10-Q Filing

Sable Offshore Corp. CIK: 1831481 Q2 2022

Filing Information

Form Type	10-Q
Accession Number	`0001564590-22-029491`
Period End Date	20220630
Filing Date	20220815
Fiscal Year	2022
Fiscal Period	Q2
XBRL Instance	flme-10q_20220630_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 47 Income Statement 29 Cash Flow Statement 48 Stockholders Equity 23

Balance Sheet 47 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`	$212.04K	USD	Point-in-time
Preferred stock shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$388.27K	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
Prepaid expenses	`PrepaidExpenseCurrent`	$521.88K	USD	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`	$600.31K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$844.65K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseNoncurrent`	$78.63K	USD	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$287.70M	USD	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$287.52M	USD	Point-in-time
Total assets	`Assets`	$288.30M	USD	Point-in-time
Total assets	`Assets`	$288.44M	USD	Point-in-time
Accounts payable and accrued expenses	`AccruedLiabilitiesCurrent`	$165.90K	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`	$1.26M	USD	Point-in-time
Convertible promissory notes related parties, at fair value	`NotesPayableRelatedPartiesClassifiedCurrent`	$956.12K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.43M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.23M	USD	Point-in-time
Warrant liabilities	`WarrantLiability`	$3.02M	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`	$4.44M	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`	$287.58M	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`	$-3.73M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.94M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-22.54M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-3.72M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-17.26M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$23.34K	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-12.94M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-6.47M	USD	Point-in-time
Total Liabilities, Common Stock Subject to Possible Redemption and Stockholders Deficit	`LiabilitiesAndStockholdersEquity`	$288.30M	USD	Point-in-time
Total Liabilities, Common Stock Subject to Possible Redemption and Stockholders Deficit	`LiabilitiesAndStockholdersEquity`	$288.44M	USD	Point-in-time

Income Statement 29 line items

Line Item	Tag	Value	Unit	Period
Formation and operating costs	`FormationAndOperatingCosts`	$424.57K	USD	1 Quarter
Formation and operating costs	`FormationAndOperatingCosts`	$529.79K	USD	2 Qtrs
Formation and operating costs	`FormationAndOperatingCosts`	$306.34K	USD	1 Quarter
Formation and operating costs	`FormationAndOperatingCosts`	$730.83K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-424.57K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-306.34K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-529.79K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-730.83K	USD	2 Qtrs
Interest income from Trust Account	`InvestmentIncomeInterest`	$354.24K	USD	1 Quarter
Interest income from Trust Account	`InvestmentIncomeInterest`	$4.29K	USD	1 Quarter
Interest income from Trust Account	`InvestmentIncomeInterest`	$369.36K	USD	2 Qtrs
Interest income from Trust Account	`InvestmentIncomeInterest`	$5.71K	USD	2 Qtrs
Change in fair value of convertible promissory notes related parties	`FairValueAdjustmentOfConvertiblePromissoryNotesRelatedParties`	$-5.40K	USD	1 Quarter
Change in fair value of convertible promissory notes related parties	`FairValueAdjustmentOfConvertiblePromissoryNotesRelatedParties`	$22.21K	USD	2 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-9.63M	USD	2 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$4.86M	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-2.77M	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$4.38M	USD	2 Qtrs
Offering costs allocated to warrants	`OfferingCostsAllocatedToWarrants`	$280.83K	USD	2 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$-4.86M	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-4.66M	USD	2 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$9.98M	USD	2 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$3.13M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$9.25M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$6.42M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$92.73K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.82M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-5.19M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-5.28M	USD	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$9.25M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$6.42M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$92.73K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.82M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-5.19M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-5.28M	USD	1 Quarter
Interest income from Trust Account	`InvestmentIncomeInterest`	$354.24K	USD	1 Quarter
Interest income from Trust Account	`InvestmentIncomeInterest`	$4.29K	USD	1 Quarter
Interest income from Trust Account	`InvestmentIncomeInterest`	$369.36K	USD	2 Qtrs
Interest income from Trust Account	`InvestmentIncomeInterest`	$5.71K	USD	2 Qtrs
Change in fair value of convertible promissory note related parties	`FairValueAdjustmentOfConvertiblePromissoryNotesRelatedParties`	$-5.40K	USD	1 Quarter
Change in fair value of convertible promissory note related parties	`FairValueAdjustmentOfConvertiblePromissoryNotesRelatedParties`	$22.21K	USD	2 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-9.63M	USD	2 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$4.86M	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-2.77M	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$4.38M	USD	2 Qtrs
Offering costs allocated to warrants	`OfferingCostsAllocatedToWarrants`	$280.83K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-212.24K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$857.67K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$307.60K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-109.60K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.08M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-628.19K	USD	2 Qtrs
Investment of cash into Trust Account	`PaymentsToAcquireRestrictedInvestments`	$287.50M	USD	2 Qtrs
Cash withdrawn from Trust Account	`ProceedsFromSaleOfRestrictedInvestments`	$182.47K	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-287.50M	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$182.47K	USD	2 Qtrs
Proceeds from initial public offering, net of underwriters fees	`ProceedsFromIssuanceInitialPublicOffering`	$281.75M	USD	2 Qtrs
Proceeds from issuance of Private Placement Warrants	`ProceedsFromIssuanceOfWarrants`	$7.75M	USD	2 Qtrs
Repayment of promissory note - related party	`RepaymentsOfRelatedPartyDebt`	$43.63K	USD	2 Qtrs
Proceeds from convertible promissory note related parties	`ProceedsFromRelatedPartyConvertibleDebt`	$335.00K	USD	2 Qtrs
Payments of offering costs	`PaymentsOfStockIssuanceCosts`	$799.79K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$335.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$288.66M	USD	2 Qtrs
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-110.73K	USD	2 Qtrs
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$76.71K	USD	2 Qtrs
Cash, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$322.77K	USD	Point-in-time
Cash, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$212.04K	USD	Point-in-time
Cash, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.01K	USD	Point-in-time
Cash, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$85.73K	USD	Point-in-time
Cash, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$322.77K	USD	Point-in-time
Cash, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$212.04K	USD	Point-in-time
Cash, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.01K	USD	Point-in-time
Cash, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$85.73K	USD	Point-in-time
Initial measurement of fair value of Promissory Note	`NotesIssued1`	$52.13K	USD	2 Qtrs
Initial value of warrant liabilities	`InitialValueOfWarrantLiabilities`	$18.80M	USD	2 Qtrs
Remeasurement of Class A common stock to possible redemption	`RemeasurementOfClassACommonStockToPossibleRedemption`	$84.38K	USD	2 Qtrs
Initial value of Class A common stock subject to possible redemption	`InitialValueOfClassACommonStockSubjectToPossibleRedemption`	$287.50M	USD	2 Qtrs

Stockholders Equity 23 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-22.54M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-3.72M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-17.26M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$23.34K	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-12.94M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-6.47M	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	Annual
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`	$84.38K	USD	2 Qtrs
Remeasurement of Class A common stock to possible redemption	`TemporaryEquityAccretionToRedemptionValue`	$84.38K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$9.25M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$6.42M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$92.73K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.82M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-5.19M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-5.28M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$-22.54M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-3.72M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-17.26M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$23.34K	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-12.94M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-6.47M	USD	Point-in-time

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