10-Q Filing

Angel Studios, Inc. CIK: 1865200 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0001410578-23-002137`
Period End Date	20230630
Filing Date	20231005
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	port-20230630x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 58 Cash Flow Statement 38 Stockholders Equity 34

Balance Sheet 54 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$461.46K	USD	Point-in-time
Cash	`Cash`	$50.86K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$227.59K	USD	Point-in-time
Preferred stock, par value (In dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (In dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$278.45K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$461.46K	USD	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
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
Marketable securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$237.98M	USD	Point-in-time
Marketable securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$242.91M	USD	Point-in-time
Total Non-current Assets	`AssetsNoncurrent`	$242.91M	USD	Point-in-time
Total Non-current Assets	`AssetsNoncurrent`	$237.98M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$243.38M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$238.26M	USD	Point-in-time
Accrued expenses	`AccruedExpenses`	$681.39K	USD	Point-in-time
Accrued expenses	`AccruedExpenses`	$1.94M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$271.58K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$97.99K	USD	Point-in-time
Accrued offering costs	`AccruedOfferingCosts`	$184.05K	USD	Point-in-time
Accrued offering costs	`AccruedOfferingCosts`	$184.05K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$244.55K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$296.21K	USD	Point-in-time
Share redemptions payable	`ShareRedemptionsPayable`	$197.69M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$200.39M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.21M	USD	Point-in-time
Warrant liability	`SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares`	$527.05K	USD	Point-in-time
Warrant liability	`SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares`	$928.00K	USD	Point-in-time
Total Non-current Liabilities	`LiabilitiesNoncurrent`	$527.05K	USD	Point-in-time
Total Non-current Liabilities	`LiabilitiesNoncurrent`	$928.00K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$201.31M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.74M	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; 200,000,000 shares authorized; 4,150,065 and 23,000,000 shares issued and outstanding subject to possible redemption at redemption value as of June 30, 2023 and December 31, 2022, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$237.98M	USD	Point-in-time
Class A common stock subject to possible redemption; 200,000,000 shares authorized; 4,150,065 and 23,000,000 shares issued and outstanding subject to possible redemption at redemption value as of June 30, 2023 and December 31, 2022, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$45.22M	USD	Point-in-time
Class A common stock subject to possible redemption; 200,000,000 shares authorized; 4,150,065 and 23,000,000 shares issued and outstanding subject to possible redemption at redemption value as of June 30, 2023 and December 31, 2022, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$240.51M	USD	Point-in-time
Class A common stock subject to possible redemption; 200,000,000 shares authorized; 4,150,065 and 23,000,000 shares issued and outstanding subject to possible redemption at redemption value as of June 30, 2023 and December 31, 2022, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$234.60M	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`	$-3.16M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.46M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-10.85M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-1.46M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-24.26M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-3.16M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-2.80M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-13.91M	USD	Point-in-time
TOTAL LIABILITIES, COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$238.26M	USD	Point-in-time
TOTAL LIABILITIES, COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$243.38M	USD	Point-in-time

Income Statement 58 line items

Line Item	Tag	Value	Unit	Period
Insurance expense	`GeneralInsuranceExpense`	$227.59K	USD	2 Qtrs
Insurance expense	`GeneralInsuranceExpense`	$98.53K	USD	1 Quarter
Insurance expense	`GeneralInsuranceExpense`	$129.06K	USD	1 Quarter
Insurance expense	`GeneralInsuranceExpense`	$258.12K	USD	2 Qtrs
Administrative expense	`OtherGeneralAndAdministrativeExpense`	$98.31K	USD	1 Quarter
Administrative expense	`OtherGeneralAndAdministrativeExpense`	$120.40K	USD	2 Qtrs
Administrative expense	`OtherGeneralAndAdministrativeExpense`	$75.50K	USD	2 Qtrs
Administrative expense	`OtherGeneralAndAdministrativeExpense`	$14.00K	USD	1 Quarter
Legal and accounting expenses	`LegalAndAccountingExpense`	$83.10K	USD	1 Quarter
Legal and accounting expenses	`LegalAndAccountingExpense`	$155.44K	USD	2 Qtrs
Legal and accounting expenses	`LegalAndAccountingExpense`	$78.77K	USD	1 Quarter
Legal and accounting expenses	`LegalAndAccountingExpense`	$347.13K	USD	2 Qtrs
Franchise tax expense	`FranchiseTaxExpense`	$49.86K	USD	1 Quarter
Franchise tax expense	`FranchiseTaxExpense`	$49.86K	USD	1 Quarter
Franchise tax expense	`FranchiseTaxExpense`	$99.18K	USD	2 Qtrs
Franchise tax expense	`FranchiseTaxExpense`	$99.18K	USD	2 Qtrs
Listing fees	`EntityListingExpenses`	$42.50K	USD	2 Qtrs
Listing fees	`EntityListingExpenses`	$42.50K	USD	1 Quarter
Listing fees	`EntityListingExpenses`	$90.12K	USD	2 Qtrs
Listing fees	`EntityListingExpenses`	$90.12K	USD	1 Quarter
Bank fees	`BankFees`	$2.16K	USD	1 Quarter
Bank fees	`BankFees`	$623.00	USD	1 Quarter
Bank fees	`BankFees`	$1.18K	USD	2 Qtrs
Bank fees	`BankFees`	$3.80K	USD	2 Qtrs
Total expenses	`OperatingCostsAndExpenses`	$366.77K	USD	1 Quarter
Total expenses	`OperatingCostsAndExpenses`	$370.14K	USD	1 Quarter
Total expenses	`OperatingCostsAndExpenses`	$871.23K	USD	2 Qtrs
Total expenses	`OperatingCostsAndExpenses`	$648.92K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-370.14K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-871.23K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-648.92K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-366.77K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$400.95K	USD	2 Qtrs
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-141.15K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-3.43M	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-14.28M	USD	2 Qtrs
Financing expense	`InterestExpense`	$386.96K	USD	1 Quarter
Financing expense	`InterestExpense`	$386.96K	USD	2 Qtrs
Dividend income on marketable securities held in Trust Account	`InvestmentIncomeDividend`	$333.26K	USD	2 Qtrs
Dividend income on marketable securities held in Trust Account	`InvestmentIncomeDividend`	$310.96K	USD	1 Quarter
Dividend income on marketable securities held in Trust Account	`InvestmentIncomeDividend`	$2.86M	USD	1 Quarter
Dividend income on marketable securities held in Trust Account	`InvestmentIncomeDividend`	$5.39M	USD	2 Qtrs
Other income	`OtherNonoperatingIncome`	$3.74M	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$14.61M	USD	2 Qtrs
Other income	`OtherNonoperatingIncome`	$4.60M	USD	2 Qtrs
Other income	`OtherNonoperatingIncome`	$2.62M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.37M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.25M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$13.74M	USD	2 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.95M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$591.01K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.11M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$1.66M	USD	1 Quarter
Net income	`NetIncomeLoss`	$13.74M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$2.84M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$3.37M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.18M	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.37M	USD	1 Quarter

Cash Flow Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$2.84M	USD	2 Qtrs
Net income	`ProfitLoss`	$13.74M	USD	2 Qtrs
Accrued dividend on marketable securities held in Trust Account	`InvestmentIncomeDividendAccruedOnMarketableSecurities`	$1.01M	USD	2 Qtrs
Accrued dividend on marketable securities held in Trust Account	`InvestmentIncomeDividendAccruedOnMarketableSecurities`	$156.47K	USD	2 Qtrs
Change in fair value of warrant liabilities	`ChangesInFairValueAdjustmentOfWarrants`	$-14.28M	USD	2 Qtrs
Change in fair value of warrant liabilities	`ChangesInFairValueAdjustmentOfWarrants`	$400.95K	USD	2 Qtrs
Sponsor capital contribution for non-redemption agreements	`CapitalContributionForNonRedemptionAgreementsByRelatedParty`	$-386.96K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$253.03K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.43M	USD	2 Qtrs
Accrued offering costs	`IncreaseDecreaseInAccruedOfferingCosts`	$611.44K	USD	2 Qtrs
Due to related party	`IncreaseDecreaseInDueToRelatedPartiesCurrent`	$51.66K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-227.59K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$488.41K	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.33M	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.54M	USD	2 Qtrs
Purchases of marketable securities held in Trust Account	`PaymentsToAcquireMarketableSecurities`	$4.38M	USD	2 Qtrs
Purchases of marketable securities held in Trust Account	`PaymentsToAcquireMarketableSecurities`	$176.79K	USD	2 Qtrs
Proceeds from marketable securities held in Trust Account	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$460.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.92M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-176.79K	USD	2 Qtrs
Repayment of amounts due from related party	`ProceedsFromRelatedPartyDebt`	$83.58K	USD	2 Qtrs
Payments made by related party on behalf of the Company	`ProceedsFromRelatedPartyPaymentsMadeOnBehalfOfCompany`	$156.55K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$240.13K	USD	2 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.48M	USD	2 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$410.61K	USD	2 Qtrs
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$50.86K	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$472.62K	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$461.46K	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.95M	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$50.86K	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$472.62K	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$461.46K	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.95M	USD	Point-in-time
Remeasurement of Class A common stock subject to possible redemption	`RemeasurementOfClassCommonStockSubjectToPossibleRedemption`	$333.26K	USD	2 Qtrs
Remeasurement of Class A common stock subject to possible redemption	`RemeasurementOfClassCommonStockSubjectToPossibleRedemption`	$4.93M	USD	2 Qtrs
Share redemptions payable	`ShareRedemptionPayable`	$197.69M	USD	2 Qtrs
Excess fair value of Class B common stock transferred by Sponsor	`ExcessFairValueOfCommonStockTransferredBySponsor`	$386.96K	USD	2 Qtrs
Cash paid for taxes	`CashPaidForTaxes`	$57.64K	USD	2 Qtrs

Stockholders Equity 34 line items

Line Item	Tag	Value	Unit	Period
Balance at the beginning	`StockholdersEquity`	$-10.85M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$-1.46M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$-24.26M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$-3.16M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$-2.80M	USD	Point-in-time
Balance at the beginning	`StockholdersEquity`	$-13.91M	USD	Point-in-time
Temporary Equity, Balance at the beginning	`TemporaryEquityCarryingAmountAttributableToParent`	$237.98M	USD	Point-in-time
Temporary Equity, Balance at the beginning	`TemporaryEquityCarryingAmountAttributableToParent`	$45.22M	USD	Point-in-time
Temporary Equity, Balance at the beginning	`TemporaryEquityCarryingAmountAttributableToParent`	$240.51M	USD	Point-in-time
Temporary Equity, Balance at the beginning	`TemporaryEquityCarryingAmountAttributableToParent`	$234.60M	USD	Point-in-time
Remeasurement of Class A common stock subject to possible redemption	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$27.99M	USD	Annual
Remeasurement of Class A common stock subject to possible redemption	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$22.30K	USD	1 Quarter
Remeasurement of Class A common stock subject to possible redemption	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$2.53M	USD	1 Quarter
Remeasurement of Class A common stock subject to possible redemption	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$3.38M	USD	Annual
Remeasurement of Class A common stock subject to possible redemption	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$2.40M	USD	1 Quarter
Remeasurement of Class A common stock subject to possible redemption	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$310.96K	USD	1 Quarter
Sponsor capital contribution for non-redemption agreements	`AdjustmentsToAdditionalPaidInCapitalCapitalContributionForNonRedemptionAgreements`	$386.96K	USD	1 Quarter
Remeasurement of Class A common stock subject to possible redemption	`TemporaryEquityRemeasurementToRedemptionValueAdjustment`	$2.40M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.66M	USD	1 Quarter
Net income	`NetIncomeLoss`	$13.74M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$2.84M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$3.37M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.18M	USD	1 Quarter
Net income	`NetIncomeLoss`	$10.37M	USD	1 Quarter
Balance at the ending	`StockholdersEquity`	$-10.85M	USD	Point-in-time
Balance at the ending	`StockholdersEquity`	$-1.46M	USD	Point-in-time
Balance at the ending	`StockholdersEquity`	$-24.26M	USD	Point-in-time
Balance at the ending	`StockholdersEquity`	$-3.16M	USD	Point-in-time
Balance at the ending	`StockholdersEquity`	$-2.80M	USD	Point-in-time
Balance at the ending	`StockholdersEquity`	$-13.91M	USD	Point-in-time
Temporary Equity, Balance at the ending	`TemporaryEquityCarryingAmountAttributableToParent`	$237.98M	USD	Point-in-time
Temporary Equity, Balance at the ending	`TemporaryEquityCarryingAmountAttributableToParent`	$45.22M	USD	Point-in-time
Temporary Equity, Balance at the ending	`TemporaryEquityCarryingAmountAttributableToParent`	$240.51M	USD	Point-in-time
Temporary Equity, Balance at the ending	`TemporaryEquityCarryingAmountAttributableToParent`	$234.60M	USD	Point-in-time

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