10-K Filing

Sable Offshore Corp. CIK: 1831481 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001193125-22-095122`
Period End Date	20211231
Filing Date	20220404
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	d291400d10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 42 Income Statement 18 Cash Flow Statement 50 Stockholders Equity 11

Balance Sheet 42 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
Cash	`Cash`	$322.77K	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
Preferred stock shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$521.88K	USD	Point-in-time
Preferred stock shares issued	`PreferredStockSharesIssued`	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
Preferred stock shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$844.65K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$304.22K	USD	Point-in-time
Prepaid expenses Non-Current	`PrepaidExpenseNoncurrent`	$78.63K	USD	Point-in-time
Investment held in Trust Account	`AssetsHeldInTrustNoncurrent`	$287.52M	USD	Point-in-time
Total assets	`Assets`	$304.22K	USD	Point-in-time
Total assets	`Assets`	$288.44M	USD	Point-in-time
Accounts payable and accrued expenses	`AccruedLiabilitiesCurrent`	$275.50K	USD	Point-in-time
Accounts payable and accrued expenses	`AccruedLiabilitiesCurrent`	$237.25K	USD	Point-in-time
Convertible promissory notes to Related Parties, at fair value	`NotesPayableRelatedPartiesClassifiedCurrent`	$43.63K	USD	Point-in-time
Convertible promissory notes to Related Parties, at fair value	`NotesPayableRelatedPartiesClassifiedCurrent`	$956.12K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.23M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$280.88K	USD	Point-in-time
Warrant Liabilities	`WarrantLiability`	$12.65M	USD	Point-in-time
Total liabilities	`Liabilities`	$13.88M	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`	$-1.66K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.94M	USD	Point-in-time
Total stockholders' (deficit) equity	`StockholdersEquity`	$23.34K	USD	Point-in-time
Total stockholders' (deficit) equity	`StockholdersEquity`	$-12.94M	USD	Point-in-time
Total stockholders' (deficit) equity	`StockholdersEquity`	-	USD	Point-in-time
Total liabilities and stockholders' (deficit) equity	`LiabilitiesAndStockholdersEquity`	$304.22K	USD	Point-in-time
Total liabilities and stockholders' (deficit) equity	`LiabilitiesAndStockholdersEquity`	$288.44M	USD	Point-in-time

Income Statement 18 line items

Line Item	Tag	Value	Unit	Period
Formation and operating costs	`FormationAndOperatingCosts`	$1.68M	USD	Annual
Formation and operating costs	`FormationAndOperatingCosts`	$1.66K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.66K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.68M	USD	Annual
Interest income from Trust Account	`InvestmentIncomeInterest`	$16.15K	USD	Annual
Interest income from Trust Account	`InvestmentIncomeInterest`	-	USD	1 Quarter
Initial fair value adjustment of promissory note	`InitialFMVAdjustmentOfPromissoryNote`	-	USD	1 Quarter
Initial fair value adjustment of promissory note	`InitialFMVAdjustmentOfPromissoryNote`	$-18.32K	USD	Annual
Change in fair value of promissory note	`FairValueAdjustmentOfPromissoryNote`	$-83.77K	USD	Annual
Change in fair value of promissory note	`FairValueAdjustmentOfPromissoryNote`	-	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-6.16M	USD	Annual
Offering costs allocated to warrant issuance	`OfferingCostsAllocatedToWarrants`	-	USD	1 Quarter
Offering costs allocated to warrant issuance	`OfferingCostsAllocatedToWarrants`	$280.83K	USD	Annual
Total other income, net	`NonoperatingIncomeExpense`	-	USD	1 Quarter
Total other income, net	`NonoperatingIncomeExpense`	$5.96M	USD	Annual
Net Income	`NetIncomeLoss`	$-1.66K	USD	1 Quarter
Net Income	`NetIncomeLoss`	$4.27M	USD	Annual

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-1.66K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$4.27M	USD	Annual
Interest earned on Trust Account	`InterestEarnedOnMarketableSecuritiesHeldInTrustAccount`	-	USD	1 Quarter
Interest earned on Trust Account	`InterestEarnedOnMarketableSecuritiesHeldInTrustAccount`	$-16.15K	USD	Annual
Initial fair value adjustment of promissory note	`InitialFMVAdjustmentOfPromissoryNote`	-	USD	1 Quarter
Initial fair value adjustment of promissory note	`InitialFMVAdjustmentOfPromissoryNote`	$-18.32K	USD	Annual
Change in fair value of promissory note	`FairValueAdjustmentOfPromissoryNote`	$-83.77K	USD	Annual
Change in fair value of promissory note	`FairValueAdjustmentOfPromissoryNote`	-	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-6.16M	USD	Annual
Offering costs allocated to warrants	`OfferingCostsAllocatedToWarrants`	-	USD	1 Quarter
Offering costs allocated to warrants	`OfferingCostsAllocatedToWarrants`	$280.83K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$600.51K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	-	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$275.50K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.12K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-537.00	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.01M	USD	Annual
Investment of cash into Trust Account	`PaymentsToAcquireRestrictedInvestments`	$287.50M	USD	Annual
Investment of cash into Trust Account	`PaymentsToAcquireRestrictedInvestments`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-287.50M	USD	Annual
Proceeds from Initial Public Offering, net of underwriters' discount	`ProceedsFromIssuanceInitialPublicOffering`	$281.75M	USD	Annual
Proceeds from Initial Public Offering, net of underwriters' discount	`ProceedsFromIssuanceInitialPublicOffering`	-	USD	1 Quarter
Proceeds from issuance of Private Placement Warrants	`ProceedsFromIssuanceOfWarrants`	$7.75M	USD	Annual
Proceeds from issuance of Private Placement Warrants	`ProceedsFromIssuanceOfWarrants`	-	USD	1 Quarter
Proceeds from promissory note - related party	`ProceedsFromRelatedPartyDebt`	$43.63K	USD	1 Quarter
Proceeds from promissory note - related party	`ProceedsFromRelatedPartyDebt`	$1.20M	USD	Annual
Repayment of promissory note - related party	`RepaymentsOfRelatedPartyDebt`	$75.17K	USD	Annual
Repayment of promissory note - related party	`RepaymentsOfRelatedPartyDebt`	-	USD	1 Quarter
Payments of offering costs	`PaymentsOfStockIssuanceCosts`	$799.80K	USD	Annual
Payments of offering costs	`PaymentsOfStockIssuanceCosts`	$59.08K	USD	1 Quarter
Proceeds from issuance of founder shares	`ProceedsFromIssuanceOfFounderShares`	$25.00K	USD	1 Quarter
Proceeds from issuance of founder shares	`ProceedsFromIssuanceOfFounderShares`	-	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$289.82M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.55K	USD	1 Quarter
Net Change in Cash	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$9.01K	USD	1 Quarter
Net Change in Cash	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$313.75K	USD	Annual
Cash Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$322.77K	USD	Point-in-time
Cash Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.01K	USD	Point-in-time
Cash Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash End of period	`CashAndCashEquivalentsAtCarryingValue`	$322.77K	USD	Point-in-time
Cash End of period	`CashAndCashEquivalentsAtCarryingValue`	$9.01K	USD	Point-in-time
Cash End of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Initial value of Class A common stock subject to possible redemption	`InitialValueOfClassACommonStockSubjectToPossibleRedemption`	-	USD	1 Quarter
Initial value of Class A common stock subject to possible redemption	`InitialValueOfClassACommonStockSubjectToPossibleRedemption`	$268.95M	USD	Annual
Remeasurement to Initial Redemption Value	`TemporaryEquityAccretionToRedemptionValue`	-	USD	1 Quarter
Remeasurement to Initial Redemption Value	`TemporaryEquityAccretionToRedemptionValue`	$18.55M	USD	Annual
Initial value of warrant liabilities	`InitialValueOfWarrantLiabilities`	$18.80M	USD	Annual
Initial value of warrant liabilities	`InitialValueOfWarrantLiabilities`	-	USD	1 Quarter

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$23.34K	USD	Point-in-time
Balance	`StockholdersEquity`	$-12.94M	USD	Point-in-time
Balance	`StockholdersEquity`	-	USD	Point-in-time
Remeasurement of Class A common stock to possible redemption	`TemporaryEquityAccretionToRedemptionValue`	-	USD	1 Quarter
Remeasurement of Class A common stock to possible redemption	`TemporaryEquityAccretionToRedemptionValue`	$18.55M	USD	Annual
Initial fair value adjustment of promissory note	`InitialFmvAdjustmentOnPromissoryNote`	$143.44K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-1.66K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$4.27M	USD	Annual
Balance	`StockholdersEquity`	$23.34K	USD	Point-in-time
Balance	`StockholdersEquity`	$-12.94M	USD	Point-in-time
Balance	`StockholdersEquity`	-	USD	Point-in-time

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