10-Q Filing

Sable Offshore Corp. CIK: 1831481 Q3 2022

Filing Information

Form Type	10-Q
Accession Number	`0001564590-22-037635`
Period End Date	20220930
Filing Date	20221114
Fiscal Year	2022
Fiscal Period	Q3
XBRL Instance	flme-10q_20220930_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 50 Income Statement 37 Cash Flow Statement 53 Stockholders Equity 30

Balance Sheet 50 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
Preferred stock shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`Cash`	$322.77K	USD	Point-in-time
Cash	`Cash`	$140.24K	USD	Point-in-time
Preferred stock shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$521.88K	USD	Point-in-time
Preferred stock shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$238.50K	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
Total current assets	`AssetsCurrent`	$844.65K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$378.73K	USD	Point-in-time
Temporary equity shares outstanding	`TemporaryEquitySharesOutstanding`	28.75M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseNoncurrent`	$78.63K	USD	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$287.52M	USD	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$288.81M	USD	Point-in-time
Total assets	`Assets`	$289.19M	USD	Point-in-time
Total assets	`Assets`	$288.44M	USD	Point-in-time
Accounts payable and accrued expenses	`AccruedLiabilitiesCurrent`	$1.09M	USD	Point-in-time
Accounts payable and accrued expenses	`AccruedLiabilitiesCurrent`	$275.50K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$530.16K	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`	$2.88M	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`	$2.64M	USD	Point-in-time
Total liabilities	`Liabilities`	$13.88M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.52M	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 ($10.03 and $10.00 at September 30, 2022 and December 31, 2021)	`TemporaryEquityCarryingAmountAttributableToParent`	$287.50M	USD	Point-in-time
Class A Common Stock subject to possible redemption; 28,750,000 shares at redemption value ($10.03 and $10.00 at September 30, 2022 and December 31, 2021)	`TemporaryEquityCarryingAmountAttributableToParent`	$288.25M	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`	$-4.58M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.94M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-6.47M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-22.54M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-17.26M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-12.41M	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`	$-3.72M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-4.58M	USD	Point-in-time
Total Liabilities, Common Stock Subject to Possible Redemption and Stockholders Deficit	`LiabilitiesAndStockholdersEquity`	$289.19M	USD	Point-in-time
Total Liabilities, Common Stock Subject to Possible Redemption and Stockholders Deficit	`LiabilitiesAndStockholdersEquity`	$288.44M	USD	Point-in-time

Income Statement 37 line items

Line Item	Tag	Value	Unit	Period
Formation and operating costs	`FormationAndOperatingCosts`	$836.46K	USD	3 Qtrs
Formation and operating costs	`FormationAndOperatingCosts`	$1.28M	USD	1 Quarter
Formation and operating costs	`FormationAndOperatingCosts`	$2.01M	USD	3 Qtrs
Formation and operating costs	`FormationAndOperatingCosts`	$306.67K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-836.46K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.28M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-306.67K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.01M	USD	3 Qtrs
Interest income from Trust Account	`InvestmentIncomeInterest`	$10.05K	USD	3 Qtrs
Interest income from Trust Account	`InvestmentIncomeInterest`	$1.25M	USD	1 Quarter
Interest income from Trust Account	`InvestmentIncomeInterest`	$1.62M	USD	3 Qtrs
Interest income from Trust Account	`InvestmentIncomeInterest`	$4.34K	USD	1 Quarter
Change in fair value of convertible promissory notes related parties	`FairValueAdjustmentOfConvertiblePromissoryNotesRelatedParties`	$-1.20K	USD	1 Quarter
Change in fair value of convertible promissory notes related parties	`FairValueAdjustmentOfConvertiblePromissoryNotesRelatedParties`	$21.01K	USD	3 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-10.43M	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-372.75K	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-6.05M	USD	3 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-10.00M	USD	3 Qtrs
Offering costs allocated to warrants	`OfferingCostsAllocatedToWarrants`	$280.83K	USD	3 Qtrs
Total other income, net	`NonoperatingIncomeExpense`	$5.78M	USD	3 Qtrs
Total other income, net	`NonoperatingIncomeExpense`	$10.44M	USD	1 Quarter
Total other income, net	`NonoperatingIncomeExpense`	$1.62M	USD	1 Quarter
Total other income, net	`NonoperatingIncomeExpense`	$11.60M	USD	3 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$10.13M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$9.59M	USD	3 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.94M	USD	3 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$338.41K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$530.16K	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$530.16K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$10.13M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-5.28M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$6.42M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-191.75K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$4.94M	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$92.73K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$2.82M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$9.05M	USD	3 Qtrs

Cash Flow Statement 53 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$10.13M	USD	1 Quarter
Net income	`NetIncomeLoss`	$-5.28M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.42M	USD	1 Quarter
Net income	`NetIncomeLoss`	$-191.75K	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.94M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$92.73K	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.82M	USD	1 Quarter
Net income	`NetIncomeLoss`	$9.05M	USD	3 Qtrs
Interest income from Trust Account	`InvestmentIncomeInterest`	$10.05K	USD	3 Qtrs
Interest income from Trust Account	`InvestmentIncomeInterest`	$1.25M	USD	1 Quarter
Interest income from Trust Account	`InvestmentIncomeInterest`	$1.62M	USD	3 Qtrs
Interest income from Trust Account	`InvestmentIncomeInterest`	$4.34K	USD	1 Quarter
Change in fair value of convertible promissory notes related parties	`FairValueAdjustmentOfConvertiblePromissoryNotesRelatedParties`	$-1.20K	USD	1 Quarter
Change in fair value of convertible promissory notes related parties	`FairValueAdjustmentOfConvertiblePromissoryNotesRelatedParties`	$21.01K	USD	3 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-10.43M	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-372.75K	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-6.05M	USD	3 Qtrs
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-10.00M	USD	3 Qtrs
Offering costs allocated to warrants	`OfferingCostsAllocatedToWarrants`	$280.83K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-362.01K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$730.16K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$812.80K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$331.19K	USD	3 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$530.16K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.24M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-837.53K	USD	3 Qtrs
Investment of cash into Trust Account	`PaymentsToAcquireRestrictedInvestments`	$287.50M	USD	3 Qtrs
Cash withdrawn from Trust Account	`ProceedsFromSaleOfRestrictedInvestments`	$320.00K	USD	3 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-287.50M	USD	3 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$320.00K	USD	3 Qtrs
Proceeds from initial public offering, net of underwriters fees	`ProceedsFromIssuanceInitialPublicOffering`	$281.75M	USD	3 Qtrs
Proceeds from issuance of Private Placement Warrants	`ProceedsFromIssuanceOfWarrants`	$7.75M	USD	3 Qtrs
Proceeds from Initial Promissory Note related party	`ProceedsFromRelatedPartyDebt`	$396.55K	USD	3 Qtrs
Repayment of Initial Promissory Note - related party	`RepaymentsOfRelatedPartyDebt`	$75.17K	USD	3 Qtrs
Proceeds from convertible promissory notes related parties	`ProceedsFromRelatedPartyConvertibleDebt`	$335.00K	USD	3 Qtrs
Payments of offering costs	`PaymentsOfStockIssuanceCosts`	$799.79K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$289.02M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$335.00K	USD	3 Qtrs
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-182.53K	USD	3 Qtrs
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$286.14K	USD	3 Qtrs
Cash, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$322.77K	USD	Point-in-time
Cash, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.01K	USD	Point-in-time
Cash, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$295.16K	USD	Point-in-time
Cash, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$140.24K	USD	Point-in-time
Cash, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$322.77K	USD	Point-in-time
Cash, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.01K	USD	Point-in-time
Cash, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$295.16K	USD	Point-in-time
Cash, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$140.24K	USD	Point-in-time
Initial measurement of fair value of Promissory Note	`NotesIssued1`	$52.13K	USD	3 Qtrs
Initial value of warrant liabilities	`InitialValueOfWarrantLiabilities`	$18.80M	USD	3 Qtrs
Remeasurement of Class A common stock to possible redemption	`RemeasurementOfClassACommonStockToPossibleRedemption`	$18.55M	USD	3 Qtrs
Remeasurement of Class A common stock to possible redemption	`RemeasurementOfClassACommonStockToPossibleRedemption`	$750.18K	USD	3 Qtrs
Initial value of Class A common stock subject to possible redemption	`InitialValueOfClassACommonStockSubjectToPossibleRedemption`	$268.95M	USD	3 Qtrs

Stockholders Equity 30 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-6.47M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-22.54M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-17.26M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-12.41M	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`	$-3.72M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-4.58M	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`	$665.81K	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`	$84.38K	USD	1 Quarter
Remeasurement of Class A common stock to possible redemption	`TemporaryEquityAccretionToRedemptionValue`	$750.18K	USD	3 Qtrs
Remeasurement of Class A common stock to possible redemption	`TemporaryEquityAccretionToRedemptionValue`	$18.55M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$10.13M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-5.28M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$6.42M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-191.75K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$4.94M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$92.73K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.82M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$9.05M	USD	3 Qtrs
Ending Balance	`StockholdersEquity`	$-6.47M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-22.54M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-17.26M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-12.41M	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`	$-3.72M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-4.58M	USD	Point-in-time

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