10-Q Filing

Sable Offshore Corp. CIK: 1831481 Q2 2021

Filing Information

Form Type	10-Q
Accession Number	`0001193125-21-247683`
Period End Date	20210630
Filing Date	20210816
Fiscal Year	2021
Fiscal Period	Q2
XBRL Instance	d151708d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 41 Income Statement 19 Cash Flow Statement 25 Stockholders Equity 17

Balance Sheet 41 line items

Line Item	Tag	Value	Unit	Period
Temporary equity shares outstanding	`TemporaryEquitySharesOutstanding`	26.00M	shares	Point-in-time
Temporary equity shares outstanding	`TemporaryEquitySharesOutstanding`	26.00M	shares	Point-in-time
Preferred stock par or stated value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock par or stated value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`Cash`	$85.73K	USD	Point-in-time
Cash	`Cash`	$9.01K	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
Prepaid expenses	`PrepaidExpenseCurrent`	$520.68K	USD	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
Deferred offering costs associated with IPO	`DeferredOfferingCosts`	$295.21K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$606.41K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$304.22K	USD	Point-in-time
Prepaid expenses Non-Current	`PrepaidExpenseNoncurrent`	$336.99K	USD	Point-in-time
Cash Held in Trust account	`AssetsHeldInTrustNoncurrent`	$287.51M	USD	Point-in-time
Total assets	`Assets`	$304.22K	USD	Point-in-time
Total assets	`Assets`	$288.45M	USD	Point-in-time
Accounts payable and accrued expenses	`AccruedLiabilitiesCurrent`	$307.60K	USD	Point-in-time
Accounts payable and accrued expenses	`AccruedLiabilitiesCurrent`	$237.25K	USD	Point-in-time
Sponsor loans	`DueToRelatedPartiesCurrent`	$43.63K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$280.88K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$307.60K	USD	Point-in-time
Warrant Liabilities	`WarrantLiability`	$23.19M	USD	Point-in-time
Total liabilities	`Liabilities`	$280.88K	USD	Point-in-time
Total liabilities	`Liabilities`	$23.49M	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock subject to possible redemption, 25,995,601 shares at redemption value	`TemporaryEquityCarryingAmountAttributableToParent`	$259.96M	USD	Point-in-time
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$24.28K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$10.19M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.19M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.66K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$23.34K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.00M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$304.22K	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$288.45M	USD	Point-in-time

Income Statement 19 line items

Line Item	Tag	Value	Unit	Period
Formation and operating costs	`FormationAndOperatingCosts`	$424.57K	USD	1 Quarter
Formation and operating costs	`FormationAndOperatingCosts`	$529.79K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-424.57K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-529.79K	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$4.29K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$5.71K	USD	2 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$4.38M	USD	2 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$4.86M	USD	1 Quarter
Offering expenses related to warrant issuance	`OfferingExpensesRelatedToWarrantIssuance`	$280.83K	USD	2 Qtrs
Offering expenses related to warrant issuance	`OfferingExpensesRelatedToWarrantIssuance`	-	USD	1 Quarter
Total other (expense)	`NonoperatingIncomeExpense`	$-4.86M	USD	1 Quarter
Total other (expense)	`NonoperatingIncomeExpense`	$-4.66M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-5.19M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$92.73K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.28M	USD	1 Quarter
Weighted average common shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	9.41M	shares	1 Quarter
Weighted average common shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	8.37M	shares	2 Qtrs
Basic and diluted net loss per common share	`EarningsPerShareBasicAndDiluted`	$-0.56	USD	1 Quarter
Basic and diluted net loss per common share	`EarningsPerShareBasicAndDiluted`	$-0.62	USD	2 Qtrs

Cash Flow Statement 25 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-5.19M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$92.73K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.28M	USD	1 Quarter
Interest earned on trust account	`InterestEarnedOnMarketableSecuritiesHeldInTrustAccount`	$-5.71K	USD	2 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$4.38M	USD	2 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$4.86M	USD	1 Quarter
Offering costs allocated to warrants	`OfferingCostsAllocatedToWarrants`	$280.83K	USD	2 Qtrs
Prepaid assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$857.67K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$307.60K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.08M	USD	2 Qtrs
Investment of cash into trust account	`PaymentsToAcquireRestrictedInvestments`	$287.50M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-287.50M	USD	2 Qtrs
Proceeds from Initial Public Offering, net of underwriters' discount	`ProceedsFromIssuanceInitialPublicOffering`	$281.75M	USD	2 Qtrs
Proceeds from issuance of Private Placement Warrants	`ProceedsFromIssuanceOfWarrants`	$7.75M	USD	2 Qtrs
Repayment of promissory note to related party	`RepaymentsOfRelatedPartyDebt`	$43.63K	USD	2 Qtrs
Payments of offering costs	`PaymentsOfStockIssuanceCosts`	$799.79K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$288.66M	USD	2 Qtrs
Net Change in Cash	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$76.71K	USD	2 Qtrs
Cash - Beginning	`CashAndCashEquivalentsAtCarryingValue`	$9.01K	USD	Point-in-time
Cash - Beginning	`CashAndCashEquivalentsAtCarryingValue`	$85.73K	USD	Point-in-time
Cash - Ending	`CashAndCashEquivalentsAtCarryingValue`	$9.01K	USD	Point-in-time
Cash - Ending	`CashAndCashEquivalentsAtCarryingValue`	$85.73K	USD	Point-in-time
Initial value of Class A common stock subject to possible redemption	`InitialValueOfClassACommonStockSubjectToPossibleRedemption`	$264.86M	USD	2 Qtrs
Initial value of warrant liabilities	`InitialValueOfWarrantLiabilities`	$18.80M	USD	2 Qtrs
Change in value of Class A common stock subject to possible redemption	`ChangeInValueOfClassaOrdinarySharesSubjectToPossibleRedemption`	$-4.90M	USD	2 Qtrs

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$23.34K	USD	Point-in-time
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Sale of Units in Initial Public Offering	`StockIssuedDuringPeriodValueNewIssues`	$287.50M	USD	1 Quarter
Sale of private placement warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$7.75M	USD	1 Quarter
Underwriter discount	`AdjustmentsToAdditionalPaidInCapitalStockIssuedUnderwritersDiscount`	$-5.75M	USD	1 Quarter
Initial value of warrant liabilities	`AdjustmentsToAdditionalPaidInCapitalInitialValueOfWarrantLiabilities`	$-18.80M	USD	1 Quarter
Other offering cost charged to Stockholders' equity	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$857.75K	USD	1 Quarter
Reclassification of offering costs related to warrants	`ReclassificationOfOfferingCostsRelatedToWarrants`	$280.83K	USD	1 Quarter
Class A common stock subject to possible redemption	`StockholdersEquityOther`	$-265.24M	USD	1 Quarter
Change in Class A common stock subject to possible redemption	`ChangeInClassACommonStockSubjectToPossibleRedemptionValue`	$5.28M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-5.19M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$92.73K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-5.28M	USD	1 Quarter
Balance	`StockholdersEquity`	$23.34K	USD	Point-in-time
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.00M	USD	Point-in-time

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