10-Q Filing

Sable Offshore Corp. CIK: 1831481 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001564590-22-020376`
Period End Date	20220331
Filing Date	20220516
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	flme-10q_20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 45 Income Statement 16 Cash Flow Statement 39 Stockholders Equity 13

Balance Sheet 45 line items

Line Item	Tag	Value	Unit	Period
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`	$322.77K	USD	Point-in-time
Preferred stock shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`Cash`	$367.03K	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
Prepaid expenses	`PrepaidExpenseCurrent`	$473.66K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$521.88K	USD	Point-in-time
Preferred stock shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Temporary equity shares outstanding	`TemporaryEquitySharesOutstanding`	28.75M	shares	Point-in-time
Temporary equity shares outstanding	`TemporaryEquitySharesOutstanding`	28.75M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$844.65K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$840.69K	USD	Point-in-time
Prepaid expenses Non-Current	`PrepaidExpenseNoncurrent`	$78.63K	USD	Point-in-time
Investment held in Trust Account	`AssetsHeldInTrustNoncurrent`	$287.51M	USD	Point-in-time
Investment held in Trust Account	`AssetsHeldInTrustNoncurrent`	$287.52M	USD	Point-in-time
Total assets	`Assets`	$288.44M	USD	Point-in-time
Total assets	`Assets`	$288.35M	USD	Point-in-time
Accounts payable and accrued expenses	`AccruedLiabilitiesCurrent`	$263.47K	USD	Point-in-time
Accounts payable and accrued expenses	`AccruedLiabilitiesCurrent`	$275.50K	USD	Point-in-time
Convertible promissory notes related parties, at fair value	`NotesPayableRelatedPartiesClassifiedCurrent`	$956.12K	USD	Point-in-time
Convertible promissory notes related parties, at fair value	`NotesPayableRelatedPartiesClassifiedCurrent`	$1.27M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.23M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.53M	USD	Point-in-time
Warrant Liabilities	`WarrantLiability`	$12.65M	USD	Point-in-time
Warrant Liabilities	`WarrantLiability`	$5.79M	USD	Point-in-time
Total liabilities	`Liabilities`	$13.88M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.32M	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
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
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.94M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.47M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-6.47M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-12.94M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$23.34K	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-17.26M	USD	Point-in-time
Total Liabilities and Stockholders Deficit	`LiabilitiesAndStockholdersEquity`	$288.35M	USD	Point-in-time
Total Liabilities and Stockholders Deficit	`LiabilitiesAndStockholdersEquity`	$288.44M	USD	Point-in-time

Income Statement 16 line items

Line Item	Tag	Value	Unit	Period
Formation and operating costs	`FormationAndOperatingCosts`	$105.23K	USD	1 Quarter
Formation and operating costs	`FormationAndOperatingCosts`	$424.49K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-105.23K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-424.49K	USD	1 Quarter
Interest income from Trust Account	`InvestmentIncomeInterest`	$1.42K	USD	1 Quarter
Interest income from Trust Account	`InvestmentIncomeInterest`	$15.12K	USD	1 Quarter
Change in fair value of convertible promissory notes related parties	`FairValueAdjustmentOfConvertiblePromissoryNotesRelatedParties`	$27.61K	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-477.38K	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-6.86M	USD	1 Quarter
Offering costs allocated to warrants	`OfferingCostsAllocatedToWarrants`	$280.83K	USD	1 Quarter
Total other income, net	`NonoperatingIncomeExpense`	$197.96K	USD	1 Quarter
Total other income, net	`NonoperatingIncomeExpense`	$6.85M	USD	1 Quarter
Net income	`NetIncomeLoss`	$92.73K	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.42M	USD	1 Quarter
Basic and diluted net income per share	`BasicAndDilutedEarningsPerShare`	$0.01	USD	1 Quarter
Basic and diluted net income per share	`BasicAndDilutedEarningsPerShare`	$0.18	USD	1 Quarter

Cash Flow Statement 39 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$92.73K	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.42M	USD	1 Quarter
Interest income from Trust Account	`InvestmentIncomeInterest`	$1.42K	USD	1 Quarter
Interest income from Trust Account	`InvestmentIncomeInterest`	$15.12K	USD	1 Quarter
Change in fair value of convertible promissory note related parties	`FairValueAdjustmentOfConvertiblePromissoryNotesRelatedParties`	$27.61K	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-477.38K	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-6.86M	USD	1 Quarter
Offering costs allocated to warrants	`OfferingCostsAllocatedToWarrants`	$280.83K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-126.84K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$985.26K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$701.88K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-12.03K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-388.61K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-309.68K	USD	1 Quarter
Investment of cash into Trust Account	`PaymentsToAcquireRestrictedInvestments`	$287.50M	USD	1 Quarter
Cash withdrawn from Trust Account	`ProceedsFromSaleOfRestrictedInvestments`	$18.94K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-287.50M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$18.94K	USD	1 Quarter
Proceeds from initial public offering, net of underwriters fees	`ProceedsFromIssuanceInitialPublicOffering`	$281.75M	USD	1 Quarter
Proceeds from issuance of Private Placement Warrants	`ProceedsFromIssuanceOfWarrants`	$7.75M	USD	1 Quarter
Proceeds of promissory note - related party	`ProceedsFromRelatedPartyDebt`	$31.55K	USD	1 Quarter
Repayment of promissory note - related party	`RepaymentsOfRelatedPartyDebt`	$75.17K	USD	1 Quarter
Proceeds from convertible promissory note related parties	`ProceedsFromRelatedPartyConvertibleDebt`	$335.00K	USD	1 Quarter
Payments of offering costs	`PaymentsOfStockIssuanceCosts`	$799.80K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$335.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$288.66M	USD	1 Quarter
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$767.97K	USD	1 Quarter
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$44.26K	USD	1 Quarter
Cash, beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$322.77K	USD	Point-in-time
Cash, beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$367.03K	USD	Point-in-time
Cash, beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$776.98K	USD	Point-in-time
Cash, beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$9.01K	USD	Point-in-time
Cash, end of the period	`CashAndCashEquivalentsAtCarryingValue`	$322.77K	USD	Point-in-time
Cash, end of the period	`CashAndCashEquivalentsAtCarryingValue`	$367.03K	USD	Point-in-time
Cash, end of the period	`CashAndCashEquivalentsAtCarryingValue`	$776.98K	USD	Point-in-time
Cash, end of the period	`CashAndCashEquivalentsAtCarryingValue`	$9.01K	USD	Point-in-time
Initial measurement of fair value of Promissory Note	`NotesIssued1`	$52.13K	USD	1 Quarter
Initial value of warrant liabilities	`InitialValueOfWarrantLiabilities`	$18.80M	USD	1 Quarter
Initial value of Class A common stock subject to possible redemption	`InitialValueOfClassACommonStockSubjectToPossibleRedemption`	$287.50M	USD	1 Quarter

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-6.47M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-12.94M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$23.34K	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-17.26M	USD	Point-in-time
Initial fair value adjustment of convertible promissory notes related parties	`InitialFairValueAdjustmentOfConvertiblePromissoryNotesRelatedParties`	$52.13K	USD	1 Quarter
Remeasurement of Class A common stock to possible redemption	`TemporaryEquityAccretionToRedemptionValue`	$18.55M	USD	1 Quarter
Remeasurement of Class A common stock to possible redemption	`TemporaryEquityAccretionToRedemptionValue`	$18.55M	USD	1 Quarter
Net income	`NetIncomeLoss`	$92.73K	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.42M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$-6.47M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-12.94M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$23.34K	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-17.26M	USD	Point-in-time

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