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Organization (Tables) | 9 Months Ended
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Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Correction of Immaterial Errors in Previously Issued Financial Statements Through the Current Period | The following table represents the three months ended June 30, 2024, including the statements of operations, balance sheets, and statements of cash flows (in thousands):
| As Reported |  | As Revised |  |  |
Account Name | Q1 |  | Q1 |  | Difference |
BALANCE SHEET |  |  |  |  |  |
Assets: |  |  |  |  |  |
Cash and cash equivalents |  | 40,658 |  |  | 40,626 |  |  | (32 | )
Accounts receivable, net |  | 145 |  |  | 137 |  |  | (8 | )
Operating lease right-of-use assets |  | 553 |  |  | 3,100 |  |  | 2,547 |
Property, Plant, and equipment, net |  | 23,993 |  |  | 20,356 |  |  | (3,637 | )
Liabilities: |  |  |  |  |  |
Accounts payable |  | 1,930 |  |  | 1,922 |  |  | (8 | )
Accrued expenses and other current liabilities |  | 686 |  |  | 565 |  |  | (121 | )
Current portion of operating lease liabilities |  | 124 |  |  | 296 |  |  | 172 |
Operating lease liabilities |  | 436 |  |  | 2,811 |  |  | 2,375 |
Total Assets |  | 88,678 |  |  | 87,548 |  |  | (1,130 | )
Total Liabilities |  | 16,553 |  |  | 18,971 |  |  | 2,418 |
Total Old Market Capital Corporation shareholders' equity |  | 53,121 |  |  | 53,121 |  |  | - |
Noncontrolling interest |  | 3,550 |  |  | - |  |  | (3,550 | )
Total shareholders' equity |  | 56,671 |  |  | 53,121 |  |  | (3,550 | )
Redeemable NCI |  | 15,454 |  |  | 15,454 |  |  | - |
Total liabilities, redeemable noncontrolling interest, and shareholders' equity |  | 88,678 |  |  | 87,546 |  |  | (1,132 | )
STATEMENT OF CASH FLOWS |  |  |  |  |  |
Cash flows from operating activities |  | (437 | ) |  | (438 | ) |  | (1 | )
Cash flows from investing activities: |  | 22,113 |  |  | 22,081 |  |  | (32 | )
Cash flows from financing activities: |  | - |  |  | - |  |  | - |
STATEMENT OF OPERATIONS |  |  |  |  |  |
Revenue: |  | 489 |  |  | 489 |  |  | - |
Expenses: |  |  |  |  |  |
Depreciation and amortization |  | 94 |  |  | 91 |  |  | (3 | )
General and administrative |  | 3,764 |  |  | 3,791 |  |  | 27 |
Interest income, net |  | 411 |  |  | 411 |  |  | - |
Net (loss) |  | (3,489 | ) |  | (3,513 | ) |  | (24 | )
Loss from continuing operations |  | (5,548 | ) |  | (5,572 | ) |  | (24 | )
Net income (loss) from continuing ops attributable to common shareholders (Note 5) |  | (5,337 | ) |  | (5,361 | ) |  | (24 | )
Per share loss from continuing operations attributable to common shareholders - basic and diluted | $ | (0.79 | ) | $ | (0.79 | ) | $ | - |
Per share (loss) income available to common stockholders - basic and diluted | $ | (0.49 | ) | $ | (0.49 | ) | $ | - |
The following table represents the six months ended September 30, 2024, including the statements of operations, balance sheets, and statements of cash flows (in thousands):
| As Reported |  | As Revised |  |  |
Account Name | Q2 |  | Q2 |  | Difference |
BALANCE SHEET |  |  |  |  |  |
Assets: |  |  |  |  |  |
Cash and cash equivalents |  | 29,475 |  |  | 29,464 |  |  | (11 | )
Accounts receivable, net |  | 123 |  |  | 130 |  |  | 7 |
Operating lease right-of-use assets |  | 480 |  |  | 2,985 |  |  | 2,505 |
Property, plant, and equipment, net |  | 25,911 |  |  | 22,294 |  |  | (3,617 | )
Liabilities |  |  |  |  |  |
Accounts payable |  | 1,767 |  |  | 1,759 |  |  | (8 | )
Accrued expenses and other current liabilities |  | 665 |  |  | 644 |  |  | (21 | )
Current portion of operating lease liabilities |  | 117 |  |  | 292 |  |  | 175 |
Operating lease liabilities |  | 419 |  |  | 2,749 |  |  | 2,330 |
Total Assets |  | 80,282 |  |  | 79,165 |  |  | (1,117 | )
Total Liabilities |  | 8,331 |  |  | 10,807 |  |  | 2,476 |
Total Old Market Capital Corporation shareholders' equity |  | 52,670 |  |  | 52,670 |  |  | - |
Noncontrolling interest |  | 3,543 |  |  | - |  |  | (3,543 | )
Total shareholders' equity |  | 56,213 |  |  | 52,670 |  |  | (3,543 | )
Redeemable NCI |  | 15,738 |  |  | 15,738 |  |  | - |
Total liabilities, redeemable noncontrolling interest, and shareholders' equity |  | 80,282 |  |  | 79,215 |  |  | (1,067 | )
STATEMENT OF CASH FLOWS |  |  |  |  |  |
Cash flows from operating activities |  | (553 | ) |  | (560 | ) |  | (7 | )
Cash flows from investing activities: |  | 16,675 |  |  | 16,643 |  |  | (32 | )
Cash flows from financing activities: |  | (5,629 | ) |  | (5,629 | ) |  | - |
STATEMENT OF OPERATIONS |  |  |  |  |  |
Revenue: |  | 2,083 |  |  | 2,083 |  |  | - |
Expenses: |  |  |  |  |  |
Depreciation and amortization |  | 595 |  |  | 572 |  |  | (23 | )
General and administrative |  | 6,317 |  |  | 6,602 |  |  | 285 |
Interest income, net |  | 798 |  |  | 790 |  |  | (8 | )
Net (loss) |  | (3,663 | ) |  | (3,917 | ) |  | (254 | )
Loss from continuing operations |  | (6,523 | ) |  | (6,777 | ) |  | (254 | )
Net income (loss) from continuing ops attributable to common shareholders (Note 5) |  | (6,589 | ) |  | (6,843 | ) |  | (254 | )
Per share loss from continuing operations attributable to common shareholders - basic and diluted | $ | (0.98 | ) | $ | (1.02 | ) | $ | (0.04 | )
Per share (loss) income available to common stockholders - basic and diluted | $ | (0.56 | ) | $ | (0.59 | ) | $ | (0.03 | )
The following table represents the Statements of Operations for the three months ended September 30, 2024, (in thousands) for the Statement of Operations only:
| As Reported |  | As Revised |  |  |
Account Name | Q2 |  | Q2 |  | Difference |
STATEMENT OF OPERATIONS |  |  |  |  |  |
Revenue: |  | 2,958 |  |  | 2,958 |  |  | - |
Expenses |  |  |  |  |  |
Depreciation and amortization |  | 501 |  |  | 481 |  |  | (20 | )
General and administrative |  | 2,553 |  |  | 2,811 |  |  | 258 |
Interest income, net |  | 387 |  |  | 379 |  |  | (8 | )
Net (loss) |  | (174 | ) |  | (404 | ) |  | (230 | )
Loss from continuing operations |  | (975 | ) |  | (1,205 | ) |  | (230 | )
Net income (loss) from continuing ops attributable to common shareholders (Note 5) |  | (1,252 | ) |  | (1,482 | ) |  | (230 | )
Per share loss from continuing operations attributable to common shareholders - basic and diluted | $ | (0.19 | ) | $ | (0.22 | ) | $ | (0.03 | )
Per share (loss) income available to common stockholders - basic and diluted | $ | (0.07 | ) | $ | (0.10 | ) | $ | (0.03 | )
Schedule of Purchase Price Adjustments | The Company's preliminary allocation of the purchase price to the assets acquired, liabilities assumed, and noncontrolling interest recognized and redeemable as of the Closing Date were as follows:
(In thousands) |  |  |
Cash and cash equivalents |  | $ | - |
Accounts receivable |  |  | 117 |
Materials and supplies |  |  | 538 |
Operating lease right-of-use |  |  | 3,063 |
Prepaid expenses and other assets |  |  | 266 |
Property, plant, and equipment |  |  | 20,110 |
Intangible assets |  |  | 11,130 |
Goodwill |  |  | 10,434 |
Total assets acquired |  |  | 45,658 |
Accounts payable |  |  | 1,252 |
Accrued expenses and other liabilities |  |  | 111 |
Lease liabilities |  |  | 3,063 |
Deferred income taxes |  |  | 4,668 |
Deferred revenue |  |  | 556 |
Total liabilities assumed |  |  | 9,650 |
Total fair value of net assets acquired |  |  | 36,008 |
Less: redeemable noncontrolling interest |  |  | (17,644 | )
Total purchase price |  | $ | 18,364 |
Schedule of Purchase Price Adjustment | The following table represents Purchase Price Adjustments (within Note 3) reported as of June 30, 2024 and September 30, 2024, (in thousands):
|  | As Reported |  |  | As Revised |  |  |  |
(In thousands) |  | Q1 & Q2 |  |  | Q1 & Q2 |  |  | Difference |
Cash and cash equivalents |  | $ | 32 |  |  | $ | - |  |  | $ | (32 | )
Accounts receivable |  |  | 124 |  |  |  | 117 |  |  |  | (7 | )
Materials and supplies |  |  | 538 |  |  |  | 538 |  |  |  | - |
Operating lease right-of-use |  |  | 502 |  |  |  | 3,063 |  |  |  | 2,561 |
Prepaid expenses and other assets |  |  | 266 |  |  |  | 266 |  |  |  | - |
Property, plant, and equipment |  |  | 23,750 |  |  |  | 20,110 |  |  |  | (3,640 | )
Intangible assets |  |  | 11,130 |  |  |  | 11,130 |  |  |  | - |
Goodwill |  |  | 10,434 |  |  |  | 10,434 |  |  |  | - |
Total assets acquired |  |  | 46,776 |  |  |  | 45,658 |  |  |  | (1,118 | )
Accounts payable |  |  | 1,260 |  |  |  | 1,252 |  |  |  | (8 | )
Accrued expenses and other liabilities |  |  | 231 |  |  |  | 111 |  |  |  | (120 | )
Lease liabilities |  |  | 502 |  |  |  | 3,063 |  |  |  | 2,561 |
Deferred income taxes |  |  | 4,668 |  |  |  | 4,668 |  |  |  | - |
Deferred revenue |  |  | 556 |  |  |  | 556 |  |  |  | - |
Total liabilities assumed |  |  | 7,217 |  |  |  | 9,650 |  |  |  | 2,433 |
Total fair value of net assets acquired |  |  | 39,559 |  |  |  | 36,008 |  |  |  | (3,551 | )
Less: redeemable noncontrolling interest |  |  | (17,644 | ) |  |  | (17,644 | ) |  |  | - |
Less: noncontrolling interest |  |  | (3,551 | ) |  |  | - |  |  |  | 3,551 |
Total purchase price |  | $ | 18,364 |  |  | $ | 18,364 |  |  | $ | - |

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