Revenue Performance - Total revenue for the three months ended September 30, 2024, was $2,069,000, compared to $1,581,000 for the same period in 2023, representing a year-over-year increase of 31%[38] - Revenue from services transferred over time was $2.069 million for the three months ended September 30, 2024, compared to $1.581 million for the same period in 2023, indicating a growth of 31%[75] - Related party revenues from services provided to equity method investments were $2.0 million for the three months ended September 30, 2024, up from $0.4 million in the same period of 2023, reflecting a significant increase of 400%[75] - For the nine months ended September 30, 2024, total revenue was $5,383 million, up from $4,937 million in the same period of 2023, indicating a growth of approximately 9%[142] - Total revenue for the three months ended September 30, 2024, increased by $0.5 million to $2.1 million compared to $1.6 million for the same period in 2023[196] Net Income and Loss - The net income for the three months ended September 30, 2024, was $39,301,000, compared to $4,310,000 for the same period in 2023, showing a substantial increase[38] - For the nine months ended September 30, 2024, Falcon's Beyond reported a net income of $161,353 thousand, a significant increase from a net loss of $14,342 thousand for the same period in 2023[39] - The net income for the nine months ended September 30, 2024, was $161,353 million, a substantial increase compared to a net loss of $8,380 million for the same period in 2023[142] - The company reported a share of gain from equity method investments of $38 million for the three months ended September 30, 2024, compared to a loss of $1,555 million in the same period in 2023[140] Assets and Liabilities - Total current assets decreased from $2,429,000 as of December 31, 2023, to $2,072,000 as of September 30, 2024, a decline of approximately 15%[35] - Total liabilities decreased significantly from $552,353,000 as of December 31, 2023, to $76,025,000 as of September 30, 2024, indicating a reduction of about 86%[36] - The company has a working capital deficiency of $27.0 million, excluding maturing debt of $10.3 million within the next 12 months as of September 30, 2024[57] - The company reported a working capital deficiency of $(27.0) million as of September 30, 2024, excluding debt maturing in the next 12 months[186] Cash Flow and Liquidity - Cash and cash equivalents increased from $672,000 as of December 31, 2023, to $828,000 as of September 30, 2024, an increase of approximately 23%[35] - The company experienced a net cash used in operating activities of $8,758 thousand, an improvement compared to $16,421 thousand for the nine months ended September 30, 2023[39] - Negative cash flows from operating activities amounted to $8.8 million for the nine months ended September 30, 2024, indicating liquidity challenges[55] - The Company does not currently have sufficient cash or liquidity to meet its maturing liabilities, raising substantial doubt about its ability to continue as a going concern[57] Equity and Investments - The total equity attributable to common stockholders improved from a deficit of $57,105,000 as of December 31, 2023, to a deficit of $1,414,000 as of September 30, 2024[37] - The company’s accumulated deficit decreased from $68,594,000 as of December 31, 2023, to $44,322,000 as of September 30, 2024, a reduction of approximately 35%[37] - The investment in Falcon's Creative Group (FCG) was recorded at fair value of $39.1 million as of July 27, 2023, following its deconsolidation[80] - The Company’s total investments and advances to equity method investments increased to $63.915 million as of September 30, 2024, from $60.643 million as of December 31, 2023[88] Operational Performance - The company reported a loss from operations of $2,461,000 for the three months ended September 30, 2024, compared to a loss of $20,404,000 for the same period in 2023[38] - The Company incurred an operating loss of $11.3 million for the nine months ended September 30, 2024, with an accumulated deficit of $44.3 million attributable to common stockholders[55] - Total segment loss from operations for the three months ended September 30, 2024, decreased by $7.5 million to a loss of $0.8 million compared to a loss of $8.3 million for the same period in 2023[215] - FCG segment loss decreased by $3.2 million to a loss of $1.7 million for the three months ended September 30, 2024, primarily due to increased revenues and improved margins on new long-term contracts[215] Debt and Financing - The Company’s long-term debt as of September 30, 2024, amounted to $25.530 million, with a current portion of $10.339 million[99] - The Company amended its revolving credit arrangement to increase the maximum capacity from $10 million to $15 million, with a maturity date extended to September 30, 2034[101] - The company entered into a five-year $7.25 million term loan with Infinite Acquisitions at an interest rate of 3.75% per annum, which was refinanced into a new $14.765 million term loan as of September 30, 2024[105][113] Strategic Developments - The company completed a merger with FAST II on October 5, 2023, which involved a contribution of cash to effectuate an "UP-C" structure[44] - Following a strategic investment of $30.0 million by QIC Delaware, Inc., Falcon's Creative Group was deconsolidated and is now accounted for as an equity method investment[58] - The Company has committed to fund its share of additional investment in Karnival TP-AQ Holdings Limited for constructing Vquarium Entertainment Centers in China[56] - The Company has entered into a commitment with The Hershey Licensing Company to develop venues in at least four locations by 2028, requiring a one-time development fee of $0.3 million per location and a 6% royalty on gross sales starting in 2025[133]

Revenue Performance - Falcon's Beyond reported consolidated revenue of $2.1 million for Q3 2024, with significant contributions from its subsidiaries[3]. - Falcon's Creative Group (FCG) achieved revenues of $13.2 million in Q3 2024, representing a 190% increase of $8.6 million compared to Q3 2023[4]. - Producciones de Parques (PDP) recognized revenues of $17.8 million in Q3 2024, a $2.0 million increase from the prior year, driven by higher occupancy and rates[5]. - Revenue for the three months ended September 30, 2024, was $2,069 thousand, a 31% increase from $1,581 thousand in the same period of 2023[22]. Net Income and Earnings - The company's consolidated net income increased by $35.0 million to $39.3 million for Q3 2024, primarily due to a $40.6 million gain from changes in fair value of earnout liabilities[6]. - Net income attributable to common stockholders for the three months ended September 30, 2024, was $5,869 thousand, compared to a loss of $14,342 thousand in the same period of 2023[23]. - The company reported a net income per share of $0.58 for the three months ended September 30, 2024, compared to $2.50 in the same period of 2023[23]. - Net income for the nine months ended September 30, 2024, was $161,353, compared to a net loss of $14,342 for the same period in 2023[25]. Operating Performance - Adjusted EBITDA improved by $4.6 million to ($1.6) million for Q3 2024, compared to ($6.2) million in Q3 2023, reflecting operational improvements[7]. - FCG recorded an operating income of $0.1 million in Q3 2024, a significant improvement from an operating loss of ($5.2) million in Q3 2023[4]. - EBITDA for the nine months ended September 30, 2024, was $162,474, a significant increase from a loss of $11,998 in the prior year[27]. - Adjusted EBITDA for the nine months ended September 30, 2024, was $(8,063), improving from $(22,621) in the same period of 2023[27]. Debt and Financing - Falcon's Beyond entered into an amended credit agreement to increase its revolving line of credit from $10 million to $15 million, maturing on September 30, 2034[8]. - The company terminated and replaced $14.8 million of term debt, with the new loan bearing an interest rate of 8% per annum[9]. Equity and Shareholder Returns - A stock dividend of 0.2 shares of Class A common stock per share outstanding was declared, expected to issue approximately 2.0 million shares[11]. - The company had total equity attributable to common stockholders of $(1,414) thousand as of September 30, 2024, compared to $(57,105) thousand as of December 31, 2023[21]. Cash Flow and Liquidity - Cash flows used in operating activities for the nine months ended September 30, 2024, were $(8,758), an improvement from $(16,421) in 2023[25]. - The company reported a net cash increase of $161 for the period, compared to a decrease of $(7,974) in the previous year[26]. - Cash and cash equivalents at the end of the period were $828,000, up from $371,000 at the end of the previous year[26]. Expenses and Liabilities - Total operating expenses for the nine months ended September 30, 2024, were $52,986 thousand, compared to $16,679 thousand for the same period in 2023, reflecting a significant increase[23]. - Total liabilities decreased to $76,025 thousand as of September 30, 2024, from $552,353 thousand as of December 31, 2023[21]. - The accumulated deficit improved to $(44,322) thousand as of September 30, 2024, from $(68,594) thousand as of December 31, 2023[21]. - Research and development expenses for the three months ended September 30, 2024, were $39 thousand, a decrease from $349 thousand in the same period of 2023[23]. Other Financial Metrics - The company reported a gain on deconsolidation of FCG amounting to $27,402 thousand for the nine months ended September 30, 2024[23]. - Change in fair value of earnout liabilities was $40,649 thousand for the three months ended September 30, 2024[23]. - The change in fair value of earnout liabilities was $(172,271) for the nine months ended September 30, 2024[27]. - The company recognized a credit loss expense of $12 for the nine months ended September 30, 2024, compared to $5,484 in the prior year[25]. - The company had a foreign exchange transaction loss of $(261) for the nine months ended September 30, 2024[25]. - The company reported a gain on deconsolidation of $(27,402) in the prior year, which did not recur in the current period[27].

Financial Performance - Falcon's Beyond reported consolidated revenues of $1.8 million for Q2 2024, primarily from corporate and shared services fees[3]. - Falcon's Creative Group (FCG) generated revenues of $15.7 million in Q2 2024, an increase of $10.5 million, or 202%, compared to the same period in 2023[3]. - FCG achieved an operating income of $2.3 million and a net income of $2.5 million in Q2 2024, a significant turnaround from an operating loss of $1.1 million in Q2 2023[3]. - Producciones de Parques, Falcon's Beyond's joint venture, reported revenues of $11.3 million in Q2 2024, a $0.9 million increase from the previous year, driven by higher occupancy and rates[4]. - Consolidated net income for Falcon's Beyond increased by $16.8 million to $8.0 million in Q2 2024, compared to a net loss of $8.8 million in Q2 2023[5]. - Adjusted EBITDA improved by $6.5 million to ($1.9) million in Q2 2024, compared to ($8.4) million in Q2 2023, due to reduced overhead costs[6]. - Revenue for the three months ended June 30, 2024, was $1,798,000, compared to $5,322,000 for the same period in 2023, representing a decrease of approximately 66.2%[17]. - Total operating expenses for the six months ended June 30, 2024, were $12,149,000, down from $31,001,000 in the same period of 2023, indicating a reduction of about 60.8%[17]. - Net income for the six months ended June 30, 2024, was $122,052,000, a significant improvement from a net loss of $18,652,000 in the same period of 2023[18]. - The company reported a net cash used in operating activities of $6,385,000 for the six months ended June 30, 2024, compared to $12,610,000 for the same period in 2023, showing a decrease of approximately 49.5%[18]. - The company reported a net income of $122,052 for the six months ended June 30, 2024, compared to a loss of $18,652 in the same period of 2023[21]. - EBITDA for the six months ended June 30, 2024, was $122,755, a significant improvement from a loss of $16,634 in the same period of 2023[21]. - Adjusted EBITDA for the three months ended June 30, 2024, was $(1,942), an improvement from $(8,394) in the same period of 2023[21]. Cash and Assets - Cash and cash equivalents increased to $1.664 million as of June 30, 2024, compared to $0.672 million at the end of 2023[14]. - Total assets rose to $65.930 million as of June 30, 2024, up from $63.359 million at the end of 2023[14]. - Cash and cash equivalents at the end of the period were $1,664,000, up from $1,186,000 at the end of the same period in 2023, reflecting an increase of about 40.3%[19]. Interest and Expenses - Interest expense for the three months ended June 30, 2024, was $(438,000), compared to $(295,000) for the same period in 2023, indicating an increase of approximately 48.8%[17]. - Interest expense increased to $707 for the six months ended June 30, 2024, from $566 in the same period of 2023[21]. - Depreciation and amortization expense decreased significantly to $3 for the six months ended June 30, 2024, from $1,516 in the same period of 2023[21]. - The company incurred transaction expenses of $7 for the six months ended June 30, 2024, which were not present in the same period of 2023[21]. - Interest income for the six months ended June 30, 2024, was $(6), a slight decrease from $(45) in the same period of 2023[21]. - Credit loss expense decreased to $12 for the six months ended June 30, 2024, down from $254 in the same period of 2023[21]. Strategic Initiatives - Falcon's Beyond is actively involved in the development of the first-ever Dragon Ball theme park and multiple projects in Qiddiya City, including Saudi Arabia's first water theme park[2]. - The company is focused on expanding its business and enhancing its product offerings, indicating a strong commitment to future growth opportunities[2]. Shareholder Information - The weighted average shares outstanding, basic, for the three months ended June 30, 2024, were 10,008,941, compared to 9,515,230 for the same period in 2023, representing an increase of about 5.2%[17]. - The company reported a share of gain from equity method investments of $1,720,000 for the three months ended June 30, 2024, compared to a loss of $(856,000) for the same period in 2023[17]. Fair Value Adjustments - The company experienced a change in fair value of earnout liabilities amounting to $(131,621,000) for the six months ended June 30, 2024[18]. - The change in fair value of earnout liabilities for the six months ended June 30, 2024, was $(131,621), indicating a substantial adjustment[21].

Financial Performance - Total revenue for the three months ended March 31, 2024, was $1,516,000, a decrease of 83.5% compared to $9,194,000 for the same period in 2023[20]. - Net income for the three months ended March 31, 2024, was $114,024,000, compared to a net loss of $9,850,000 for the same period in 2023, indicating a significant turnaround[20]. - The company reported a significant change in fair value of earnout liabilities, resulting in a gain of $118,615,000 for the three months ended March 31, 2024[20]. - The company incurred a net loss of $10.1 million, with an accumulated deficit attributable to common stockholders of $51.4 million[43]. - The company reported total revenue of $1.516 million for the three months ended March 31, 2024, a decrease from $9.194 million for the same period in 2023[59]. - The net loss for the three months ended March 31, 2024, was $114.0 million, compared to a net loss of $9.9 million for the same period in 2023, indicating a significant increase in losses[117]. - The company recognized total revenue of $1.5 million from related party services provided to equity method investments for the three months ended March 31, 2024[59]. Expenses and Liabilities - Operating expenses for the three months ended March 31, 2024, were $6,829,000, down from $18,096,000 in the prior year, reflecting a reduction of 62.2%[20]. - The company incurred a loss from operations of $5.3 million for the three months ended March 31, 2024, and negative cash flows from operating activities of $3.8 million during the same period[43]. - The company has $15.1 million in debt maturing within the next 12 months, with insufficient cash or liquidity to cover these liabilities[45]. - The company has a working capital deficiency of $191.6 million, including a $155.3 million Earnout liability[45]. - The company’s long-term debt as of March 31, 2024 was $20,476 million, an increase from $22,965 million as of December 31, 2023[83]. - The Company’s accrued expenses and other current liabilities totaled $20,741 million as of March 31, 2024, slightly down from $20,840 million as of December 31, 2023[82]. Cash Flow and Investments - Cash and cash equivalents increased to $1,050,000 as of March 31, 2024, from $672,000 at the end of 2023, representing a growth of 56.2%[17]. - The company reported a net cash used in operating activities of $3,768,000 for the three months ended March 31, 2024, an improvement from $6,498,000 in the same period of 2023[23]. - Cash flows from investing activities showed a net cash outflow of $(2.1) million during the three months ended March 31, 2024, primarily due to purchases of computer equipment and a short-term advance to FCG[187]. - Net cash provided by financing activities increased to $6.2 million for the three months ended March 31, 2024, compared to $(0.1) million for the same period in 2023[188]. Business Operations and Strategy - The company operates through three business divisions: Falcon's Creative Group, Falcon's Beyond Destinations, and Falcon's Beyond Brands, focusing on content, technology, and experiences[31]. - The company aims to engage and entertain through a combination of digital and physical experiences, leveraging its multi-disciplinary creative teams[31]. - The company has committed to fund its share of additional investment in Karnival TP-AQ Holdings Limited for constructing Vquarium Entertainment Centers in China[44]. - The first location of Karnival is currently under development in Hong Kong, with the joint venture established to operate amusement centers in China[72]. - The company aims to expand its operations through equity method investments and new product offerings[145]. Internal Controls and Compliance - The company identified material weaknesses in its internal control environment, specifically in monitoring activities and control environment principles[196][197]. - The company has deficiencies in information and communication processes, impacting the quality of information used for internal controls[198]. - Management concluded that the consolidated financial statements present fairly the financial position and results of operations in accordance with U.S. GAAP[204]. - The company is committed to strengthening its control environment and improving internal controls to mitigate risks of accounting errors[202]. Shareholder Information - The weighted average shares outstanding for basic earnings per share was 9,021,520 for the three months ended March 31, 2024[20]. - The company has authorized a total of 650 million shares of common stock, including 500 million shares of Class A Common Stock and 150 million shares of Class B Common Stock[121]. - As of March 31, 2024, there were 5,380,360 warrants outstanding, with an exercise price of $11.50 and an expiration date in October 2028[128].

Financial Performance - Falcon's Beyond reported consolidated revenue of $1.5 million for Q1 2024, with Falcon's Creative Group generating $14.9 million, an 87% increase year-over-year[1][6]. - The joint venture Producciones de Parques recognized revenues of $7.5 million in Q1 2024, a $1.2 million increase compared to the same period in 2023[6]. - Consolidated net income increased by $123.8 million to $114.0 million for Q1 2024, compared to a net loss of $9.9 million in Q1 2023, primarily due to a $118.6 million gain from changes in fair value of earnout liabilities[6]. - Adjusted EBITDA improved from $(8.0) million to $(4.5) million for Q1 2024, driven by lower selling, general, and administrative expenses[6]. - Falcon's Creative Group recorded operating income of $1.6 million and net income of $1.8 million in Q1 2024, compared to an operating loss of $1.2 million and net loss of $1.2 million in Q1 2023[6]. - Revenue for the three months ended March 31, 2024, was $1,516, a decrease of 83.5% compared to $9,194 for the same period in 2023[14]. - Total operating expenses for Q1 2024 were $6,829, down 62.2% from $18,096 in Q1 2023[14]. - Net income for the three months ended March 31, 2024, was $114,024, compared to a net loss of $9,850 in the same period last year[14]. - Basic net income per share for Q1 2024 was $1.90, while diluted net income per share was $1.53[14]. - Adjusted EBITDA for Q1 2024 was $(4,514), compared to $(7,986) in Q1 2023, indicating an improvement[21]. Assets and Cash Flow - Total assets increased to $67.8 million as of March 31, 2024, compared to $63.4 million as of December 31, 2023[11]. - Cash flows from operating activities resulted in a net cash used of $3,768 for Q1 2024, an improvement from $6,498 in Q1 2023[16]. - The company had cash and cash equivalents of $1,050 at the end of Q1 2024, compared to $1,551 at the end of Q1 2023[16]. Strategic Partnerships and Developments - The company announced a licensing agreement with The Hershey Company to create new location-based entertainment attractions featuring iconic brands[2]. - Falcon's Creative Group will serve as the master planner and attraction designer for the Dragon Ball theme park in Qiddiya, Saudi Arabia, which will feature five state-of-the-art rides[2]. - Falcon's Beyond launched Falcon's Attractions Systems & Technologies, focusing on selling immersive rides and attractions globally[2]. - The company has entered a letter of intent with Tanseisha Co. to explore developing themed entertainment experiences based on popular Japanese anime and manga[2]. Other Financial Metrics - The company reported a significant change in fair value of earnout liabilities amounting to $118,615 for Q1 2024[14]. - The company experienced a foreign exchange transaction loss of $375 in Q1 2024, compared to a gain of $599 in Q1 2023[14]. - The weighted average shares outstanding for basic shares was 9,021,520 for Q1 2024[14].

Financial Performance and Challenges - Katmandu Park DR was closed in March 2024 due to financial, operational, and infrastructure challenges, leading to losses in the Sierra Parima segment in 2023[29]. - The fair value of long-lived fixed assets in the Sierra Parima segment was determined to be less than carrying value as of December 31, 2023, resulting in a fixed asset impairment[29]. - Sierra Parima segment recorded a fixed asset impairment of $46.7 million, resulting in a fair value of the investment being determined as zero[64]. Strategic Partnerships and Agreements - Falcon's Beyond Brands (FBB) entered into a licensing agreement with The Hershey Company in January 2024 to develop Hershey-branded location-based experiences[30]. - The Consultancy Services Agreement with QIC has a total contract value of up to approximately $83.1 million if all opportunities are won[80]. - The company has entered into licensing agreements with PBS Kids and Hershey to develop themed experiences[76]. Growth and Development Initiatives - Qiddiya Investment Company (QIC) invested approximately $30 million in Falcon's Creative Group (FCG), with $17.5 million received initially and the remaining $12 million released in April 2024[41]. - FCG has experienced rapid growth due to increased demand and project scope, necessitating additional resources and talent allocation[40]. - The planned Qiddiya water theme park will span over 252,000 square meters and feature 23 rides, including seven world-first attractions[43]. - The first-ever Dragon Ball theme park will cover over 500,000 square meters and include seven themed lands based on the original series[45]. - FCG has been engaged in the design of 26 different entertainment assets for Qiddiya, a planned tourism destination in Saudi Arabia, since 2018[94]. Operational Strategies - Falcon's is deploying an asset-efficient strategy in its Falcon's Beyond Destinations (FBD) business to enter new markets more quickly and reduce operational risks[48]. - The new strategy for FBD emphasizes building strategic relationships with commercial developers and brands, focusing on high-traffic properties[83]. - FBB launched a new brand name, Falcon's Attraction Systems & Technologies, to focus on sales of rides and attractions[84]. Client Relationships and Revenue - 58% of first-time clients have contracted for additional services, with returning clients averaging 60 times the scope of the initial project[81]. - FCG's largest customer, QIC, accounted for approximately 81% of FCG's revenue for the year ended December 31, 2023[93]. - As of April 26, 2024, FCG has 11 active agreements with QIC, each of which can be terminated at will with a notice period of 14 days[95]. Workforce and Employment - The company had 116 full-time employees as of December 31, 2023, with 102 based in Orlando and 14 in the Philippines[103]. - The joint ventures with Meliá had approximately 297 year-round, full-time employees as of December 31, 2023, with 161 in Spain and 136 in the Dominican Republic[107]. - A pre-agreement for a 5.0% wage increase in 2023 and 3.3% in 2024 was announced for employees in Spain covered by collective bargaining agreements[108]. - The company was awarded the Top Workplaces Orlando regional award for the second consecutive year in 2023[104]. Regulatory and Compliance Issues - FCG is subject to various government regulations, including those related to data privacy and environmental laws, which may incur substantial compliance costs[96][98]. - The company maintains insurance coverage for various liabilities, but there is no assurance that it will be adequate to cover all claims[111]. - FCG's operations are influenced by complex regulations that may change over time, impacting costs and operational risks[96]. Research and Development - The Falcon's X-Lab facility is being relocated to the new headquarters to enhance research and development capabilities[86]. - As of December 31, 2023, the company holds 9 issued utility patents in the US and 1 in China, covering various innovative technologies[87]. - The company aims to leverage in-depth data and insights to optimize character and storyline development for greater audience impact[67]. Performance Comparison - The Katmandu Park in Mallorca outperforms surrounding non-Katmandu Meliá hotels, achieving higher occupancy and average room rates[59].

Business Combination - The Business Combination was completed on October 5-6, 2023, involving a SPAC Merger and an Acquisition Merger, with Falcon's as the surviving entity [38]. - Transferred Debt of $4.8 million was exchanged for 475,000 shares of Pubco Series A Preferred Stock at Closing [26]. - Following the Business Combination, the total number of shares of Pubco Class A Common Stock outstanding was 7,985,976, Class B Common Stock was 127,596,617, and Series A Preferred Stock was 656,415 [28]. - On November 6, 2023, the 656,415 shares of Series A Preferred Stock automatically converted into approximately 600,000 shares of Pubco Class A Common Stock [29]. - The Business Combination is treated as a reverse recapitalization, with no goodwill or intangible assets recorded [27]. - The Company was formed solely for the purpose of completing the transactions contemplated by the Merger Agreement dated January 31, 2023 [16]. - As of September 30, 2023, Pubco had no operations, assets, or liabilities prior to the Business Combination [40]. Financial Condition - As of September 30, 2023, Falcon's Beyond Global, Inc. had no assets and only nominal capitalization prior to the completion of the Business Combination [37]. - Falcon has generated losses and negative cash flows from operations, raising substantial doubt about its ability to continue as a going concern [18]. - The balance sheet does not include adjustments that might result from the uncertainty regarding Falcon's ability to continue as a going concern [18]. - The Company intends to raise additional capital through various sources, although there are no assurances of success [18]. Pubco Operations and Status - Pubco did not have any off-balance sheet financing arrangements as of September 30, 2023 [42]. - There were no long-term debt, capital, or operating lease obligations for Pubco as of September 30, 2023 [43]. - Pubco is classified as an "emerging growth company" and has not opted out of the extended transition period for new accounting standards [45]. - Pubco will remain an emerging growth company until it meets certain revenue or market value thresholds, including total annual revenue of at least $1,235,000,000 [47]. - During the reporting period, Pubco did not incur significant market risks, including interest rate risk or liquidity risk [48]. - There were no changes in internal control over financial reporting that materially affected Pubco during the quarter ended September 30, 2023 [52]. - Pubco's management concluded that its disclosure controls and procedures were effective as of September 30, 2023 [50]. - Pubco is not currently involved in any litigation or legal proceedings that could materially affect its business [54]. - There were no unregistered sales of equity securities or defaults upon senior securities reported [56][57].