Financial Performance - FY 2023 revenue was $12.3 million, with a gross profit of $5.8 million and a gross margin of 47%[24] - Net income for FY 2023 was $16.4 million, primarily due to $23 million in other income from changes in warrant and earnout liabilities[24] - Operating loss for FY 2023 was $6.6 million, mainly due to $2.9 million in stock-based compensation[24] - Total net revenues for the year ended December 31, 2023, were $12,299,584, a decrease of 15.5% from $14,549,141 in 2022[34] - Gross profit for the year was $5,764,317, down 31.5% from $8,421,013 in the previous year[34] - Operating loss increased to $(6,640,365) in 2023, compared to $(2,823,813) in 2022[34] - Net income for 2023 was $16,371,134, a significant improvement from a net loss of $(487,493) in 2022[34] - Basic net income per share for 2023 was $1.20, compared to a loss of $(0.04) per share in 2022[34] Assets and Liabilities - Total assets as of December 31, 2023, were $6,982,575, compared to $3,909,096 in 2022[33] - Total liabilities increased to $23,575,140, up from $12,267,507 in the previous year[33] - The company reported a total stockholders' deficit of $(16,592,565) as of December 31, 2023, compared to $(8,358,411) in 2022[33] Cash Flow and Financing - Cash and cash equivalents stood at $3.1 million as of December 31, 2023[24] - Net cash used in operating activities was $(3,291,333) compared to $(2,902,659) in the previous period, indicating an increase in cash outflow[36] - Net cash provided by financing activities amounted to $6,119,834, up from $1,866,457 in the prior period, reflecting strong financing support[36] - Cash and cash equivalents at the end of the year reached $3,124,413, a significant increase from $298,614 at the beginning of the year[36] - Proceeds from convertible promissory notes were $2,584,582, contributing to the financing activities[36] - The total cash inflow from reverse recapitalization was $2,809,792, enhancing the company's liquidity position[36] Operational Highlights - The company has a validated pipeline of approximately $140 million expected to drive triple-digit revenue growth in FY 2024[3] - Backlog increased to approximately $11.8 million, including orders from the U.S. Department of Homeland Security and Department of Justice[3] - New product launches include turn-key solutions for government customers leveraging the Outpost AI edge appliance[4] - Focus on expanding customer acquisition with U.S. federal and state law enforcement agencies[4] - The company aims to improve sourcing and supply chain management to drive margin expansion[6] Expenses - Research and development expenses were $2,729,492, a decrease of 24.5% from $3,614,814 in 2022[34] - Selling, general and administrative expenses rose to $9,675,190, up 26.8% from $7,630,012 in the prior year[34] Market Activity - The company completed a merger and began trading on Nasdaq under the ticker "AISP" on December 22, 2023[2] Financial Instruments - The company recognized a gain from the change in fair value of earnout liability totaling $(21,976,349), impacting overall financial performance[36] - The company reported a loss from the change in fair value of convertible notes amounting to $240,784, indicating potential volatility in financial instruments[36] - Interest paid during the period was $21,438, slightly higher than $19,950 in the previous period, reflecting increased borrowing costs[36] - The company experienced a decrease in accounts receivable by $(943,152), which may indicate improved cash collection efforts[36] - The effect from exchange rate on cash was $(2,702), showing minor impact from currency fluctuations[36]

Financial Performance - For the three months ended September 30, 2023, the company reported a net loss of approximately $1.5 million, consisting of about $800,000 in operational losses and a noncash loss of approximately $1.0 million from changes in fair value of derivative warrant liabilities [180]. - For the nine months ended September 30, 2023, the company had a net loss of approximately $2.1 million, which included approximately $3.4 million in operational losses and a noncash loss of approximately $2.5 million from changes in fair value of derivative warrant liabilities [181]. - As of September 30, 2023, the company had cash of $18,752 [183]. - The company has no long-term debt or capital lease obligations, but incurs a monthly fee of $10,000 for office space and administrative services [185]. Shareholder Actions - Shareholders holding an aggregate of 525,624 Class A ordinary shares redeemed their shares for approximately $10.63 per share during the extraordinary general meeting on September 22, 2023 [174]. Business Combination Timeline - The company extended the deadline to complete a business combination from September 25, 2023, to December 26, 2023, with a potential further extension to March 25, 2024 [174]. - The company is seeking to complete an initial business combination within the Combination Period to avoid mandatory liquidation [184]. - The Company has a deadline to complete its initial business combination by December 26, 2023, or March 25, 2024, if extended without shareholder approval [204]. - If the initial business combination is not completed within the specified timeframe, the Company may be required to liquidate [204]. Regulatory Considerations - The review process by CFIUS or other U.S. government entities could be lengthy, impacting the completion of the business combination [204]. - The Company has limited time to finalize its initial business combination due to potential government review delays [204]. - If the business combination is ultimately prohibited by CFIUS or another U.S. government entity, it may lead to liquidation [204]. Internal Controls - A material weakness in internal controls over financial reporting was identified, which could result in misstatements of financial statements [202]. Capital Raising - The company completed a private placement of 1,030,000 units at $10.00 per unit, generating total gross proceeds of $10.3 million [172]. - The company has been operating as a blank check company for approximately 29 months since its initial public offering on March 23, 2021 [200].

Financial Performance - The company reported a net loss of approximately $657,000 for the six months ended June 30, 2023, primarily due to $2.5 million in operational losses and a noncash loss of $1.5 million from changes in fair value of derivative warrant liabilities [192]. - For the same period in 2022, the company had a net income of approximately $7.2 million, mainly from a noncash gain of $7.4 million related to derivative warrant liabilities and $455,000 from investments held in the Trust Account [193]. - For the three months ended June 30, 2023, the company reported a net loss of approximately $1.8 million, primarily due to $1.9 million in operational losses and a noncash loss of approximately $334,000 from changes in fair value of derivative warrant liabilities [218]. - For the three months ended June 30, 2022, the company had a net income of approximately $1.9 million, primarily from a noncash gain of approximately $1.8 million [219]. Trust Account and Financing - As of March 16, 2023, shareholders approved an extension for the company to complete its initial business combination until September 25, 2023, with approximately $24.1 million remaining in the Trust Account after redemptions [183]. - The company has placed $323.7 million in a trust account, invested in U.S. government securities, until the completion of a business combination [181]. - The underwriters waived their entitlement to a deferred fee of $11,329,238, which was contingent upon completing a business combination with Airship AI [195]. - The company entered into non-redemption agreements with shareholders, committing to hold or acquire $7 million of Class A ordinary shares in connection with the merger [213]. Merger and Shareholder Agreements - The company entered into a merger agreement with Airship AI Holdings, Inc. on June 27, 2023, which includes a support agreement with the Sponsor [215][216]. - The Sponsor agreed to forfeit 1,000,000 Class A ordinary shares and contribute 2,600,000 shares to secure financing related to the merger [216]. Operational Status and Compliance - The company has not engaged in any operations or generated revenues to date, with expected increased expenses due to public company compliance [191]. - The company expects to incur increased expenses related to legal, financial reporting, and auditing compliance as a public entity [191]. - As of June 30, 2023, the company had cash of $213,892, raising substantial doubt about its ability to continue as a going concern [221][222]. - The company has no long-term debt or significant liabilities, except for a monthly fee of $10,000 to Sagara Group, LLC for office space and administrative services [223]. - As of June 30, 2023, there were 2,363,217 Class A ordinary shares subject to possible redemption, classified as temporary equity [226]. Accounting and Internal Controls - The company adopted ASU 2016-13 on January 1, 2023, which did not impact its financial statements [228]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards [230]. - There were no changes in internal control over financial reporting that materially affected the company during the fiscal quarter ended June 30, 2023 [234].

(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR For the transition period from to | --- | --- | --- | |----------------------------------------------------------------------------|------------------------------|---------------------------------------------| | Cayman Islands | 001-40222 | N/A | | (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | | | | | | 445 Park Avenue ...

The decision as to whether we will seek shareholder approval of a proposed business combination in those instances in which shareholder approval is not required by applicable law or stock exchange listing requirements will be made by us, solely in our discretion, and will be based on business and legal reasons, which include a variety of factors, including, but not limited to: (i) the timing of the transaction, including in the event we determine shareholder approval would require additional time and there ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to BYTE ACQUISITION CORP. (Exact name of registrant as specified in its charter) | --- | --- | --- | |--------------------------------------------------|- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to BYTE ACQUISITION CORP. (Exact name of registrant as specified in its charter) | --- | --- | --- | |--------------------------------------------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to BYTE ACQUISITION CORP. (Exact name of registrant as specified in its charter) | --- | --- | --- | |-------------------------------------------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ________ TO ________ COMMISSION FILE NUMBER 001-40222 BYTE ACQUISITION CORP. (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other jurisdi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to BYTE ACQUISITION CORP. (Exact name of registrant as specified in its charter) | --- | --- | --- | |---------------------------------------------------| ...