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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - Banyan 10Q - USD ($)
3 Months Ended 5 Months Ended 6 Months Ended 9 Months Ended 10 Months Ended 12 Months Ended
Oct. 15, 2023
Sep. 30, 2023
Jul. 23, 2023
Jun. 30, 2023
Mar. 31, 2023
Oct. 09, 2022
Sep. 30, 2022
Jul. 17, 2022
Jun. 30, 2022
Mar. 31, 2022
Oct. 15, 2023
Oct. 09, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2021
Apr. 30, 2023
Dec. 31, 2022
Apr. 24, 2022
Dec. 31, 2021
Apr. 25, 2021
Operating expenses:                                        
Operating loss $ (7,206,000)         $ (3,019,000)         $ (8,078,000) $ (6,202,000)       $ (13,729,000)   $ (11,331,000)   $ (29,538,000)
Other income (expenses):                                        
Income (loss) before income taxes (7,355,000)         (3,294,000)         (10,329,000) 1,789,000       (7,333,000)   (9,879,000)   (29,985,000)
Provision for income taxes 72,000         (96,000)         0 (144,000)       (192,000)   (38,000)   (13,000)
Net (loss) income $ (7,283,000)   $ (3,046,000)     $ (3,390,000)   $ 5,035,000     $ (10,329,000) $ 1,645,000       $ (7,525,000)   $ (9,917,000)   $ (29,998,000)
Weighted average common shares outstanding, basic (in shares) 6,535,000         6,168,000         6,550,000 6,168,000       6,210,000   6,108,000   6,079,000
Weighted average common shares outstanding, diluted (in shares) 6,535,000         6,168,000         6,550,000 16,992,000       6,210,000   6,108,000   6,079,000
Earnings (loss) per share, basic (in dollars per share) $ (1.17)         $ (0.55)         $ (1.87) $ 0.27       $ (1.21)   $ (1.62)   $ (4.93)
Earnings (loss) per share, diluted (in dollars per share) $ (1.17)         $ (0.55)         $ (1.87) $ 0.10       $ (1.21)   $ (1.62)   $ (4.93)
BANYAN ACQUISITION CORPORATION                                        
Operating expenses:                                        
Warrant issuance expense                           $ 500,307     $ 500,307      
Exchange listing fees   $ 21,249         $ 20,178           $ 63,518 140,543     160,721      
Legal fees   1,003,710         17,380           3,517,185 139,324     215,000      
General, administrative, and other expenses   471,369         217,784           1,501,781 653,646 $ 22,252   877,640      
Total operating expenses   1,496,328         255,342           5,082,484 1,433,820 22,252   1,753,668      
Operating loss   (1,496,328)         (255,342)           (5,082,484) (1,433,820) (22,252)   (1,753,668)      
Other income (expenses):                                        
Change in fair value of warrant liability   922,888         1,454,500           (3,753,738) 13,214,963     14,304,338      
Interest income on cash held in bank account   3,901                     18,991              
Interest income on treasury securities held in Trust Account   514,356         1,251,524           4,405,609 1,709,000     3,939,359      
Interest income                                 3,939,359      
Unrealized gain (loss) on treasury securities held in Trust Account   44,693         47,960           (62,494) 9,732     57,498      
Other income   1,485,838         2,753,984           608,368 14,933,695     18,301,195      
Income (loss) before income taxes   (10,490)         2,498,642           (4,474,116) 13,499,875 (22,252)   16,547,527      
Provision for income taxes   (98,248)         (217,336)           (897,753) (325,757)     (783,546)      
Net (loss) income   $ (108,738)   $ (6,582,267) $ 1,319,136   $ 2,281,306   $ 1,450,175 $ 9,442,637     $ (5,371,869) $ 13,174,118 $ (22,252)   $ 15,763,981      
Class A common stock | BANYAN ACQUISITION CORPORATION                                        
Other income (expenses):                                        
Weighted average common shares outstanding, basic (in shares)   3,998,687         24,150,000           12,192,078 22,115,385     22,604,795      
Weighted average common shares outstanding, diluted (in shares)   3,998,687         24,150,000           12,192,078 22,115,385     22,604,795      
Earnings (loss) per share, basic (in dollars per share)                                 $ 0.53      
Earnings (loss) per share, diluted (in dollars per share)                                 $ 0.53      
Redeemable Class A common stock | BANYAN ACQUISITION CORPORATION                                        
Other income (expenses):                                        
Net (loss) income   $ (38,672)         $ 1,754,851           $ (3,369,552) $ 9,923,259     $ 11,937,823      
Weighted average common shares outstanding, basic (in shares)   3,998,687         24,150,000           12,192,078 22,115,385     22,604,795      
Weighted average common shares outstanding, diluted (in shares)   3,998,687         24,150,000           12,192,078 22,115,385     22,604,795      
Earnings (loss) per share, basic (in dollars per share)   $ (0.01)         $ 0.07           $ (0.28) $ 0.45     $ 0.53      
Earnings (loss) per share, diluted (in dollars per share)   $ (0.01)         $ 0.07           $ (0.28) $ 0.45     $ 0.53      
Non-redeemable Class A and Class B common stock                                        
Other income (expenses):                                        
Weighted average common shares outstanding, diluted (in shares)                         7,245,000 7,245,000            
Earnings (loss) per share, diluted (in dollars per share)                         $ (0.28) $ 0.45            
Non-redeemable Class A and Class B common stock | BANYAN ACQUISITION CORPORATION                                        
Other income (expenses):                                        
Net (loss) income   $ (70,066)         $ 526,455           $ (2,002,317) $ 3,250,859            
Weighted average common shares outstanding, basic (in shares)   7,245,000         7,245,000           7,245,000 7,245,000            
Weighted average common shares outstanding, diluted (in shares)   7,245,000         7,245,000           7,245,000 7,245,000            
Earnings (loss) per share, basic (in dollars per share)   $ (0.01)         $ 0.07           $ (0.28) $ 0.45            
Earnings (loss) per share, diluted (in dollars per share)   $ (0.01)         $ 0.07           $ (0.28) $ 0.45            
Class B common stock | BANYAN ACQUISITION CORPORATION                                        
Other income (expenses):                                        
Weighted average common shares outstanding, basic (in shares) [1]                                 7,245,000   6,300,000  
Weighted average common shares outstanding, diluted (in shares) [1]                                 7,245,000   6,300,000  
Earnings (loss) per share, basic (in dollars per share)                                 $ 0.53   $ 0.00  
Earnings (loss) per share, diluted (in dollars per share)                                 $ 0.53   $ 0.00  
[1] Excludes up to 1,125,000 shares of Class B common stock subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriter for the period from March 10, 2021 (inception) through December 31, 2021. The Company surrendered 1,725,000 shares of Class B Common Stock on November 30, 2021 and issued an additional 345,000 shares of Class B common stock on January 19, 2022 pursuant to a stock split by way of a stock dividend for no additional consideration. The underwriters exercised the over-allotment option in full on January 24, 2022. See Note 6.