10-Q Filing

Sable Offshore Corp. CIK: 1831481 Q3 2021

Filing Information

Form Type	10-Q
Accession Number	`0001193125-21-336706`
Period End Date	20210930
Filing Date	20211122
Fiscal Year	2021
Fiscal Period	Q3
XBRL Instance	d222314d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 44 Income Statement 16 Cash Flow Statement 29 Stockholders Equity 21

Balance Sheet 44 line items

Line Item	Tag	Value	Unit	Period
Temporary equity shares outstanding	`TemporaryEquitySharesOutstanding`	28.75M	shares	Point-in-time
Temporary equity shares outstanding	`TemporaryEquitySharesOutstanding`	28.75M	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
Preferred stock shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash	`Cash`	$295.16K	USD	Point-in-time
Cash	`Cash`	$9.01K	USD	Point-in-time
Preferred stock shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$522.35K	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
Deferred offering costs associated with IPO	`DeferredOfferingCosts`	$295.21K	USD	Point-in-time
Preferred stock shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$304.22K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$817.51K	USD	Point-in-time
Prepaid expenses Non-Current	`PrepaidExpenseNoncurrent`	$207.81K	USD	Point-in-time
Investment held in Trust account	`AssetsHeldInTrustNoncurrent`	$287.51M	USD	Point-in-time
Common stock shares outstanding	`CommonStockSharesOutstanding`	7.19M	shares	Point-in-time
Total assets	`Assets`	$288.54M	USD	Point-in-time
Total assets	`Assets`	$304.22K	USD	Point-in-time
Accounts payable and accrued expenses	`AccruedLiabilitiesCurrent`	$331.19K	USD	Point-in-time
Accounts payable and accrued expenses	`AccruedLiabilitiesCurrent`	$237.25K	USD	Point-in-time
Sponsor loans	`DueToRelatedPartiesCurrent`	$365.00K	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`	$696.19K	USD	Point-in-time
Warrant Liabilities	`WarrantLiability`	$12.75M	USD	Point-in-time
Total liabilities	`Liabilities`	$13.45M	USD	Point-in-time
Total liabilities	`Liabilities`	$280.88K	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A Common stock subject to possible redemption, 28,750,000 shares at redemption value	`TemporaryEquityCarryingAmountAttributableToParent`	$287.50M	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
Additional paid-in capital	`AdditionalPaidInCapital`	$24.28K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.41M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.66K	USD	Point-in-time
Total stockholders' (deficit) equity	`StockholdersEquity`	$-17.26M	USD	Point-in-time
Total stockholders' (deficit) equity	`StockholdersEquity`	$-12.41M	USD	Point-in-time
Total stockholders' (deficit) equity	`StockholdersEquity`	$-22.54M	USD	Point-in-time
Total stockholders' (deficit) equity	`StockholdersEquity`	$23.34K	USD	Point-in-time
Total liabilities and stockholders' (deficit) equity	`LiabilitiesAndStockholdersEquity`	$304.22K	USD	Point-in-time
Total liabilities and stockholders' (deficit) equity	`LiabilitiesAndStockholdersEquity`	$288.54M	USD	Point-in-time

Income Statement 16 line items

Line Item	Tag	Value	Unit	Period
Formation and operating costs	`FormationAndOperatingCosts`	$836.46K	USD	3 Qtrs
Formation and operating costs	`FormationAndOperatingCosts`	$306.67K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-836.46K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-306.67K	USD	1 Quarter
Interest income from Trust Account	`InvestmentIncomeInterest`	$10.05K	USD	3 Qtrs
Interest income from Trust Account	`InvestmentIncomeInterest`	$4.34K	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-10.43M	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-6.05M	USD	3 Qtrs
Offering costs allocated to warrant issuance	`OfferingCostsAllocatedToWarrants`	-	USD	1 Quarter
Offering costs allocated to warrant issuance	`OfferingCostsAllocatedToWarrants`	$280.83K	USD	3 Qtrs
Total other income, net	`NonoperatingIncomeExpense`	$10.44M	USD	1 Quarter
Total other income, net	`NonoperatingIncomeExpense`	$5.78M	USD	3 Qtrs
Net Income	`NetIncomeLoss`	$4.94M	USD	3 Qtrs
Net Income	`NetIncomeLoss`	$10.13M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$92.73K	USD	1 Quarter
Net Income	`NetIncomeLoss`	$-5.28M	USD	1 Quarter

Cash Flow Statement 29 line items

Line Item	Tag	Value	Unit	Period
Net Income	`NetIncomeLoss`	$4.94M	USD	3 Qtrs
Net Income	`NetIncomeLoss`	$10.13M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$92.73K	USD	1 Quarter
Net Income	`NetIncomeLoss`	$-5.28M	USD	1 Quarter
Interest earned on Trust Account	`InterestEarnedOnMarketableSecuritiesHeldInTrustAccount`	$-10.05K	USD	3 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-10.43M	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-6.05M	USD	3 Qtrs
Offering costs allocated to warrants	`OfferingCostsAllocatedToWarrants`	-	USD	1 Quarter
Offering costs allocated to warrants	`OfferingCostsAllocatedToWarrants`	$280.83K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$730.16K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$331.19K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.24M	USD	3 Qtrs
Investment of cash into Trust Account	`PaymentsToAcquireRestrictedInvestments`	$287.50M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-287.50M	USD	3 Qtrs
Proceeds from Initial Public Offering, net of underwriters' discount	`ProceedsFromIssuanceInitialPublicOffering`	$281.75M	USD	3 Qtrs
Proceeds from issuance of Private Placement Warrants	`ProceedsFromIssuanceOfWarrants`	$7.75M	USD	3 Qtrs
Proceeds from promissory note - related party	`ProceedsFromRelatedPartyDebt`	$396.55K	USD	3 Qtrs
Repayment of promissory note - related party	`RepaymentsOfRelatedPartyDebt`	$75.17K	USD	3 Qtrs
Payments of offering costs	`PaymentsOfStockIssuanceCosts`	$799.79K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$289.02M	USD	3 Qtrs
Net Change in Cash	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$286.14K	USD	3 Qtrs
CashBeginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.01K	USD	Point-in-time
CashBeginning of period	`CashAndCashEquivalentsAtCarryingValue`	$295.16K	USD	Point-in-time
CashEnd of period	`CashAndCashEquivalentsAtCarryingValue`	$9.01K	USD	Point-in-time
CashEnd of period	`CashAndCashEquivalentsAtCarryingValue`	$295.16K	USD	Point-in-time
Initial value of Class A common stock subject to possible redemption	`InitialValueOfClassACommonStockSubjectToPossibleRedemption`	$268.95M	USD	3 Qtrs
Remeasurement to Initial Redemption Value	`TemporaryEquityAccretionToRedemptionValue`	$18.55M	USD	3 Qtrs
Remeasurement to Initial Redemption Value	`TemporaryEquityAccretionToRedemptionValue`	$18.55M	USD	1 Quarter
Initial value of warrant liabilities	`InitialValueOfWarrantLiabilities`	$18.80M	USD	3 Qtrs

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-17.26M	USD	Point-in-time
Balance	`StockholdersEquity`	$-12.41M	USD	Point-in-time
Balance	`StockholdersEquity`	$-22.54M	USD	Point-in-time
Balance	`StockholdersEquity`	$23.34K	USD	Point-in-time
Sale of Units in Initial Public Offering	`StockIssuedDuringPeriodValueNewIssues`	$287.50M	USD	1 Quarter
Underwriter discount	`AdjustmentsToAdditionalPaidInCapitalStockIssuedUnderwritersDiscount`	$-5.75M	USD	1 Quarter
Sale of private placement warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$7.75M	USD	1 Quarter
Initial value of warrant liabilities	`AdjustmentsToAdditionalPaidInCapitalInitialValueOfWarrantLiabilities`	$-18.80M	USD	1 Quarter
Other offering costs charged to Stockholders' equity (deficit)	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$857.75K	USD	1 Quarter
Offering costs allocated to warrants	`AdjustmentsToAdditionalPaidInCapitalOfferingCostsAllocatedToWarrants`	$280.83K	USD	1 Quarter
Initial value before remeasurement to redemption value	`IntialReclassificationsOfPermanentToTemporaryEquityValueBeforeRemeasurementToRedemptionValue`	$-268.95M	USD	1 Quarter
Remeasurement to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$18.55M	USD	3 Qtrs
Remeasurement to redemption value	`TemporaryEquityAccretionToRedemptionValue`	$18.55M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$4.94M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$10.13M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$92.73K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-5.28M	USD	1 Quarter
Balance	`StockholdersEquity`	$-17.26M	USD	Point-in-time
Balance	`StockholdersEquity`	$-12.41M	USD	Point-in-time
Balance	`StockholdersEquity`	$-22.54M	USD	Point-in-time
Balance	`StockholdersEquity`	$23.34K	USD	Point-in-time

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