10-K Filing

Sable Offshore Corp. CIK: 1831481 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0001193125-24-080879`
Period End Date	20231231
Filing Date	20240328
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	d11434d10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 18 Cash Flow Statement 52 Stockholders Equity 13

Balance Sheet 54 line items

Line Item	Tag	Value	Unit	Period
Temporary equity shares outstanding	`TemporaryEquitySharesOutstanding`	28.75M	shares	Point-in-time
Temporary equity shares outstanding	`TemporaryEquitySharesOutstanding`	6.10M	shares	Point-in-time
Temporary equity shares outstanding	`TemporaryEquitySharesOutstanding`	28.75M	shares	Point-in-time
Temporary equity shares outstanding	`TemporaryEquitySharesOutstanding`	150,823.00	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`	$267.82K	USD	Point-in-time
Cash	`Cash`	$100.26K	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`	$96.60K	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
Prepaid expenses	`PrepaidExpenseCurrent`	$88.21K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$188.47K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$364.42K	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
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$63.56M	USD	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$290.72M	USD	Point-in-time
Total assets	`Assets`	$63.92M	USD	Point-in-time
Total assets	`Assets`	$290.91M	USD	Point-in-time
Accounts payable and accrued expenses	`AccruedLiabilitiesCurrent`	$6.95M	USD	Point-in-time
Temporary Equity Redemption Price Per Share	`TemporaryEquityRedemptionPricePerShare`	$10.15	USD	Point-in-time
Temporary Equity Redemption Price Per Share	`TemporaryEquityRedemptionPricePerShare`	$10.31	USD	Point-in-time
Temporary Equity Redemption Price Per Share	`TemporaryEquityRedemptionPricePerShare`	$10.42	USD	Point-in-time
Accounts payable and accrued expenses	`AccruedLiabilitiesCurrent`	$4.63M	USD	Point-in-time
Excise tax payable	`SalesAndExciseTaxPayableCurrent`	-	USD	Point-in-time
Excise tax payable	`SalesAndExciseTaxPayableCurrent`	$2.31M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$330.15K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Promissory notes to related parties	`NotesPayableCurrent`	$1.13M	USD	Point-in-time
Promissory notes to related parties	`NotesPayableCurrent`	$370.00K	USD	Point-in-time
Convertible promissory notes related parties, at fair value	`ConvertibleDebtCurrent`	$1.41M	USD	Point-in-time
Convertible promissory notes related parties, at fair value	`ConvertibleDebtCurrent`	$6.38M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$16.77M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.74M	USD	Point-in-time
Warrant liabilities	`WarrantLiability`	$12.15M	USD	Point-in-time
Warrant liabilities	`WarrantLiability`	$39.21M	USD	Point-in-time
Total liabilities	`Liabilities`	$18.89M	USD	Point-in-time
Total liabilities	`Liabilities`	$55.99M	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; 6,104,682 and 28,750,000 shares at redemption value at December 31, 2023 and 2022, respectively ($10.41 and $10.10 at December 31, 2023 and 2022, respectively)	`TemporaryEquityCarryingAmountAttributableToParent`	$290.35M	USD	Point-in-time
Class A common stock subject to possible redemption; 6,104,682 and 28,750,000 shares at redemption value at December 31, 2023 and 2022, respectively ($10.41 and $10.10 at December 31, 2023 and 2022, respectively)	`TemporaryEquityCarryingAmountAttributableToParent`	$63.52M	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`	$-55.58M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-55.58M	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 Liabilities, Common Stock Subject to Possible Redemption and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$63.92M	USD	Point-in-time
Total Liabilities, Common Stock Subject to Possible Redemption and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$290.91M	USD	Point-in-time

Income Statement 18 line items

Line Item	Tag	Value	Unit	Period
Operating costs	`FormationAndOperatingCosts`	$6.15M	USD	Annual
Operating costs	`FormationAndOperatingCosts`	$4.92M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-6.15M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-4.92M	USD	Annual
Interest income from Trust Account	`InvestmentIncomeInterest`	$3.99M	USD	Annual
Interest income from Trust Account	`InvestmentIncomeInterest`	$4.42M	USD	Annual
Change in fair value of convertible promissory notes related parties	`FairValueAdjustmentOfPromissoryNote`	$3.70M	USD	Annual
Change in fair value of convertible promissory notes related parties	`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`	$27.06M	USD	Annual
Total other (expense) income, net	`NonoperatingIncomeExpense`	$-26.35M	USD	Annual
Total other (expense) income, net	`NonoperatingIncomeExpense`	$4.32M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-31.27M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.83M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$757.07K	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$914.32K	USD	Annual
Net loss	`NetIncomeLoss`	$-32.18M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.59M	USD	Annual

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-32.18M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.59M	USD	Annual
Interest income from Trust Account	`InterestEarnedOnMarketableSecuritiesHeldInTrustAccount`	$-4.42M	USD	Annual
Interest income from Trust Account	`InterestEarnedOnMarketableSecuritiesHeldInTrustAccount`	$-3.99M	USD	Annual
Change in fair value of convertible promissory notes related parties	`FairValueAdjustmentOfPromissoryNote`	$3.70M	USD	Annual
Change in fair value of convertible promissory notes related parties	`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`	$27.06M	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-512.30K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$8.39K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$4.35M	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.33M	USD	Annual
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$330.15K	USD	Annual
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-330.15K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.84M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.71M	USD	Annual
Cash withdrawn from Trust Account in connection with redemptions	`ProceedsFromSaleOfRestrictedInvestments`	$1.57M	USD	Point-in-time
Cash withdrawn from Trust Account in connection with redemptions	`ProceedsFromSaleOfRestrictedInvestments`	$230.13M	USD	Annual
Cash withdrawn from Trust Account in connection with redemptions	`ProceedsFromSaleOfRestrictedInvestments`	-	USD	Annual
Cash withdrawn from Trust Account in connection with redemptions	`ProceedsFromSaleOfRestrictedInvestments`	$206.12M	USD	Point-in-time
Cash withdrawn from Trust Account in connection with redemptions	`ProceedsFromSaleOfRestrictedInvestments`	$24.01M	USD	Point-in-time
Cash withdrawn from Trust Account to pay taxes	`CashWithdrawnFromTrustAccountsToPayTaxes`	$786.92K	USD	Annual
Cash withdrawn from Trust Account to pay taxes	`CashWithdrawnFromTrustAccountsToPayTaxes`	$1.45M	USD	Annual
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$231.58M	USD	Annual
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$786.92K	USD	Annual
Payments for redemptions of Class A common stock	`PaymentsForRepurchaseOfCommonStock`	$1.57M	USD	Point-in-time
Payments for redemptions of Class A common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	Annual
Payments for redemptions of Class A common stock	`PaymentsForRepurchaseOfCommonStock`	$230.13M	USD	Annual
Proceeds from convertible promissory notes related parties	`ProceedsFromConvertibleDebt`	-	USD	Annual
Proceeds from convertible promissory notes related parties	`ProceedsFromConvertibleDebt`	$1.08M	USD	Annual
Proceeds from promissory notes - related party	`ProceedsFromRelatedPartyDebt`	$1.49M	USD	Annual
Proceeds from promissory notes - related party	`ProceedsFromRelatedPartyDebt`	$705.00K	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-227.56M	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$705.00K	USD	Annual
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$167.56K	USD	Annual
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-222.51K	USD	Annual
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$267.82K	USD	Point-in-time
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.26K	USD	Point-in-time
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$322.77K	USD	Point-in-time
Cash End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$267.82K	USD	Point-in-time
Cash End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.26K	USD	Point-in-time
Cash End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$322.77K	USD	Point-in-time
Conversion of Promissory Notes to Convertible Promissory Notes	`DebtConversionConvertedInstrumentAmount1`	-	USD	Annual
Conversion of Promissory Notes to Convertible Promissory Notes	`DebtConversionConvertedInstrumentAmount1`	$726.37K	USD	Annual
Remeasurement of Class A common stock subject to possible redemption	`TemporaryEquityAccretionToRedemptionValue`	$2.85M	USD	Annual
Remeasurement of Class A common stock subject to possible redemption	`TemporaryEquityAccretionToRedemptionValue`	$3.30M	USD	Annual
Excise tax payable as a result of redemptions of Class A common stock	`ExciseTaxPayableOnClassACommonStockRedemptionsOfNoncashInvestingAndFinancingTransaction`	-	USD	Annual
Excise tax payable as a result of redemptions of Class A common stock	`ExciseTaxPayableOnClassACommonStockRedemptionsOfNoncashInvestingAndFinancingTransaction`	$2.31M	USD	Annual
Initial measurement of fair value of Convertible Promissory Notes	`NotesIssued1`	$533.20K	USD	Annual
Initial measurement of fair value of Convertible Promissory Notes	`NotesIssued1`	$52.13K	USD	Annual
Payment of cash taxes	`IncomeTaxesPaidNet`	$1.25M	USD	Annual
Payment of cash taxes	`IncomeTaxesPaidNet`	$426.92K	USD	Annual

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-55.58M	USD	Point-in-time
Balance	`StockholdersEquity`	$-12.94M	USD	Point-in-time
Balance	`StockholdersEquity`	$-18.33M	USD	Point-in-time
Initial fair value adjustment of convertible promissory notes related parties	`InitialFmvAdjustmentOnPromissoryNote`	$52.13K	USD	Annual
Initial fair value adjustment of convertible promissory notes related parties	`InitialFmvAdjustmentOnPromissoryNote`	$533.20K	USD	Annual
Remeasurement of Class A common stock subject to possible redemption	`TemporaryEquityAccretionToRedemptionValue`	$2.85M	USD	Annual
Remeasurement of Class A common stock subject to possible redemption	`TemporaryEquityAccretionToRedemptionValue`	$3.30M	USD	Annual
Excise tax on Class A common stock redemptions	`ExciseTaxOnClassACommonStockRedemptions`	$-2.31M	USD	Annual
Net loss	`NetIncomeLoss`	$-32.18M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.59M	USD	Annual
Balance	`StockholdersEquity`	$-55.58M	USD	Point-in-time
Balance	`StockholdersEquity`	$-12.94M	USD	Point-in-time
Balance	`StockholdersEquity`	$-18.33M	USD	Point-in-time

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