Concord Acquisition Corp III
For the period ended Dec 31, 2023. Filed Mar 8, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 8, 2024
GCTS$1.45+5.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Year ended · · Year ended | ||||||
| · December 31, 2023 · · December 31, 2022 | ||||||
| Cash Flows from Operating Activities: · · · · · | ||||||
| Net (loss) income | | $(1,995,754) | | $24,256,284 | ||
| Adjustments to reconcile net (loss) income to net cash used in operating activities: | | | | | | |
| Income from cash and investments held in trust account | | | (6,795,482) | | | (5,091,197) |
| Changes in fair value of warrant liability and sponsor loans | | 2,913,800 | | | (21,332,800) | |
| Recovery of offering costs attributable to warrant liability | | | (372,678) | | | — |
| Changes in operating assets and liabilities: | | | | |||
| Expense reimbursement receivable from GCT | | | (296,441) | | | — |
| Prepaid expenses | | | 330,288 | | | 389,014 |
| Due to related party | | | 90,896 | | | 7,297 |
| Accrued income taxes, net | | | (490,460) | | | 485,207 |
| Accrued legal expense | | | 1,241,000 | | | (3,000) |
| Accrued capital markets advisory expense | | | 2,500,000 | | | — |
| Other accounts payable and accrued expenses | | | 197,702 | | | (226,869) |
| Net Cash Used in Operating Activities | | (2,677,129) | | | (1,516,064) | |
| | | | | | | |
| Cash Flows from Investing Activities: | | | | | | |
| Cash withdrawn from trust account to pay taxes | | | 2,137,351 | | | 822,658 |
| Cash withdrawn from trust account in connection with redemptions | | | 318,441,770 | | | — |
| Net Cash Provided by Operating Activities | | 320,579,121 | | | 822,658 | |
| | | | | | | |
| Cash Flows from Financing Activities: | | | | |||
| Proceeds from issuance of promissory note to related party | | 35,000 | | — | ||
| Redemption of common stock | | (318,441,770) | | — | ||
| Net Cash Used in Financing Activities | | (318,406,770) | | — | ||
| | | | ||||
| Net change in cash | | (504,778) | | (693,406) | ||
| Cash, beginning of the year | | 521,149 | | 1,214,555 | ||
| Cash, end of the year | | $16,371 | | $521,149 | ||
| | | | | | ||
| Supplemental disclosure of cash flow information: | | | | | ||
| Non-cash financing transactions: | | | | | | |
| Increase in redemption value of shares subject to possible redemption | | $5,209,575 | | $3,743,935 | ||
| Non-cash contribution - non-redemption agreements | | $6,981,310 | | $— | ||
| Partial waiver of deferred underwriter commission | | $6,618,747 | | $— | ||
| Excise tax payable attributable to redemption of common stock | | $3,184,272 | | $— | ||
| Conversion of Class B common stock to Class A common stock | | $863 | | $— | ||
| Extinguishment of debt | | $3,343,000 | | $— | ||
| | | | | | | |
| Other supplemental cash flow information: | | | | | | |
| Federal income tax paid | | $1,876,201 | | $510,000 | ||
The accompanying notes are an integral part of these consolidated financial statements
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2023
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.