Airship AI Holdings Inc

For the period ended Dec 31, 2023. Filed Apr 1, 2024.

About 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 Apr 1, 2024

AISP$1.69-2.3%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31, 2023 and 2022
Year Ended · Year Ended
December 31, 2023 · December 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$16,371,134		$(487,493)
Adjustments to reconcile net income (loss) to net cash used in
operating activities
Depreciation and amortization		14,879		14,879
Stock-based compensation- stock option grants		715,727		546,460
Stock-based compensation- warrants		2,136,115		-
Gain on forgiveness of note payable - PPP		-		(1,146,235)
Amortization of operating lease right of use asset		596,556		517,232
Accelerated amortization of ROU asset - lease termination		265,130		-
Gain from lease liability termination		(344,093)		-
Gain from change in fair value of warrant liability		(1,341,120)		-
Gain from change in fair value of earnout liability		(21,976,349)		-
Loss from change in fair value of convertible note		240,784
Non cash interest, net		65,487		17,181
Changes in operating assets and liabilities:
Accounts receivable		(943,152)		125,601
Prepaid expenses and other		(2,329)		14,063
Other assets		(182,333)		-
Operating lease liability		(531,621)		(560,435)
Payroll and income tax receivable		960,383		(939,850)
Accounts payable - trade and accrued expenses		666,136		(88,784)
Deferred revenue		(2,667)		(915,278)
NET CASH USED IN OPERATING ACTIVITIES		(3,291,333)		(2,902,659)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from convertible promissory note		2,584,582		-
Advances from founders, net		1,150,000		600,000
Proceeds from reverse recapitalization		2,809,792		-
Proceeds from small business loan and line of credit		-		565,050
Proceeds from notes receivable - related parties		-		841,917
Repayment of small business loan and line of credit		(424,540)		(140,510)
NET CASH PROVIDED BY FINANCING ACTIVITIES		6,119,834		1,866,457
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,828,501		(1,036,202)
Effect from exchange rate on cash		(2,702)		(10,106)
CASH AND CASH EQUIVALENTS, beginning of year		298,614		1,344,922
CASH AND CASH EQUIVALENTS, end of year		$3,124,413		$298,614
Supplemental disclosures of cash flow information:
Interest paid		$21,438		$19,950
Taxes paid		$17,247	$	-
Noncash investing and financing
Elimination of advances to founders in connection with
contribution of Zeppelin by shareholders		$1,100,000	$	-
Elimination of payables to founders in connection with
contribution of Zeppelin by shareholders		$1,100,000	$	-
Warrants issued in connection with debt		$15,418	$	-
Recognition of right-of-use asset		$1,162,152		$1,321,570
Recognition of operating lease liability		$1,162,152		$1,392,575
Deferred rent write off	$	-		$71,005
Noncash activity related to Merger
Recognition of warrant liability		$2,009,105	$	-
Recognition of earnout liability		$27,109,777	$	-
Recognition of prepaid assets		$894,662	$	-
Recognition of accounts payable		$1,500,000	$	-

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