10-K Filing

Sable Offshore Corp. CIK: 1831481 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001193125-23-088251`
Period End Date	20221231
Filing Date	20230331
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	d420562d10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 49 Income Statement 22 Cash Flow Statement 56 Stockholders Equity 12

Balance Sheet 49 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
Cash	`Cash`	$322.77K	USD	Point-in-time
Preferred stock shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash	`Cash`	$100.26K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$521.88K	USD	Point-in-time
Preferred stock shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$88.21K	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
Total current assets	`AssetsCurrent`	$844.65K	USD	Point-in-time
Preferred stock shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$188.47K	USD	Point-in-time
Prepaid expenses - non-current	`PrepaidExpenseNoncurrent`	-	USD	Point-in-time
Prepaid expenses - non-current	`PrepaidExpenseNoncurrent`	$78.63K	USD	Point-in-time
Investment held in Trust Account	`AssetsHeldInTrustNoncurrent`	$290.72M	USD	Point-in-time
Investment held in Trust Account	`AssetsHeldInTrustNoncurrent`	$287.52M	USD	Point-in-time
Total assets	`Assets`	$290.91M	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`	$4.63M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$330.15K	USD	Point-in-time
Promissory notes to related parties	`NotesPayableCurrent`	-	USD	Point-in-time
Promissory notes to related parties	`NotesPayableCurrent`	$370.00K	USD	Point-in-time
Convertible promissory notes related parties, at fair value	`NotesPayableRelatedPartiesClassifiedCurrent`	$1.41M	USD	Point-in-time
Convertible promissory notes related parties, at fair value	`NotesPayableRelatedPartiesClassifiedCurrent`	$956.12K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.74M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.23M	USD	Point-in-time
Warrant liabilities	`WarrantLiability`	$12.65M	USD	Point-in-time
Warrant liabilities	`WarrantLiability`	$12.15M	USD	Point-in-time
Total liabilities	`Liabilities`	$18.89M	USD	Point-in-time
Total liabilities	`Liabilities`	$13.88M	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; 28,750,000 shares at redemption value ($10.10 and $10.00 at December 31, 2022 and 2021, respectively)	`TemporaryEquityCarryingAmountAttributableToParent`	$287.50M	USD	Point-in-time
Class A Common Stock subject to possible redemption; 28,750,000 shares at redemption value ($10.10 and $10.00 at December 31, 2022 and 2021, respectively)	`TemporaryEquityCarryingAmountAttributableToParent`	$290.35M	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`	$-18.33M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.94M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-12.94M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-18.33M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$23.34K	USD	Point-in-time
Total Liabilities, Common Stock Subject to Possible Redemption and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$288.44M	USD	Point-in-time
Total Liabilities, Common Stock Subject to Possible Redemption and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$290.91M	USD	Point-in-time

Income Statement 22 line items

Line Item	Tag	Value	Unit	Period
Operating costs	`FormationAndOperatingCosts`	$1.68M	USD	Annual
Operating costs	`FormationAndOperatingCosts`	$6.15M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-1.68M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-6.15M	USD	Annual
Interest income from Trust Account	`InvestmentIncomeInterest`	$16.15K	USD	Annual
Interest income from Trust Account	`InvestmentIncomeInterest`	$3.99M	USD	Annual
Initial fair value adjustment of promissory note	`InitialFMVAdjustmentOfPromissoryNote`	-	USD	Annual
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`	$170.74K	USD	Annual
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-498.00K	USD	Annual
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-6.16M	USD	Annual
Offering costs allocated to warrant	`OfferingCostsAllocatedToWarrants`	$280.83K	USD	Annual
Offering costs allocated to warrant	`OfferingCostsAllocatedToWarrants`	-	USD	Annual
Total other income, net	`NonoperatingIncomeExpense`	$4.32M	USD	Annual
Total other income, net	`NonoperatingIncomeExpense`	$5.96M	USD	Annual
(Loss) Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.27M	USD	Annual
(Loss) Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.83M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$757.07K	USD	Annual
Net (Loss) Income	`NetIncomeLoss`	$4.27M	USD	Annual
Net (Loss) Income	`NetIncomeLoss`	$-2.59M	USD	Annual

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$4.27M	USD	Annual
Net (loss) income	`NetIncomeLoss`	$-2.59M	USD	Annual
Interest earned on Trust Account	`InterestEarnedOnMarketableSecuritiesHeldInTrustAccount`	$-16.15K	USD	Annual
Interest earned on Trust Account	`InterestEarnedOnMarketableSecuritiesHeldInTrustAccount`	$-3.99M	USD	Annual
Initial fair value adjustment of promissory note	`InitialFMVAdjustmentOfPromissoryNote`	-	USD	Annual
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`	$170.74K	USD	Annual
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-498.00K	USD	Annual
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-6.16M	USD	Annual
Offering costs allocated to warrants	`OfferingCostsAllocatedToWarrants`	$280.83K	USD	Annual
Offering costs allocated to warrants	`OfferingCostsAllocatedToWarrants`	-	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$600.51K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-512.30K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$275.50K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$4.35M	USD	Annual
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	Annual
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$330.15K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.71M	USD	Annual
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	Annual
Cash withdrawn from Trust Account for income and franchise taxes	`ProceedsFromSaleOfRestrictedInvestments`	-	USD	Annual
Cash withdrawn from Trust Account for income and franchise taxes	`ProceedsFromSaleOfRestrictedInvestments`	$786.92K	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-287.50M	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$786.92K	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	Annual
Proceeds from issuance of Private Placement Warrants	`ProceedsFromIssuanceOfWarrants`	$7.75M	USD	Annual
Proceeds from issuance of Private Placement Warrants	`ProceedsFromIssuanceOfWarrants`	-	USD	Annual
Proceeds from promissory notes - related party	`ProceedsFromRelatedPartyDebt`	$1.20M	USD	Annual
Proceeds from promissory notes - related party	`ProceedsFromRelatedPartyDebt`	$705.00K	USD	Annual
Repayment of promissory notes - related party	`RepaymentsOfRelatedPartyDebt`	-	USD	Annual
Repayment of promissory notes - related party	`RepaymentsOfRelatedPartyDebt`	$75.17K	USD	Annual
Payments of offering costs	`PaymentsOfStockIssuanceCosts`	$799.80K	USD	Annual
Payments of offering costs	`PaymentsOfStockIssuanceCosts`	-	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$289.82M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$705.00K	USD	Annual
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-222.51K	USD	Annual
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$313.75K	USD	Annual
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$322.77K	USD	Point-in-time
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.26K	USD	Point-in-time
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.01K	USD	Point-in-time
Cash End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$322.77K	USD	Point-in-time
Cash End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.26K	USD	Point-in-time
Cash End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.01K	USD	Point-in-time
Initial value of Class A common stock subject to possible redemption	`InitialValueOfClassACommonStockSubjectToPossibleRedemption`	-	USD	Annual
Initial value of Class A common stock subject to possible redemption	`InitialValueOfClassACommonStockSubjectToPossibleRedemption`	$268.95M	USD	Annual
Remeasurement to Redemption Value	`TemporaryEquityAccretionToRedemptionValue`	$18.55M	USD	Annual
Remeasurement to Redemption Value	`TemporaryEquityAccretionToRedemptionValue`	$2.85M	USD	Annual
Initial fair value of warrant liabilities	`InitialValueOfWarrantLiabilities`	$18.80M	USD	Annual
Initial fair value of warrant liabilities	`InitialValueOfWarrantLiabilities`	-	USD	Annual
Initial measurement of fair value of Promissory Notes	`NotesIssued1`	$52.13K	USD	Annual
Initial measurement of fair value of Promissory Notes	`NotesIssued1`	$143.44K	USD	Annual
Payment of income taxes	`IncomeTaxesPaidNet`	$426.92K	USD	Annual
Payment of income taxes	`IncomeTaxesPaidNet`	-	USD	Annual

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-12.94M	USD	Point-in-time
Balance	`StockholdersEquity`	$-18.33M	USD	Point-in-time
Balance	`StockholdersEquity`	$23.34K	USD	Point-in-time
Remeasurement of Class A common stock to possible redemption	`TemporaryEquityAccretionToRedemptionValue`	$18.55M	USD	Annual
Remeasurement of Class A common stock to possible redemption	`TemporaryEquityAccretionToRedemptionValue`	$2.85M	USD	Annual
Initial fair value adjustment of promissory note	`InitialFmvAdjustmentOnPromissoryNote`	$52.13K	USD	Annual
Initial fair value adjustment of promissory note	`InitialFmvAdjustmentOnPromissoryNote`	$143.44K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$4.27M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-2.59M	USD	Annual
Balance	`StockholdersEquity`	$-12.94M	USD	Point-in-time
Balance	`StockholdersEquity`	$-18.33M	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.