PARENT COMPANY INFORMATION (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Condensed Financial Information Disclosure [Abstract] |
|
| Condensed Balance Sheet |
CONDENSED BALANCE SHEET (SUCCESSOR)
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
216,413 |
|
|
|
|
14,325 |
|
Prepaid expenses and other current assets |
|
|
8,195 |
|
|
|
|
|
|
|
|
|
238,933 |
|
|
|
|
|
|
Investment in subsidiaries |
|
|
1,352,389 |
|
Intercompany note receivable |
|
|
20,000 |
|
|
|
|
|
|
|
|
$ |
1,611,322 |
|
|
|
|
|
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
$ |
455 |
|
|
|
|
60,566 |
|
Founders advisory fees payable—related party |
|
|
53,547 |
|
Accrued expenses and other current liabilities |
|
|
636 |
|
|
|
|
|
|
Total current liabilities |
|
|
115,204 |
|
Founders advisory fees payable—related party |
|
|
312,242 |
|
Redeemable preferred shares |
|
|
96,867 |
|
Redeemable preferred shares—related party |
|
|
3,699 |
|
|
|
|
|
|
|
|
|
528,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders’ equity |
|
|
1,083,310 |
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
1,611,322 |
|
|
|
|
|
|
|
| Condensed Income Statement |
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (SUCCESSOR)
|
|
|
|
|
| |
|
November 9, 2021 through
December 31, 2021 |
|
|
|
|
|
|
Selling, general and administrative expense |
|
$ |
2,254 |
|
Founders advisory fees—related party |
|
|
652,990 |
|
|
|
|
|
|
|
|
|
655,244 |
|
|
|
|
|
|
|
|
|
(655,244 |
) |
|
|
|
934 |
|
|
|
|
|
|
Loss before undistributed earnings of subsidiaries |
|
|
(656,178 |
) |
Undistributed earnings of subsidiaries |
|
|
(24,279 |
) |
|
|
|
|
|
|
|
|
(680,457 |
) |
|
|
|
|
|
|
|
$ |
(680,457 |
) |
|
|
|
|
|
|
| Condensed Statement of Comprehensive Income |
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (SUCCESSOR)
|
|
|
|
|
| |
|
November 9, 2021 through
December 31, 2021 |
|
|
|
|
|
|
Selling, general and administrative expense |
|
$ |
2,254 |
|
Founders advisory fees—related party |
|
|
652,990 |
|
|
|
|
|
|
|
|
|
655,244 |
|
|
|
|
|
|
|
|
|
(655,244 |
) |
|
|
|
934 |
|
|
|
|
|
|
Loss before undistributed earnings of subsidiaries |
|
|
(656,178 |
) |
Undistributed earnings of subsidiaries |
|
|
(24,279 |
) |
|
|
|
|
|
|
|
|
(680,457 |
) |
|
|
|
|
|
|
|
$ |
(680,457 |
) |
|
|
|
|
|
|
| Condensed Cash Flow Statement |
CONDENSED STATEMENT OF CASH FLOWS (SUCCESSOR)
|
|
|
|
|
| |
|
November 9, 2021 through
December 31, 2021 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
$ |
(680,457 |
) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
Equity in earnings of subsidiaries |
|
|
24,279 |
|
Interest and on preferred shares |
|
|
944 |
|
|
|
|
1,182 |
|
Share-based compensation—Founders advisory fees—related party (equity settled) |
|
|
287,200 |
|
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
(14,325 |
) |
Prepaid expenses and current other assets |
|
|
(8,195 |
) |
|
|
|
455 |
|
Accrued expenses and other current liabilities |
|
|
889 |
|
Founders advisory fees—related party (cash settled) |
|
|
365,789 |
|
|
|
|
|
|
Net cash used in operating activities |
|
|
(22,239 |
) |
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
Investment in subsidiaries |
|
|
(1,209,155 |
) |
Intercompany note receivable |
|
|
(20,000 |
) |
|
|
|
|
|
Net cash used in investing activities |
|
|
(1,229,155 |
) |
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
Sale of PSSA Ordinary Shares issued to Director Subscribers |
|
|
2,000 |
|
|
|
|
|
|
Net cash provided by financing activities |
|
|
2,000 |
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
|
(1,249,394 |
) |
Cash and cash equivalents, beginning of period |
|
|
1,465,807 |
|
|
|
|
|
|
Cash and cash equivalents, end of period |
|
$ |
216,413 |
|
|
|
|
|
|
Non-cash investing and financing activities: |
|
|
|
|
Redeemable preferred shares issued as consideration for business combination |
|
$ |
100,000 |
|
Management Subscribers rollover contribution |
|
$ |
11,048 |
|
|