$MACT

MachTen, Inc.

CIK:0001957783|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF INCOME [Abstract]
Revenues	$ 4,131	$ 4,061	$ 11,987	$ 11,923
Operating Costs:
Cost of revenue, excluding depreciation	1,426	1,420	4,126	3,924
General and administrative	639	610	2,091	1,874
Depreciation and accretion	513	529	1,530	1,646
Total Costs and Expenses	2,578	2,559	7,747	7,444
Operating profit	1,553	1,502	4,240	4,479
Other Income (Expense)
Interest Expense	(88)	0	(88)	0
Investment income	4	3	42	5
Total Other Income	(84)	3	(46)	5
Income before income taxes	1,469	1,505	4,194	4,484
Provision for income taxes	(379)	(423)	(1,101)	(1,248)
Net Income	$ 1,090	$ 1,082	$ 3,093	$ 3,236
Net income per share, basic (in dollars per share)	$ 0.34	$ 0.34	$ 0.98	$ 1.02
Net income per share, diluted (in dollars per share)	$ 0.34	$ 0.34	$ 0.98	$ 1.02
Weighted-average shares outstanding, basic (in shares)	3,172	3,172	3,172	3,172
Weighted-average shares outstanding, diluted (in shares)	3,172	3,172	3,172	3,172

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,090	$ 1,082	$ 2,152	$ 3,093	$ 3,236
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation				1,522	1,638
Accretion of asset retirement obligation				8	8	$ 11
Allowance for uncollectible accounts				(6)	(1)
Deferred income tax provision				(240)	(308)
Change in operating assets and liabilities:
Trade accounts receivable				(32)	426
Trade accounts payable and accrued liabilities				1,252	820
Operating lease right of use asset				68	(287)
Operating lease liability				(62)	307
Other assets and liabilities				(1,065)	(432)
Net cash provided by operating activities				4,538	5,407
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures				(6,519)	(3,256)
Other				(454)	(180)
Net cash used in in investing activities				(6,973)	(3,436)
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions from (Distribution to) LICT				2,800	(1,804)
Net cash provided by (used in) financing activities				2,800	(1,804)
Net increase in cash and cash equivalents				365	167
Cash and cash equivalents at beginning of period			$ 1,027	1,202	1,027	1,027
Cash and cash equivalents at end of period	$ 1,567	$ 1,194		1,567	1,194	$ 1,202
Supplemental Cash Flow Information
Cash paid for income taxes				$ 300	$ 440

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 1,567	$ 1,202
Accounts receivable, less allowances for expected credit loss of $13 and $13 as of September 30, 2023 and December 31, 2022	906	868
Materials and supplies	2,505	1,408
Other current assets	474	507
Total current assets	5,452	3,985
Property, plant and equipment, net	23,707	20,818
Right-of-use assets, net	679	747
Goodwill	100	100
Other noncurrent assets	66	70
Total assets	30,004	25,720
Current liabilities:
Trade accounts payable	92	3,362
Note payable	15,000	0
Accrued liabilities	3,112	1,157
Current operating lease liability	78	74
Total current liabilities	18,282	4,593
Deferred income taxes-net	2,486	2,726
Long term operating lease liability	644	710
Asset retirement obligation	144	136
Other noncurrent liabilities	26	26
Total liabilities	21,582	8,191
Shareholders' equity:
Common stock, 11,500,000 authorized, par value of $0.001 per share, 3,172,407 issued and outstanding at September 30, 2023	3	0
Additional paid-in capital	23,009	0
Dividends declared	(15,000)	0
Retained earnings	410	17,529
Total shareholders' equity	8,422	17,529
Total liabilities and shareholders' equity	$ 30,004	$ 25,720