M	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`	$240.63M	USD	Point-in-time
TOTAL LIABILITIES, COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$238.26M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Insurance expense	`GeneralInsuranceExpense`	$129.06K	USD	1 Quarter
Insurance expense	`GeneralInsuranceExpense`	$129.06K	USD	1 Quarter
Administrative expense	`OtherGeneralAndAdministrativeExpense`	$22.09K	USD	1 Quarter
Administrative expense	`OtherGeneralAndAdministrativeExpense`	$61.50K	USD	1 Quarter
Legal and accounting expenses	`LegalAndAccountingExpense`	$76.67K	USD	1 Quarter
Legal and accounting expenses	`LegalAndAccountingExpense`	$264.03K	USD	1 Quarter
Franchise tax expense	`FranchiseTaxExpense`	$49.31K	USD	1 Quarter
Franchise tax expense	`FranchiseTaxExpense`	$49.31K	USD	1 Quarter
Bank fees	`BankFees`	$1.64K	USD	1 Quarter
Bank fees	`BankFees`	$556.00	USD	1 Quarter
Total expenses	`OperatingCostsAndExpenses`	$504.46K	USD	1 Quarter
Total expenses	`OperatingCostsAndExpenses`	$278.78K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-278.78K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-504.46K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$542.10K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-10.85M	USD	1 Quarter
Dividend income on marketable securities held in Trust Account	`InvestmentIncomeDividend`	$2.53M	USD	1 Quarter
Unrealized gain on marketable securities held in Trust Account	`UnrealizedGainLossOnInvestments`	$22.30K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$1.98M	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$10.87M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$10.37M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.70M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$519.96K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net income	`NetIncomeLoss`	$1.18M	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.37M	USD	1 Quarter

Cash Flow Statement 29 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$10.37M	USD	1 Quarter
Net income	`ProfitLoss`	$1.18M	USD	1 Quarter
Unrealized gain on marketable securities held in Trust Account	`UnrealizedGainLossOnInvestments`	$22.30K	USD	1 Quarter
Accrued dividend on marketable securities held in Trust Account	`InvestmentIncomeDividendAccruedOnMarketableSecurities`	$912.19K	USD	1 Quarter
Change in fair value of warrant liabilities	`ChangesInFairValueAdjustmentOfWarrants`	$-10.85M	USD	1 Quarter
Change in fair value of warrant liabilities	`ChangesInFairValueAdjustmentOfWarrants`	$542.10K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$255.94K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$635.54K	USD	1 Quarter
Accrued offering costs	`IncreaseDecreaseInAccruedOfferingCosts`	$611.44K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-129.06K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$643.06K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.50M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.58M	USD	1 Quarter
Reinvestment of dividends on marketable securities held in Trust Account	`ReinvestmentOfDividendsOnMarketableSecuritiesHeldInTrustAccount`	$1.61M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.61M	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`	$-34.14K	USD	1 Quarter
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.42M	USD	1 Quarter
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$16.72K	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.95M	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$531.10K	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$50.86K	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$16.72K	USD	Point-in-time
Cash - End 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`	$50.86K	USD	Point-in-time
Remeasurement of Class A common stock subject to possible redemption	`RemeasurementOfClassCommonStockSubjectToPossibleRedemption`	$2.53M	USD	1 Quarter
Remeasurement of Class A common stock subject to possible redemption	`RemeasurementOfClassCommonStockSubjectToPossibleRedemption`	$22.30K	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance at the beginning	`StockholdersEquity`	$-2.80M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$-1.46M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$-24.26M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$-13.91M	USD	Point-in-time
Temporary Equity, Balance at the beginning	`TemporaryEquityCarryingAmountAttributableToParent`	$234.60M	USD	Point-in-time
Temporary Equity, Balance at the beginning	`TemporaryEquityCarryingAmountAttributableToParent`	$237.98M	USD	Point-in-time
Temporary Equity, Balance at the beginning	`TemporaryEquityCarryingAmountAttributableToParent`	$240.51M	USD	Point-in-time
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	Annual
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`	$2.53M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.18M	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.37M	USD	1 Quarter
Balance at the ending	`StockholdersEquity`	$-2.80M	USD	Point-in-time
Balance at the ending	`StockholdersEquity`	$-1.46M	USD	Point-in-time
Balance at the ending	`StockholdersEquity`	$-24.26M	USD	Point-in-time
Balance at the ending	`StockholdersEquity`	$-13.91M	USD	Point-in-time
Temporary Equity, Balance at the ending	`TemporaryEquityCarryingAmountAttributableToParent`	$234.60M	USD	Point-in-time
Temporary Equity, Balance at the ending	`TemporaryEquityCarryingAmountAttributableToParent`	$237.98M	USD	Point-in-time
Temporary Equity, Balance at the ending	`TemporaryEquityCarryingAmountAttributableToParent`	$240.51M	USD	Point-in-time

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