Revenue Generation - The company has not generated any revenue from EV sales and expects to generate revenue from the sale of its EV models, technology licensing, and R&D services [157]. Financial Performance - For the three months ended March 31, 2025, the company incurred a net loss of approximately $0.8 million, compared to a net loss of $0.2 million for the same period in 2024 [165]. - General and administrative expenses increased to approximately $0.8 million for the three months ended March 31, 2025, primarily due to a $0.4 million rise in professional expenses related to being a publicly traded company [164]. - The company is facing significant uncertainties regarding its ability to continue as a going concern, including ongoing operating losses and a suspension of trading on Nasdaq since April 21, 2025 [166][168]. - For the three months ended March 31, 2025, the net cash used in operating activities was approximately $0.6 million, compared to $0.2 million for the same period in 2024, indicating a significant increase in cash outflow [170]. - The cash at the end of the period for March 31, 2025, was $19,812, a decrease from $28,466 at the end of March 31, 2024 [169]. Business Developments - The company completed a business combination with Feutune Light Acquisition Corporation on June 21, 2024, resulting in the issuance of 40 million shares of common stock and potential earn-out payments of up to 20 million shares based on revenue performance targets [144]. - The company plans to acquire approximately 30.8% of Electric Power Technology Limited through a share exchange agreement, which is subject to regulatory approvals and shareholder consent [148]. - The company has four EV models in phased development: Coupe, Sedan, City Car, and SUV, with no new models expected to be introduced until at least 2030 [153]. Cash Flow and Financing - The company has incurred significant operating expenses, including general and administrative costs, as it builds its brand and develops its vehicles [154]. - The company is exploring new financing options and restructuring strategies to address its financial challenges and uncertainties surrounding shareholder support [167]. - Cash provided by financing activities for the three months ended March 31, 2025, was approximately $0.6 million, primarily from borrowings from the controlling shareholder and family members [173]. - The company reported cash used in investing activities of $1,400 for the three months ended March 31, 2025, which was allocated to the purchase of short-term investments [171]. Earnout Shares and Conditions - The company entered into an escrow agreement involving 20,000,000 shares of common stock as Earnout Shares, contingent on achieving specific revenue targets [175]. - The revenue condition for the year 2024 was not met, and the company could not assess the performance condition for the year ending December 31, 2025 [178]. - The Earnout Shares are classified as equity financial instruments and measured at fair value of $2.56 per share on the grant date [177]. Accounting and Financial Instruments - The company has not incurred significant research and development expenses for the three months ended March 31, 2025, with such expenses recorded under general and administrative expenses [180]. - The company has not entered into any financial guarantees or derivative contracts that would affect its financial obligations [179]. - The company does not have critical accounting estimates that are related to it, as per the evaluation of its accounting policies [183].

Financial Performance - The company has not generated any revenue from EV sales, with a net loss of approximately $2.5 million for the year ended December 31, 2024, compared to a net loss of $1.8 million in 2023[342][344]. - General and administrative expenses increased to approximately $2.5 million in 2024 from $1.8 million in 2023, primarily due to a rise in professional expenses and share-based compensation[343]. - As of December 31, 2024, the company had accumulated losses of approximately $36.9 million, up from $34.4 million in 2023[347]. - The company has a negative working capital of $6.6 million as of December 31, 2024, compared to a working capital of approximately $0.7 million in 2023[347]. Cash Flow - The company incurred net cash used in operating activities of approximately $1.2 million for the year ended December 31, 2024, compared to $0.7 million in 2023[347][350]. - For the year ended December 31, 2024, net cash used in operating activities was approximately $1.2 million, primarily due to a net loss of approximately $2.5 million[351]. - For the year ended December 31, 2023, net cash used in operating activities was approximately $0.7 million, primarily due to a net loss of approximately $1.8 million[352]. - Cash provided by investing activities for the year ended December 31, 2024 was approximately $0.9 million from the reverse acquisition closed in June 2024[353]. - Cash provided by financing activities for the year ended December 31, 2024 was approximately $0.2 million, primarily from subscription fees of $0.4 million and borrowings of approximately $1.0 million[355]. - Cash provided by financing activities for the year ended December 31, 2023 was approximately $0.6 million, primarily from subscription fees of approximately $1.8 million[356]. Business Developments - The company entered into a Share Exchange Agreement to acquire approximately 30.8% of Electric Power Technology Limited, subject to regulatory approvals, with the closing expected by October 31, 2025[328][329]. - The company completed a business combination with Feutune Light Acquisition Corporation on June 21, 2024, and began trading on Nasdaq under the symbol "AIEV" on June 24, 2024[324][326]. - The company has four EV models in phased development: Coupe, Sedan, City Car, and SUV, targeting both practical and luxury EV consumers[322][323]. - The company expects to generate future revenue from the sale of EV models, technology licensing, and research and development services[336]. - The company is actively seeking private equity financing to support ongoing capital expenditures and working capital needs[349]. Equity and Compensation - The company has committed to releasing 5,000,000 Earnout Shares if sales/revenues reach no less than $42,200,000 for fiscal years ending from December 31, 2023 to December 31, 2025[358]. - An additional 15,000,000 Earnout Shares will be vested if sales/revenues reach no less than $415,000,000 for fiscal years ending from December 31, 2023 to December 31, 2026[358]. - The Earnout Shares are classified as equity financial instruments and measured at fair value of $2.56 per share on the grant date[359]. Research and Development - Minimal research and development expenses were incurred for the years ended December 31, 2024 and 2023, recorded in general and administrative expenses[363]. - The company has not entered into any financial guarantees or derivative contracts that are not reflected in its consolidated financial statements[362].

Revenue Generation - The company has not generated any revenue from EV sales as of September 30, 2024, and expects to generate revenue from the sale of EV models, technology licensing, and R&D services [160]. - The sales/revenue condition for the Earnout Shares was not met for the nine months ended September 30, 2024, indicating challenges in achieving revenue targets [186]. Financial Performance - The net loss for the three months ended September 30, 2024, was approximately $0.9 million, compared to a net loss of $0.6 million for the same period in 2023 [168]. - The net loss for the nine months ended September 30, 2024, was approximately $2.5 million, compared to a net loss of $1.6 million for the same period in 2023 [172]. - Accumulated losses amounted to approximately $36.9 million and $34.4 million as of September 30, 2024, and December 31, 2023, respectively [174]. Expenses - General and administrative expenses for the three months ended September 30, 2024, were approximately $0.9 million, an increase from $0.6 million in the same period of 2023, primarily due to higher professional expenses [167]. - For the nine months ended September 30, 2024, general and administrative expenses were approximately $2.5 million, up from $1.6 million in 2023, driven by increased professional and share-based compensation expenses [171]. - The company incurred minimal research and development expenses for the three and nine months ended September 30, 2024, and 2023, recorded under general and administrative expenses [190]. Cash Flow and Financing - As of September 30, 2024, the company had cash of $33,636, primarily financed through loans from related parties and equity financing [173]. - Net cash used in operating activities for the nine months ended September 30, 2024, was approximately $0.9 million, compared to $0.6 million for the same period in 2023 [177][178]. - Cash provided by investing activities for the nine months ended September 30, 2024, was approximately $0.9 million, resulting from a reverse acquisition closed in June 2024 [179]. - Cash used in financing activities for the nine months ended September 30, 2024, was approximately $0.2 million, primarily due to subscription fees and borrowings from the controlling shareholder [180]. - The company has a working capital of approximately $(6.6) million as of September 30, 2024, compared to $0.7 million as of December 31, 2023 [174]. - The company is actively seeking private equity financing from outside investors to support ongoing capital expenditures and working capital needs [176]. - The principal shareholder has committed to continue providing funds for the company's working capital needs whenever necessary [175]. Business Development - The company completed a business combination on June 21, 2024, acquiring all outstanding securities of TP Holdings in exchange for 40 million shares of common stock and potential earnout payments of up to 20 million shares based on revenue performance targets [146][147]. - Following the business combination, the company's common stock began trading on the Nasdaq under the symbol "AIEV" on June 24, 2024 [149]. - The company is focused on developing four EV models: Coupe, Sedan, City Car, and SUV, with plans to leverage a modular integration concept to reduce investment and production time [144][145]. - The company anticipates significant capital requirements for operations, including expenses related to vehicle development, manufacturing, and general administrative costs [157]. Legal and Contingencies - The company is subject to loss contingencies, including legal proceedings and claims, which may impact financial results [187].

Revenue Generation - The company has not generated any revenue from EV sales as of June 30, 2024, and expects to generate revenue from the sale of EV models, technology licensing, and R&D services [126]. - The company has not yet released any commercially available vehicle and expects to continue incurring substantial operating losses for the foreseeable future [121]. Financial Performance - The net loss for the three months ended June 30, 2024, was approximately $1.3 million, compared to a net loss of $0.7 million for the same period in 2023 [134]. - The net loss for the six months ended June 30, 2024, was approximately $1.6 million, compared to a net loss of $0.9 million for the same period in 2023 [137]. - Accumulated losses amounted to approximately $36.0 million and $34.4 million as of June 30, 2024, and December 31, 2023, respectively [139]. - The company reported a net loss of approximately $1.6 million for the six months ended June 30, 2024 [143]. Expenses - General and administrative expenses for the three months ended June 30, 2024, were approximately $1.3 million, an increase from $0.7 million in the same period in 2023, primarily due to share-based compensation expenses [133]. - For the six months ended June 30, 2024, general and administrative expenses were approximately $1.6 million, up from $0.9 million in the same period in 2023 [136]. - The company anticipates an increase in general and administrative expenses as it launches production lines for its EVs and incurs higher costs associated with being publicly traded [128]. - The company incurred minimal research and development expenses for the three and six months ended June 30, 2024, and 2023 [151]. Cash Flow and Financing - As of June 30, 2024, the company had approximately $0.9 million in cash, primarily financed through loans from related parties and equity financing [138]. - Net cash used in operating activities for the six months ended June 30, 2024, was approximately $0.5 million, compared to $0.4 million for the same period in 2023 [143]. - Cash provided by investing activities for the six months ended June 30, 2024, was approximately $0.9 million, resulting from a reverse acquisition [144]. - Cash provided by financing activities for the six months ended June 30, 2024, was approximately $0.3 million, down from $1.2 million in the same period in 2023 [144]. - As of June 30, 2024, the working capital was approximately $(5.8) million, a decrease from $0.7 million as of December 31, 2023 [139]. - The company is actively seeking private equity financing from outside investors to support ongoing capital expenditures and working capital needs [141]. - The principal shareholder has committed to continue providing funds for working capital needs whenever necessary [140]. Business Combination - The company completed a business combination on June 21, 2024, acquiring TP Holdings in exchange for 40 million shares of common stock and potential earn-out payments of up to 20 million shares based on revenue performance targets [116]. - The company has committed to providing Earnout Shares contingent on achieving sales/revenues of no less than $42.2 million for fiscal years ending from December 31, 2023, to December 31, 2025 [146]. Product Development - The company is focused on developing four EV models: the Coupe, Sedan, City Car, and SUV, with plans to leverage a modular integration concept to reduce costs and production time [114].

Core Viewpoint - Feutune Light Acquisition Corporation has successfully approved its business combination with Thunder Power Holdings Limited, with approximately 95.87% of votes in favor of the transaction [1]. Group 1: Business Combination Details - The business combination will result in the renaming of the combined company to "Thunder Power Holdings, Inc." [2]. - Shares of the newly formed company are expected to trade on Nasdaq under the symbol "AIEV" following the completion of the transaction [2]. Group 2: Company Background - Feutune Light Acquisition Corporation is a blank check company established in Delaware, aimed at executing mergers, capital stock exchanges, asset acquisitions, and similar business combinations [3]. - The company is not restricted to a specific industry or geographic region for identifying target businesses, but it cannot engage in initial business combinations with entities based in or primarily operating in China, including Hong Kong and Macau [3].

Core Viewpoint - Feutune Light Acquisition Corporation has successfully approved its business combination with Thunder Power Holdings Limited, with a significant majority of stockholders voting in favor of the transaction [2]. Group 1: Business Combination Details - The business combination was approved at a special meeting of stockholders held on June 17, 2024, with approximately 95.87% of the votes cast in favor [2]. - The closing of the business combination is contingent upon the satisfaction of customary closing conditions [3]. - Following the completion of the transaction, the combined company will be renamed "Thunder Power Holdings, Inc." and its shares are expected to trade on Nasdaq under the symbol "AIEV" [3]. Group 2: Company Background - Feutune Light Acquisition Corporation is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses [1].

Core Points - Feutune Light Acquisition Corporation (FLFV) has announced the adjournment of its special meeting of stockholders to June 17, 2024, at 9:00 a.m. Eastern Time [1] - The special meeting will be held virtually via teleconference, with the same access information as previously provided [1] - Stockholders who have already voted do not need to take any action unless they wish to change their vote [4] - Public stockholders have until June 13, 2024, to exercise their redemption rights due to the adjournment [7] - The special meeting aims to vote on proposals including the approval of a merger agreement with Thunder Power Holdings Limited [7] Company Overview - Feutune Light Acquisition Corporation is a blank check company formed for the purpose of effecting mergers, capital stock exchanges, asset acquisitions, stock purchases, reorganizations, or similar business combinations [8] - The company is not limited to a specific industry or geographic region for identifying target businesses but cannot undertake initial business combinations with entities based in China [8]

Core Points - Feutune Light Acquisition Corporation (FLFV) has announced the adjournment of its special meeting of stockholders to June 17, 2024, at 9:00 a.m. Eastern Time [1] - The adjournment allows FLFV's public stockholders until June 13, 2024, to exercise their redemption rights [2] - The special meeting will vote on proposals including the approval of a merger agreement with Thunder Power Holdings Limited [2] Company Information - Feutune Light Acquisition Corporation is a blank check company formed in Delaware for the purpose of effecting mergers, capital stock exchanges, asset acquisitions, stock purchases, reorganizations, or similar business combinations [5] - The company is not limited to a particular industry or geographic region for identifying prospective target businesses but is prohibited from initial business combinations with entities based in or primarily operating in China [5]

Core Points - Feutune Light Acquisition Corporation has extended the deadline for completing its initial business combination from May 21, 2024, to June 21, 2024, by depositing $60,000 into its Trust Account [1] - The Company can extend the deadline on a monthly basis until December 21, 2024, by depositing $60,000 for each month into the Trust Account [2] - On May 22, 2024, the Company issued two promissory notes totaling $150,000 to certain lenders, with proceeds expected to cover general corporate expenses related to the ongoing business combination [3] Company Overview - Feutune Light Acquisition Corporation is a blank check company formed in Delaware, aimed at executing mergers, capital stock exchanges, asset acquisitions, stock purchases, reorganizations, or similar business combinations [4] - The Company is not limited to a specific industry or geographic region for identifying target businesses but is prohibited from engaging in initial business combinations with entities based in or primarily operating in China, including Hong Kong and Macau [4]

Core Points - Feutune Light Acquisition Corporation has extended the deadline for completing its initial business combination from May 21, 2024, to June 21, 2024, by depositing $60,000 into its Trust Account [1] - The Company can extend the deadline on a monthly basis until December 21, 2024, by depositing $60,000 for each month into the Trust Account [2] - On May 22, 2024, the Company issued two promissory notes totaling $150,000 to secure loans for general corporate expenses related to the ongoing business combination [3] Company Overview - Feutune Light Acquisition Corporation is a blank check company formed in Delaware, aimed at executing mergers, capital stock exchanges, asset acquisitions, stock purchases, reorganizations, or similar business combinations with various businesses [4] - The Company is not limited to a specific industry or geographic region for identifying target businesses but is prohibited from engaging in initial business combinations with entities based in or primarily operating in China, including Hong Kong and Macau [4]