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Share Name | Share Symbol | Market | Type |
---|---|---|---|
SportsMap Tech Acquisition Corporation | NASDAQ:SMAPU | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.61 | 5.68 | 9.99 | 0 | 01:00:00 |
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| | | | | 117 | | | |
| | | | | 121 | | | |
| | | | | 121 | | | |
| | | | | 121 | | | |
| | | | | F-1 | | |
Assumed Average Purchase Price Per Share
|
| |
Number of Registered
Shares to be Issued if Full Purchase(1) |
| |
Percentage of
Outstanding Shares After Giving Effect to the Issuance to B. Riley Principal Capital II(2) |
| |
Gross Proceeds from
the Sale of Shares to B. Riley Principal Capital II Under the Purchase Agreement |
| |||||||||
$1.00
|
| | | | 5,128,179 | | | | | | 27.6% | | | | | $ | 5,128,179 | | |
$2.00
|
| | | | 5,128,179 | | | | | | 27.6% | | | | | $ | 10,256,358 | | |
$2.78(3) | | | | | 5,128,179 | | | | | | 27.6% | | | | | $ | 14,256,338 | | |
$3.00
|
| | | | 5,128,179 | | | | | | 27.6% | | | | | $ | 15,384,537 | | |
$4.00
|
| | | | 5,128,179 | | | | | | 27.6% | | | | | $ | 20,512,716 | | |
$5.00
|
| | | | 5,000,000 | | | | | | 27.1% | | | | | $ | 25,000,000 | | |
| | |
Year ended December 31,
|
| |
Amount
|
| ||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
Change
|
| |
% Change
|
| ||||||||||||
Revenue, net
|
| | | $ | 5,430 | | | | | $ | 7,268 | | | | | $ | (1,838) | | | | | | (25)% | | |
Cost of goods sold (exclusive of depreciation)
|
| | | | 3,986 | | | | | | 4,964 | | | | | | (978) | | | | | | (20)% | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 22,105 | | | | | | 13,606 | | | | | | 8,499 | | | | | | 62% | | |
Depreciation
|
| | | | 872 | | | | | | 561 | | | | | | 311 | | | | | | 55% | | |
Casualty losses, net of recoveries
|
| | | | — | | | | | | 155 | | | | | | (155) | | | | | | 100% | | |
Total operating expenses
|
| | | | 22,977 | | | | | | 14,322 | | | | | | 8,655 | | | | | | 60% | | |
Operating loss
|
| | | | (21,533) | | | | | | (12,018) | | | | | | (9,515) | | | | | | 79% | | |
Interest expense
|
| | | | 64 | | | | | | 32 | | | | | | 32 | | | | | | 100% | | |
Interest expense, related parties
|
| | | | 30 | | | | | | 83 | | | | | | (53) | | | | | | (64)% | | |
Change in fair value of convertible notes
|
| | | | (970) | | | | | | — | | | | | | (970) | | | | | | (100)% | | |
Tariff refund
|
| | | | (2,401) | | | | | | — | | | | | | (2,401) | | | | | | (100)% | | |
Change in fair value of warrant liabilities
|
| | | | (195) | | | | | | — | | | | | | (195) | | | | | | (100)% | | |
Loss on financing transaction
|
| | | | 4,043 | | | | | | — | | | | | | 4,043 | | | | | | 100% | | |
Other (income) expenses, net
|
| | | | (44) | | | | | | (48) | | | | | | 4 | | | | | | (8)% | | |
Loss before income taxes
|
| | | | (22,060) | | | | | | (12,085) | | | | | | (9,975) | | | | | | 83% | | |
Income tax expense
|
| | | | 208 | | | | | | 1,205 | | | | | | (997) | | | | | | (83)% | | |
Net loss
|
| | | $ | (22,268) | | | | | $ | (13,290) | | | | | $ | (8,978) | | | | | | 68% | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Net loss
|
| | | $ | (22,268) | | | | | $ | (13,290) | | |
Interest expense
|
| | | | 64 | | | | | | 32 | | |
Interest expense, related parties
|
| | | | 30 | | | | | | 83 | | |
Income tax expense
|
| | | | 208 | | | | | | 1,205 | | |
Depreciation
|
| | | | 872 | | | | | | 561 | | |
EBITDA
|
| | | $ | (21,094) | | | | | $ | (11,409) | | |
EBITDA margin % (of revenue)
|
| | | | (388)% | | | | | | (157)% | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Net loss
|
| | | $ | (22,268) | | | | | $ | (13,290) | | |
Interest expense
|
| | | | 64 | | | | | | 32 | | |
Interest expense, related parties
|
| | | | 30 | | | | | | 83 | | |
Income tax expense
|
| | | | 208 | | | | | | 1,205 | | |
Depreciation
|
| | | | 872 | | | | | | 561 | | |
Transaction costs
|
| | | | — | | | | | | 1,898 | | |
Change in fair value of convertible notes
|
| | | | (970) | | | | | | — | | |
Change in fair value of warrants
|
| | | | (195) | | | | | | — | | |
Share based compensation expense
|
| | | | 14,061 | | | | | | 644 | | |
Casualty losses, net of recoveries
|
| | | | — | | | | | | 155 | | |
Inventories impairment
|
| | | | 1,689 | | | | | | — | | |
Loss on financing transaction
|
| | | | 4,043 | | | | | | — | | |
Tariff refund
|
| | | | (2,401) | | | | | | — | | |
Other (income) expenses, net
|
| | | | (44) | | | | | | (48) | | |
Adjusted EBITDA
|
| | | $ | (4,911) | | | | | $ | (8,760) | | |
Adjusted EBITDA margin % (of revenue)
|
| | | | (90)% | | | | | | (121)% | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Net cash (used in) provided by operating activities
|
| | | $ | (4,551) | | | | | $ | (3,170) | | |
Net cash (used in) provided by investing activities
|
| | | | (1,512) | | | | | | (1,600) | | |
Net cash (used in) provided by financing activities
|
| | | | 6,564 | | | | | | 2,050 | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | 501 | | | | | | (2,720) | | |
|
FMX 400
|
| |
![]() |
| |
Longwave Infrared (LWIR) Auto-focus Ethernet camera
|
|
|
8640 P
|
| |
![]() |
| |
Longwave Infrared (LWIR) Manual-focus USB camera
|
|
|
Mirage
|
| |
![]() |
| |
Cooled Midwave Infrared (MWIR) Optical Gas Imaging (OGI) camera
|
|
| Fixed-Mount Infrared + Visible & Multi-Sensor Cameras | | ||||||
|
APEX 200
|
| |
![]() |
| |
Compact IP67-rated IoT Dual-spectrum Longwave Infrared (LWIR) + Visible camera
|
|
|
FM 700XP
|
| |
![]() |
| |
High resolution IP66-rated Dual-spectrum Longwave Infrared (LWIR) + Visible camera
|
|
| Fixed-Mount Acoustic + Visible Cameras | | ||||||
|
Sound Detect FM
|
| |
![]() |
| |
Industrial IP54-rated 128-microphone Acoustic + Visible camera
|
|
| Handheld Infrared + Visible Cameras | | ||||||
|
T-Cam 600P
|
| |
![]() |
| |
High resolution handheld Dual-spectrum Longwave Infrared (LWIR) + Visible camera
|
|
|
Titan HD
|
| |
![]() |
| |
Ultra-high resolution handheld Dual-spectrum Longwave Infrared (LWIR) + Visible camera
|
|
|
IR-Pad
|
| |
![]() |
| |
High resolution handheld IR Tablet PC with Dual-spectrum Longwave Infrared (LWIR) + Visible sensors with integrated edge processing software
|
|
| Handheld Acoustic + Visible Cameras | | ||||||
|
Sound Detect Pro
|
| |
![]() |
| |
Handheld ATEX-certified IP54-rated 128-microphone Acoustic + Visible camera
|
|
| Unmanned Vehicle Multi-Sensor Payloads | | ||||||
|
Methane Mapper
|
| |
![]() |
| |
Multi-sensor payload with TDLAS + Visible sensors and ICI edge processing device
|
|
|
OGI Inspector Plus
|
| |
![]() |
| |
Multi-sensor payload with Cooled Midwave Infrared (MWIR) Optical Gas Imaging (OGI), TDLAS + Visible sensors and ICI edge processing device
|
|
Patent
|
| |
Title
|
| |
Type of Patent
|
| |
Jurisdiction
|
| |
Scheduled Date
of Expiration |
|
9,745,059 B2
|
| | System to Adapt An Optical Device To Calculate A Condition Value | | |
Machine
|
| |
United States
|
| |
4/7/2036
|
|
9,880,552 B1
|
| | Wireless Remote Control To Operate A Radiometric Camera Mounted To An Aerial Vehicle | | |
Machine
|
| |
United States
|
| |
7/2/2036
|
|
11,549,827 B1
|
| | System And Method For Automated Condition Value Reporting | | |
Machine and
Method of Use |
| |
United States
|
| |
3/11/2037
|
|
Provisional Application
|
| | Apparatus For Noninvasive Veterinary Screening And Diagnosis | | |
Machine
|
| |
United States
|
| |
11/14/2043
|
|
Name and Address of Beneficial Owner
|
| |
Number of Shares
|
| |
% of Ownership
|
| ||||||
Holders of more than 5% | | | | | | | | | | | | | |
Barclays PLC(1)
|
| | | | 774,624 | | | | | | 5.7% | | |
Named executive officers and directors: | | | | | | | | | | | | | |
Gary Strahan(2)
|
| | | | 6,371,018 | | | | | | 46.6% | | |
Steven Winch(3)
|
| | | | 552,805 | | | | | | 4.1% | | |
Peter Baird(4)
|
| | | | 210,102 | | | | | | 1.5% | | |
David Gow(5)
|
| | | | 682,588 | | | | | | 5.0% | | |
Reid Ryan(6)
|
| | | | 129,932 | | | | | | 1.0% | | |
Stuart V. Flavin III
|
| | | | — | | | | | | — | | |
Petros Kitsos
|
| | | | — | | | | | | — | | |
Margaret Chu
|
| | | | — | | | | | | — | | |
All executive officers and directors as a group (9 individuals)(7)
|
| | | | 7,963,465 | | | | | | 57.1% | | |
| | |
Number of Shares of
Common Stock Beneficially Owned Prior to Offering |
| |
Maximum Number of Shares of
Common Stock to be Offered Pursuant to this Prospectus(3) |
| |
Number of Shares of Common
Stock Beneficially Owned After Offering(4) |
| |||||||||||||||||||||
Name of Selling Stockholder
|
| |
Number(1)
|
| |
Percent(2)
|
| | | | | | | |
Number
|
| |
Percent
|
| ||||||||||||
B. Riley Principal Capital II, LLC(5)
|
| | | | 171,821 | | | | | | 1.3% | | | | | | 5,300,000 | | | | | | 0 | | | | | | — | | |
Name
|
| |
Age
|
| |
Position
|
|
Gary Strahan | | |
64
|
| | Director and Chief Executive Officer | |
Steven Winch | | |
52
|
| | Director and President | |
Peter Baird | | |
57
|
| | Chief Financial Officer | |
Steve Guidry | | |
66
|
| | General Counsel and Corporate Secretary | |
David Gow | | |
60
|
| | Director | |
Reid Ryan | | |
52
|
| | Director | |
Stuart V Flavin III | | |
57
|
| | Director | |
Petros Kitsos | | |
58
|
| | Director | |
Margaret Chu | | |
47
|
| | Director | |
|
•
Independence of the board
•
Separate sessions of independent directors
•
Lead director
•
Director qualification standards and additional selection criteria
•
Director orientation and continuing education
•
Service on other boards
•
Directors who resign or materially change their current positions with their own company or become aware of circumstances that may adversely reflect upon the director or the company
•
Term limits
|
| |
•
Director responsibilities
•
Compensation
•
Board access to senior management
•
Board access to independent advisors
•
Self-evaluations
•
Frequency of meetings
•
Attendance of non-directors
•
Advance receipt of meeting materials
•
Committee matters
•
Succession planning
|
|
Director
|
| |
Audit
Committee |
| |
Compensation
Committee |
| |
Nominating and Corporate
Governance Committee |
|
Gary Strahan
|
| | | | | | | | | |
Steven Winch
|
| | | | | | | | | |
David Gow
|
| | | | | | | | | |
Reid Ryan
|
| | | | |
Chair
|
| |
X
|
|
Stuart V. Flavin III
|
| |
X
|
| | | | |
Chair
|
|
Petros Kitsos
|
| |
X
|
| |
X
|
| |
X
|
|
Margaret Chu
|
| |
Chair
|
| |
X
|
| | | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($) |
| |
Stock Awards
($)(1) |
| |
All Other
Compensation ($)(2) |
| |
Total
($) |
| ||||||||||||||||||
Gary Strahan
CEO |
| | | | 2023 | | | | | | 125,068 | | | | |
|
—
|
| | | | | — | | | | | | 3,000 | | | | | | 128,068 | | |
| | | 2022 | | | | | | 119,944 | | | | |
|
—
|
| | | | | — | | | | | | — | | | | | | 119,944 | | | ||
Steven Winch
President |
| | | | 2023 | | | | | | 329,876 | | | | |
|
—
|
| | | | | 4,144,342 | | | | | | — | | | | | | 4,444,218 | | |
| | | 2022 | | | | | | 839,912 | | | | | | | | | | | | — | | | | | | 149,400 | | | | | | 989,312 | | | ||
Peter Baird
Chief Financial Officer |
| | | | 2023 | | | | | | 230,838 | | | | |
|
200,000
|
| | | | | 4,259,254 | | | | | | — | | | | | | 4,690,091 | | |
| | | 2022 | | | | | | 238,345 | | | | |
|
—
|
| | | | | — | | | | | | | | | | | | 238,345 | | |
| | |
Pre-Closing
ICI Transaction RSU Awards |
| |
MSAI
Transaction RSU Awards |
| ||||||
Steven Winch
|
| | | | 603,276 | | | | | | 635,649 | | |
Peter Baird
|
| | | | 624,524 | | | | | | 373,630 | | |
| | | | | |
Option Awards
|
| |
Stock Awards
|
| |||||||||||||||||||||||||||
Name
|
| |
Grant Date
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |
Number of
Shares or Units of Stock That Have Not Vested (#)(1) |
| |
Market Value of
Shares or Units of Stock That Have Not Vested ($) |
| |||||||||||||||
Gary Strahan
|
| | — | | | | | — | | | | | | — | | | | | | — | | | | — | | | | | — | | | | | | — | | |
Steven Winch
|
| |
December 19, 2023
|
| | | | — | | | | | | — | | | | | | — | | | | — | | | | | 603,276 | | | | | | | | |
Peter Baird
|
| |
December 19, 2023
|
| | | | — | | | | | | — | | | | | | — | | | | — | | | | | 624,524 | | | | | | | | |
| | | October 9, 2020 | | | | | 68,085 | | | | | | — | | | | | | 5.83 | | | | October 8, 2030 | | | | | | | | | | | | | |
| | | January 18, 2021 | | | | | 80,098 | | | | | | — | | | | | | 5.83 | | | |
January 17, 2031
|
| | | | | | | | | | | | |
| | | July 30, 2021 | | | | | 31,858 | | | | | | — | | | | | | 7.28 | | | | July 29, 2031 | | | | | | | | | | | | | |
| | |
December 7, 2021
|
| | | | 24,438 | | | | | | — | | | | | | 7.28 | | | |
December 6, 2031
|
| | | | | | | | | | | | |
Plan Category
|
| |
Number of securities to be
issued upon exercise of outstanding options, warrants and rights (a) |
| |
Weighted-average
exercise price of outstanding options, warrants and rights (b) |
| |
Number of securities remaining
available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) |
| |||||||||
Equity compensation plans approved by security holders(1)
|
| | | | 1,120,185(2) | | | | | $ | 6.61(3) | | | | | | 3,040,486(4) | | |
Equity compensation plans not approved by security holders(5)
|
| | | | 1,886,166(6) | | | | | | — | | | | | | — | | |
Total
|
| | | | 3,006,351 | | | | | $ | 6.61 | | | | | | 3,040,486 | | |
| | |
Pages
|
| |||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-8 – F-32 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 1,155 | | | | | $ | 654 | | |
Trade accounts receivable, net of allowances of $180 and $290, respectively
|
| | | | 2,440 | | | | | | 1,508 | | |
Inventories, current
|
| | | | 6,930 | | | | | | 9,634 | | |
Income taxes receivable
|
| | | | 57 | | | | | | 58 | | |
Other current assets
|
| | | | 1,931 | | | | | | 3,075 | | |
Total current assets
|
| | | | 12,513 | | | | | | 14,929 | | |
Property, plant and equipment, net
|
| | | | 3,084 | | | | | | 2,426 | | |
Right-of-use assets, net
|
| | | | 129 | | | | | | 103 | | |
Inventories. noncurrent
|
| | | | 643 | | | | | | — | | |
Other noncurrent assets
|
| | | | 3 | | | | | | 3 | | |
Total assets
|
| | | $ | 16,372 | | | | | $ | 17,461 | | |
Liabilities and shareholders’ deficit | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Trade accounts payable
|
| | | $ | 2,630 | | | | | $ | 1,360 | | |
Income taxes payable
|
| | | | 991 | | | | | | 511 | | |
Accrued expense
|
| | | | 3,543 | | | | | | 2,564 | | |
Contract liabilities
|
| | | | 1,944 | | | | | | 287 | | |
Line of credit
|
| | | | 622 | | | | | | — | | |
Convertible notes, current
|
| | | | — | | | | | | 950 | | |
Related party promissory note
|
| | | | 575 | | | | | | 1,000 | | |
Legacy SMAP promissory note
|
| | | | 200 | | | | | | — | | |
Right-of-use liabilities, current
|
| | | | 138 | | | | | | 103 | | |
Other current liabilities
|
| | | | 114 | | | | | | 224 | | |
Total current liabilities
|
| | | | 10,757 | | | | | | 6,999 | | |
Shareholder promissory note
|
| | | | — | | | | | | 18,571 | | |
Contract liabilities, noncurrent
|
| | | | 121 | | | | | | 10 | | |
Convertible notes, noncurrent
|
| | | | 5,695 | | | | | | — | | |
Warrants
|
| | | | 49 | | | | | | — | | |
Deferred tax liabilities, net
|
| | | | 18 | | | | | | 90 | | |
Total liabilities
|
| | | $ | 16,640 | | | | | $ | 25,670 | | |
Commitments and contingencies (Note 15) | | | | | | | | | | | | | |
Shareholders’ equity (deficit) | | | | | | | | | | | | | |
Common stock, $0.0001 par value; 300,000,000 and 7,708,163 shares authorized as of December 31, 2023 and 2022, respectively, and 11,956,823 and 5,292,384 shares issued and outstanding as of December 31, 2023 and 2022, respectively
|
| | | | 1 | | | | | | — | | |
Additional paid-in capital
|
| | | | 32,862 | | | | | | 2,654 | | |
Accumulated deficit
|
| | | | (33,131) | | | | | | (10,863) | | |
Total shareholders’ deficit
|
| | | | (268) | | | | | | (8,209) | | |
Total liabilities and shareholders’ deficit
|
| | | $ | 16,372 | | | | | $ | 17,461 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Revenue, net
|
| | | $ | 5,430 | | | | | $ | 7,268 | | |
Cost of goods sold (exclusive of depreciation)
|
| | | | 3,986 | | | | | | 4,964 | | |
Operating expenses: | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 22,105 | | | | | | 13,606 | | |
Depreciation
|
| | | | 872 | | | | | | 561 | | |
Casualty losses, net of recoveries
|
| | | | — | | | | | | 155 | | |
Total operating expenses
|
| | | | 22,977 | | | | | | 14,322 | | |
Operating loss
|
| | | | (21,533) | | | | | | (12,018) | | |
Interest expense
|
| | | | 64 | | | | | | 32 | | |
Interest expense, related parties
|
| | | | 30 | | | | | | 83 | | |
Change in fair value of convertible notes
|
| | | | (970) | | | | | | — | | |
Tariff refund
|
| | | | (2,401) | | | | | | — | | |
Change in fair value of warrants liabilities
|
| | | | (195) | | | | | | — | | |
Loss on financing transaction
|
| | | | 4,043 | | | | | | — | | |
Other (income) expenses, net
|
| | | | (44) | | | | | | (48) | | |
Loss before income taxes
|
| | | | (22,060) | | | | | | (12,085) | | |
Income tax expense
|
| | | | 208 | | | | | | 1,205 | | |
Net loss
|
| | | $ | (22,268) | | | | | $ | (13,290) | | |
Weighted-average shares outstanding, basic and diluted | | | | | | | | | | | | | |
Basic
|
| | | | 6,257,476 | | | | | | 5,292,384 | | |
Diluted
|
| | | | 6,257,476 | | | | | | 5,292,384 | | |
Net loss per share, basic and diluted | | | | | | | | | | | | | |
Basic
|
| | | | (3.56) | | | | | | (2.51) | | |
Diluted
|
| | | | (3.56) | | | | | | (2.51) | | |
| | |
Class A Common Stock
|
| |
Additional
Paid-In Capital |
| |
Retained
Earnings (Deficit) |
| |
Total
Shareholders’ Equity (Deficit) |
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||
January 1, 2022, as previously reported
|
| | | | 514,946 | | | | | $ | — | | | | | $ | 2,010 | | | | | $ | 2,427 | | | | | $ | 4,437 | | |
Elimination of historical equity
|
| | | | (514,946) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Retroactive application of recapitalization
|
| | | | 5,292,384 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adjusted Balance at January 1, 2022
|
| | | | 5,292,384 | | | | | $ | — | | | | | $ | 2,010 | | | | | $ | 2,427 | | | | | $ | 4,437 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (13,290) | | | | | | (13,290) | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | 644 | | | | | | — | | | | | | 644 | | |
Balance at December 31, 2022
|
| | | | 5,292,384 | | | | | $ | — | | | | | $ | 2,654 | | | | | $ | (10,863) | | | | | $ | (8,209) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (22,268) | | | | | | (22,268) | | |
Conversion of shareholder promissory note
|
| | | | 1,459,700 | | | | | | — | | | | | | 18,501 | | | | | | — | | | | | | 18,501 | | |
Conversion of convertible notes
|
| | | | 550,486 | | | | | | — | | | | | | 2,054 | | | | | | — | | | | | | 2,054 | | |
Financing transaction shares
|
| | | | 680,500 | | | | | | — | | | | | | 4,641 | | | | | | — | | | | | | 4,641 | | |
Issuance of common stock
|
| | | | 282,074 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Merger recapitalization (Note 3)
|
| | | | 3,691,679 | | | | | | 1 | | | | | | (1,454) | | | | | | — | | | | | | (1,453) | | |
Deferred transaction costs
|
| | | | — | | | | | | — | | | | | | (7,595) | | | | | | — | | | | | | (7,595) | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | 14,061 | | | | | | — | | | | | | 14,061 | | |
Balance at December 31, 2023
|
| | | | 11,956,823 | | | | | $ | 1 | | | | | $ | 32,862 | | | | | $ | (33,131) | | | | | $ | (268) | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Operating Activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (22,268) | | | | | $ | (13,290) | | |
Adjustments to reconcile net loss to net cash: (used in) provided by operating activities
|
| | | | | | | | | | | | |
Depreciation
|
| | | | 872 | | | | | | 561 | | |
Allowance for doubtful accounts
|
| | | | 194 | | | | | | 158 | | |
Inventories impairment
|
| | | | 1,689 | | | | | | — | | |
Non-cash lease expense
|
| | | | (26) | | | | | | 102 | | |
Inventory casualty losses
|
| | | | — | | | | | | 1,376 | | |
Deferred income tax expense
|
| | | | (72) | | | | | | 1,200 | | |
Share-based compensation
|
| | | | 14,061 | | | | | | 644 | | |
Non-cash PIK interest
|
| | | | 30 | | | | | | 83 | | |
(Gain) on sale of equipment
|
| | | | (18) | | | | | | — | | |
Loss on financing transaction
|
| | | | 4,043 | | | | | | — | | |
Change in fair value of warrants liabilities
|
| | | | (195) | | | | | | — | | |
Change in fair value of convertible notes
|
| | | | (970) | | | | | | — | | |
Increase (decrease) in cash resulting from changes in: | | | | | | | | | | | | | |
Trade accounts receivable
|
| | | | (928) | | | | | | (211) | | |
Deferred transaction costs
|
| | | | (1,098) | | | | | | — | | |
Inventories
|
| | | | 372 | | | | | | 284 | | |
Other current assets
|
| | | | 1,144 | | | | | | 1,306 | | |
Other noncurrent assets
|
| | | | — | | | | | | (1) | | |
Trade accounts payable
|
| | | | (14) | | | | | | 461 | | |
Income taxes payable
|
| | | | 480 | | | | | | 511 | | |
Income taxes receivable
|
| | | | 1 | | | | | | 1,645 | | |
Contract liability
|
| | | | 1,657 | | | | | | 212 | | |
Other current liabilities
|
| | | | (110) | | | | | | (14) | | |
Right of use liabilities
|
| | | | (163) | | | | | | (105) | | |
Accrued expenses
|
| | | | (3,343) | | | | | | 1,897 | | |
Other liabilities
|
| | | | 111 | | | | | | 11 | | |
Net cash used in operating activities
|
| | | | (4,551) | | | | | | (3,170) | | |
Investing Activities | | | | | | | | | | | | | |
Capital expenditures
|
| | | | (1,542) | | | | | | (1,600) | | |
Proceeds from sale of equipment
|
| | | | 30 | | | | | | — | | |
Net cash used in investing activities
|
| | | | (1,512) | | | | | | (1,600) | | |
Financing Activities
|
| | | | | | | | | | | | |
Proceeds of First Insurance Funding line of credit
|
| | | | 647 | | | | | | — | | |
Repayments of First Insurance Funding line of credit
|
| | | | (25) | | | | | | — | | |
Proceeds of Wells Fargo line of credit
|
| | | | — | | | | | | 1,400 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Repayments of Wells Fargo line of credit
|
| | | | — | | | | | | (1,400) | | |
Proceeds of B1 Bank line of credit
|
| | | | 900 | | | | | | — | | |
Repayments of B1 Bank line of credit
|
| | | | (900) | | | | | | — | | |
Proceeds from SMAP related party promissory note
|
| | | | 1,524 | | | | | | — | | |
Proceeds from related party promissory notes
|
| | | | 575 | | | | | | 1,000 | | |
Proceeds from shareholder promissory notes
|
| | | | — | | | | | | 200 | | |
Repayments on shareholder promissory notes
|
| | | | (100) | | | | | | (100) | | |
Proceeds from convertible notes
|
| | | | 1,806 | | | | | | 950 | | |
Proceeds from financing transaction
|
| | | | 4,481 | | | | | | — | | |
Merger recapitalization
|
| | | | (2,344) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 6,564 | | | | | | 2,050 | | |
Net increase/(decrease) in cash and cash equivalents
|
| | | | 501 | | | | | | (2,720) | | |
Cash and cash equivalents, beginning of year
|
| | | | 654 | | | | | | 3,374 | | |
Cash and cash equivalents, end of the year
|
| | | $ | 1,155 | | | | | $ | 654 | | |
Supplemental cash flow information | | | | | | | | | | | | | |
Interest paid
|
| | | $ | 52 | | | | | $ | 29 | | |
Income taxes paid
|
| | | | 6 | | | | | | 33 | | |
Non-cash investing and financing transactions | | | | | | | | | | | | | |
Conversion of shareholder promissory note and accrued interests into common stock
|
| | | $ | 18,501 | | | | | $ | — | | |
Conversion of convertible notes and accrued interest into common stock
|
| | | $ | 2,054 | | | | | $ | — | | |
Conversion of related party promissory note into convertible note
|
| | | $ | 1,000 | | | | | $ | — | | |
Conversion of Legacy SMAP related party promissory notes into convertible notes
|
| | | $ | 1,324 | | | | | $ | — | | |
Transfer of inducement shares in financing transaction
|
| | | $ | 4,641 | | | | | $ | — | | |
| | |
2023
|
| |
2022
|
| ||||||
United States
|
| | | $ | 4,361 | | | | | $ | 5,813 | | |
International
|
| | | | 1,069 | | | | | | 1,455 | | |
Total revenue, net
|
| | | $ | 5,430 | | | | | $ | 7,268 | | |
Assets
|
| |
Estimated Useful Life
|
|
Vehicles
|
| |
5 years
|
|
Buildings
|
| |
25 – 39 years
|
|
Computer equipment
|
| |
3 – 5 years
|
|
Furniture and fixtures
|
| |
7 years
|
|
Machinery and equipment
|
| |
4 – 7 years
|
|
| | |
Recapitalization
and associated transactions |
| |||
Cash (Trust)
|
| | | $ | 17,996 | | |
Redemptions
|
| | | | (16,430) | | |
Less: fees to underwriters and advisors
|
| | | | (3,910) | | |
Net cash due to Merger recapitalization
|
| | | | (2,344) | | |
Issuance of Financing notes
|
| | | | 4,481 | | |
Net cash received from Financing transaction and Merger recapitalization
|
| | | $ | 2,137 | | |
Shares by Type
|
| |
Number of
shares |
| |||
ICI Class A Common Stock outstanding previous to the Merger
|
| | | | 8,265,144 | | |
Number of Shares issued at the date of the business combination (Recapitalization)
|
| | | | | | |
SMAP Class A Common Stock outstanding previous to the Merger
|
| | | | 5,184,944 | | |
Less: Redemption of SMAP Class A previous to the Merger
|
| | | | (1,493,265) | | |
Total Class A Shares issued to former SMAP shareholders
|
| | | | 3,691,679 | | |
Number of Basic Share issued at the Merger and Total Common Stock as of December 31, 2023
|
| | | | 11,956,823 | | |
| | |
2023
|
| |
2022
|
| ||||||
Product sales
|
| | | $ | 4,270 | | | | | $ | 6,681 | | |
Software as a service and related services
|
| | | | 784 | | | | | | 348 | | |
Ancillary services
|
| | | | 376 | | | | | | 239 | | |
Total revenue
|
| | | $ | 5,430 | | | | | $ | 7,268 | | |
| | |
Contract
liabilities |
| |||
Balance at January 1, 2022
|
| | | $ | 75 | | |
Prepayments
|
| | | | 570 | | |
Revenue recognition
|
| | | | (348) | | |
Balance at December 31, 2022
|
| | | | 297 | | |
Prepayments
|
| | | | 2,552 | | |
Revenue recognition
|
| | | | (784) | | |
Balance at December 31, 2023
|
| | | $ | 2,065 | | |
Contract liabilities, noncurrent
|
| | | | 121 | | |
| | |
December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Beginning balance
|
| | | $ | 290 | | | | | $ | 145 | | |
Reversal of account receivables allowance
|
| | | | (304) | | | | | | (13) | | |
Bad debt expense
|
| | | | 194 | | | | | | 158 | | |
Ending balance
|
| | | $ | 180 | | | | | $ | 290 | | |
| | |
December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Vehicles
|
| | | $ | 354 | | | | | $ | 386 | | |
Buildings
|
| | | | 43 | | | | | | 43 | | |
Computer equipment
|
| | | | 25 | | | | | | 23 | | |
Furniture and fixtures
|
| | | | 3 | | | | | | 3 | | |
Machinery and equipment
|
| | | | 1,404 | | | | | | 1,140 | | |
Internal-use software
|
| | | | 3,126 | | | | | | 1,851 | | |
Property, plant and equipment, gross
|
| | | $ | 4,955 | | | | | $ | 3,446 | | |
Less: accumulated depreciation
|
| | | | (1,871) | | | | | | (1,020) | | |
Property, plant and equipment, net
|
| | | $ | 3,084 | | | | | $ | 2,426 | | |
| | |
December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Deposits
|
| | | $ | 1,209 | | | | | $ | 1,962 | | |
Prepaid expenses
|
| | | | 683 | | | | | | 102 | | |
Other receivables
|
| | | | 39 | | | | | | 1,011 | | |
Total other current assets
|
| | | $ | 1,931 | | | | | $ | 3,075 | | |
| | |
December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Infrared cameras
|
| | | $ | 4,955 | | | | | $ | 5,904 | | |
Replacement, maintenance, and spare parts
|
| | | | 1,975 | | | | | | 3,730 | | |
Inventories, current
|
| | | $ | 6,930 | | | | | $ | 9,634 | | |
Infrared cameras
|
| | | $ | 389 | | | | | $ | — | | |
Replacement, maintenance, and spare parts
|
| | | | 254 | | | | | | — | | |
Inventories, noncurrent
|
| | | $ | 643 | | | | | $ | — | | |
Total inventories
|
| | | $ | 7,573 | | | | | $ | 9,634 | | |
| | |
December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Amount of inventory write-down to net realizable value
|
| | | $ | 1,689 | | | | | $ | — | | |
| | |
December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Professional fees
|
| | | $ | 3,298 | | | | | $ | 1,705 | | |
Salaries and wages
|
| | | | 121 | | | | | | 615 | | |
Interest payable
|
| | | | 70 | | | | | | 184 | | |
Taxes payable
|
| | | | — | | | | | | 54 | | |
Other
|
| | | | 54 | | | | | | 6 | | |
Total accrued expense
|
| | | $ | 3,543 | | | | | $ | 2,564 | | |
|
2024
|
| | | $ | 1,397 | | |
|
2025
|
| | | | — | | |
|
2026
|
| | | | — | | |
|
2027
|
| | | | 6,805 | | |
|
2028
|
| | | | — | | |
|
Thereafter
|
| | | | — | | |
| | | | | $ | 8,202 | | |
| | |
2023
|
| |
2022
|
| ||||||
Valuation assumptions: | | | | | | | | | | | | | |
Exercise price per share
|
| | | $ | 74.73 | | | | | $ | 74.73 | | |
Expected term (in years)
|
| | | | 6.0 | | | | | | 6.0 | | |
Expected share volatility
|
| | | | 39.14% | | | | | | 37.07% | | |
Expected dividend yield
|
| | | | — | | | | | | — | | |
Risk free rate
|
| | | | 4.12% | | | | | | 3.16% | | |
| | |
Number of
shares |
| |
Weighted
average exercise price |
| |
Weighted
average remaining term |
| |
Aggregate
Intrinsic Value |
| ||||||||||||
Balance at January 1, 2022
|
| | | | 123,804 | | | | | $ | 67.66 | | | | | | 9.3 | | | | | $ | — | | |
Granted
|
| | | | 30,956 | | | | | | 74.56 | | | | | | — | | | | | | — | | |
Exercised
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Forfeited
|
| | | | (35,634) | | | | | | 71.87 | | | | | | — | | | | | | | | |
Expired
|
| | | | (10,260) | | | | | | 72.80 | | | | | | — | | | | | | — | | |
Balance at December 31, 2022
|
| | | | 108,866 | | | | | $ | 67.69 | | | | | | 7.2 | | | | | $ | — | | |
Exercisable at December 31, 2022
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Number of
shares |
| |
Weighted
average exercise price |
| |
Weighted
average remaining term |
| |
Aggregate
Intrinsic Value |
| ||||||||||||
Balance at January 1, 2023
|
| | | | 108,866 | | | | | $ | 67.69 | | | | | | 7.2 | | | | | $ | — | | |
Granted
|
| | | | 2,050 | | | | | | 74.73 | | | | | | — | | | | | | — | | |
Exercised
|
| | | | (110,916) | | | | | | 74.73 | | | | | | — | | | | | | — | | |
Forfeited
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | |
Expired
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Balance at December 31, 2023
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | |
Exercisable at December 31, 2023
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Number
of shares |
| |
Weighted
Average Grant Date Fair Value |
| ||||||
Non-vested at January 1, 2023
|
| | | | — | | | | | $ | — | | |
Granted
|
| | | | 1,886,166 | | | | | | 6.82 | | |
Exercised
|
| | | | — | | | | | | — | | |
Forfeited
|
| | | | — | | | | | | — | | |
Expired
|
| | | | — | | | | | | — | | |
Nonvested at December 31, 2023
|
| | | | 1,886,166 | | | | | $ | 6.82 | | |
| | |
2023
|
| |
2022
|
| ||||||
Numerator: | | | | | | | | | | | | | |
Basic and Diluted Net loss attributable to common stockholders
|
| | | $ | (22,268) | | | | | $ | (13,290) | | |
Denominator: | | | | | | | | | | | | | |
Weighted average number of shares: | | | | | | | | | | | | | |
Basic – Common Stock
|
| | | | 6,257,476 | | | | | | 5,292,384 | | |
Add: Dilutive effects, as shown separately below
|
| | | | | | | | | | | | |
Unvested Stock Options
|
| | | | — | | | | | | — | | |
Diluted – Common Stock
|
| | | | 6,257,476 | | | | | | 5,292,384 | | |
Basic Net loss per share attributable to common stockholders
|
| | | $ | (3.56) | | | | | $ | (2.51) | | |
Diluted Net loss per share attributable to common stockholders
|
| | | $ | (3.56) | | | | | $ | (2.51) | | |
| | |
December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Assets | | | | | | | | | | | | | |
Right-of-use assets, net
|
| | | $ | 129 | | | | | $ | 103 | | |
Liabilities | | | | | | | | | | | | | |
Right-of-use liabilities, current
|
| | | | 138 | | | | | | 103 | | |
| | |
December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Components operating lease cost | | | | | | | | | | | | | |
Operating lease cost
|
| | | $ | 134 | | | | | $ | 102 | | |
Short-term leases
|
| | | | 40 | | | | | | 124 | | |
| | |
December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Weighted-average remaining lease term (years)
|
| | | | 0.9 | | | | | | 0.9 | | |
Weighted-average discount rate
|
| | | | 8% | | | | | | 8% | | |
| | |
December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Right of use assets obtained in exchange for lease liabilities
|
| | | $ | 376 | | | | | $ | 198 | | |
Cash paid for amounts included in the measurement of lease liabilities
|
| | | | 163 | | | | | | 105 | | |
Cash paid for short term operating leases | | | | | | | | | | | | | |
Operating lease payments
|
| | | | 40 | | | | | | 124 | | |
| For the twelve months ending December 31, | | | | | | | |
|
2024
|
| | | $ | 142 | | |
|
2025
|
| | | | — | | |
|
2026
|
| | | | — | | |
|
2027
|
| | | | — | | |
|
2028
|
| | | | — | | |
|
Thereafter
|
| | | | — | | |
|
Total operating lease payments
|
| | | $ | 142 | | |
|
Less: imputed interest
|
| | | | (4) | | |
|
Present value of operating lease liabilities
|
| | | $ | 138 | | |
| | |
2023
|
| |
2022
|
| ||||||
Current:
|
| | | | | | | | | | | | |
Federal
|
| | | $ | 272 | | | | | $ | — | | |
State
|
| | | | 7 | | | | | | 5 | | |
Total current
|
| | | | 279 | | | | | | 5 | | |
Deferred:
|
| | | | | | | | | | | | |
Federal
|
| | | | (71) | | | | | | 1,096 | | |
State
|
| | | | — | | | | | | 104 | | |
Total deferred
|
| | | | (71) | | | | | | 1,200 | | |
Total income tax provision
|
| | | $ | 208 | | | | | $ | 1,205 | | |
| | |
2023
|
| |
2022
|
| ||||||
Deferred Tax Assets: | | | | | | | | | | | | | |
Impairment
|
| | | $ | 1,134 | | | | | $ | 1,147 | | |
Accruals
|
| | | | 107 | | | | | | 108 | | |
Reserves
|
| | | | 52 | | | | | | 75 | | |
Interest carryforward
|
| | | | 31 | | | | | | 31 | | |
Net operating losses
|
| | | | 3,849 | | | | | | 2,387 | | |
Other
|
| | | | 60 | | | | | | 40 | | |
Financial instruments
|
| | | | 1,392 | | | | | | — | | |
Start-up costs
|
| | | | 982 | | | | | | — | | |
UNICAP 263A
|
| | | | 175 | | | | | | 395 | | |
Valuation allowance
|
| | | | (7,011) | | | | | | (3,583) | | |
Total deferred tax assets
|
| | | $ | 771 | | | | | | 600 | | |
Deferred Tax Liabilities: | | | | | | | | | | | | | |
Prepaid Expense
|
| | | $ | (162) | | | | | | (24) | | |
Other
|
| | | | (30) | | | | | | (157) | | |
Depreciation
|
| | | | (597) | | | | | | (509) | | |
Total deferred tax liabilities
|
| | | | (789) | | | | | | (690) | | |
Deferred tax (liabilities) assets, net
|
| | | $ | (18) | | | | | $ | (90) | | |
| | |
2023
|
| |
2022
|
| ||||||
Loss before income tax expense
|
| | | $ | (22,060) | | | | | $ | (12,085) | | |
Statutory tax rate
|
| | | | 21% | | | | | | 21% | | |
Income tax (benefit) expense at federal statutory rate
|
| | | | (4,633) | | | | | | (2,538) | | |
Increase (decrease) resulting from: | | | | | | | | | | | | | |
Permanent differences
|
| | | | 2,300 | | | | | | 494 | | |
State income tax, net of federal benefit
|
| | | | (177) | | | | | | (343) | | |
Valuation allowance
|
| | | | 3,428 | | | | | | 3,583 | | |
Other, net
|
| | | | (710) | | | | | | 9 | | |
Income tax expense
|
| | | | 208 | | | | | | 1,205 | | |
Current income tax expense
|
| | | | 279 | | | | | | 5 | | |
Deferred income tax (benefit)
|
| | | | (71) | | | | | | 1,200 | | |
Total
|
| | | $ | 208 | | | | | $ | 1,205 | | |
| | |
2023
|
| |
2022
|
| ||||||
Balance, beginning of the year
|
| | | $ | 3,583 | | | | | $ | — | | |
Additions to valuation allowance
|
| | | | 3,428 | | | | | | 3,583 | | |
Balance, end of the year
|
| | | | 7,011 | | | | | | 3,583 | | |
| | |
2023
|
| |
2022
|
| ||||||
Balance, beginning of the year
|
| | | $ | — | | | | | $ | — | | |
Additions
|
| | | | — | | | | | | — | | |
Balance, end of the year
|
| | | | — | | | | | | — | | |
Fair Value Assumption — Financing Note
|
| |
December 31, 2023
|
|
Principal
|
| |
$6,805
|
|
Discount rate
|
| |
20.00%
|
|
Note term
|
| |
2.97 years
|
|
Stock Price
|
| |
$3.35
|
|
Maturity date
|
| |
12/19/2026
|
|
Risk rate
|
| |
3.92%
|
|
Volatility
|
| |
32.49%
|
|
Fair Value Assumption — Warrants
|
| |
December 31, 2023
|
|
Exercise Price
|
| |
$11.50
|
|
Warrant term
|
| |
4.97 years
|
|
Maturity date
|
| |
12/19/2028
|
|
Stock Price
|
| |
$3.35
|
|
Risk rate
|
| |
3.75%
|
|
Volatility
|
| |
33.29%
|
|
1 Year SportsMap Tech Acquisition Chart |
1 Month SportsMap Tech Acquisition Chart |
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