Workflow
Ault Disruptive Technologies (ADRT) - 2023 Q4 - Annual Report
ADRTAult Disruptive Technologies (ADRT)2024-04-11 21:27

Financial Performance - For the year ended December 31, 2023, the company reported a net income of 834,518,comparedtoanetlossof834,518, compared to a net loss of 128,392 for the year ended December 31, 2022[345]. - The company incurred operating costs of 1,301,104fortheyearendedDecember31,2023[345].−AsofDecember31,2023,thecompanyreportednodilutivesecurities,resultingindilutedlosspersharebeingthesameasbasiclosspershare[363].IPOandFundraising−Thecompanygeneratedgrossproceedsof1,301,104 for the year ended December 31, 2023[345]. - As of December 31, 2023, the company reported no dilutive securities, resulting in diluted loss per share being the same as basic loss per share[363]. IPO and Fundraising - The company generated gross proceeds of 115,000,000 from the IPO, selling 11,500,000 units at 10.00perunit[339].−Atotalof11,311,125sharesweretenderedforredemptionataper−sharepriceof10.00 per unit[339]. - A total of 11,311,125 shares were tendered for redemption at a per-share price of 10.61, resulting in approximately 120,064,000beingredeemedfromtheTrustAccount[352].−ThecompanyintendstousesubstantiallyallfundsintheTrustAccounttocompleteitsinitialbusinesscombination[355].TrustAccountandSecurities−AsofDecember31,2023,thecompanyhadmarketablesecuritiesheldintheTrustAccountamountingto120,064,000 being redeemed from the Trust Account[352]. - The company intends to use substantially all funds in the Trust Account to complete its initial business combination[355]. Trust Account and Securities - As of December 31, 2023, the company had marketable securities held in the Trust Account amounting to 2,200,308, down from 118,193,123in2022[354].−Thecompanywithdrew118,193,123 in 2022[354]. - The company withdrew 851,338 from the Trust Account for tax obligations in 2023, compared to 215,000in2022[354].−Thecompanyaccountsforcommonstocksubjecttopossibleredemptionastemporaryequity,reflectinguncertainfutureeventsthatareoutsideofitscontrol[362].DebtandFinancialObligations−Thecompanyhasanoutstandingprincipaladvancebalanceof215,000 in 2022[354]. - The company accounts for common stock subject to possible redemption as temporary equity, reflecting uncertain future events that are outside of its control[362]. Debt and Financial Obligations - The company has an outstanding principal advance balance of 550,383 under a Line of Credit agreement with a 9.5% interest rate[353]. - The company has an unsecured promissory note of 1,500,000fromitsSponsor,whichbearsnointerestandisrepayableinfulluponconsummationofaninitialbusinesscombination[360].−Thecompanyhasnolong−termdebtorcapitalleaseobligations,butincursamonthlyfeeof1,500,000 from its Sponsor, which bears no interest and is repayable in full upon consummation of an initial business combination[360]. - The company has no long-term debt or capital lease obligations, but incurs a monthly fee of 10,000 for office space and administrative services[359]. Accounting Standards and Reporting - The company does not believe that the adoption of ASU 2022-03 will have a material impact on its financial statements and disclosures[367]. - The company does not anticipate a material impact from the adoption of ASU 2023-09 regarding income tax disclosures[368]. - As an emerging growth company, the company may delay the adoption of new accounting standards, potentially affecting comparability with non-emerging growth companies[369]. - The company is classified as a smaller reporting company and is not required to provide supplementary financial information[370]. Business Continuity - The company has until December 20, 2024, to consummate a business combination, with substantial doubt about its ability to continue as a going concern if not completed by this date[342].