Financial Performance - Royalty Management reported a 160% year-over-year increase in revenue, totaling $162,100 for Q1 2024 compared to $62,292 in Q1 2023[1] - Net income for Q1 2024 was $135,180, or $0.01 per share, a significant improvement from a net loss of $274,345, or a loss of $0.38 per share, in the prior year period[13] - 2024 expenses are trending significantly lower than 2023, primarily due to the reduction of one-time merger expenses associated with American Acquisition Opportunity[13] Assets and Liabilities - Total assets increased to $13,709,149 as of March 31, 2024, up from $13,610,731 a year earlier, while total liabilities decreased to $3,603,779 from $3,990,541[13] - Royalty Management's clean balance sheet and strong asset base position the company well for continued growth and value creation in 2024[2] Revenue Generation and Future Projects - The company anticipates Ferrox Holdings' Tivani mining project to generate approximately $8 million in annualized revenue by 2025, with production expected to reach 50,000 tons of run-of-mine ores per year[5] - The company expects additional revenue streams to expand from its portfolio over the next six months, generating free cash flow and positioning for an exciting 2025[6] Cash Flow and Financing Activities - Net Cash Used in Operating Activities was $(580,218) compared to $(228,195) in the previous period, indicating a significant increase in cash outflow[21] - Net Cash Provided by (Used in) Investing Activities decreased to $(91,420) from $2,100,442, reflecting a substantial reduction in cash inflow from investments[21] - Net Cash Provided (Used in) Financing Activities improved to $611,000 from $(2,194,640), showing a positive shift in financing cash flows[21] - Ending Cash balance decreased to $311,648 from $364,773, indicating a decline in available cash[21] - The company reported a withdrawal of cash in the trust account amounting to $2,152,346, which significantly impacted cash flows from investing activities[21] - The company issued shares worth $350,000 in the purchase of debt, contributing to financing activities[21] - The acquisition of Right of Use Assets for Lease Obligations was recorded at $305,380, indicating ongoing investment in operational assets[21] - The company reclassified $1,681,755 of debt from related to non-related parties, which may affect future financial obligations[21] Strategic Initiatives - RMC Environmental Services recorded a record monthly revenue of slightly under $1.0 million for March 2024, covering the majority of the parent company's expenses[5] - The company has initiated a stock repurchase program for up to $2.0 million over the next 24 months, already commencing buy-backs prior to the current "black out" period[5] - The company is focused on acquiring and developing high-value assets in sustainable market environments to build shareholder value[22] Risks and Forward-Looking Statements - Forward-looking statements indicate potential risks associated with the initial public offering, emphasizing the uncertainty in future financial performance[23] - The company is a gold member of CASFER, gaining access to innovative technologies for producing and recycling nitrogen-based fertilizers, with updates on emerging opportunities expected soon[5]

Financial Performance - Total operating revenues for Q1 2024 were $162,100, an increase from $67,292 in Q1 2023, primarily due to higher volume in RMC Environmental Services[134] - Total operating expenses decreased to $146,498 in Q1 2024 from $202,902 in Q1 2023, mainly due to lower professional fees[134] - Total net income for Q1 2024 was $135,180, compared to a net loss of $274,345 in Q1 2023[136] - Total other income for Q1 2024 was $119,578, a significant improvement from -$138,735 in Q1 2023, attributed to a positive gain on warrant fair value adjustment[135] Cash and Capital - As of March 31, 2024, cash and cash equivalents totaled $124,823[145] - The company received $986,617 in proceeds from the trust account after the redemption of 253,807 shares prior to the Business Combination[138] - The company has no contractual cash requirements and limited committed sources of additional capital[138] - The company has historically raised funds through convertible notes, which were converted at the time of the Business Combination, resulting in an outstanding balance of $0 as of March 31, 2024[143] Shares and Warrants - There are 9,154,191 outstanding Warrants with an exercise price of $11.50, which may not be exercised until the stock price exceeds this amount[144] - The company has issued 14,504,095 shares of Class A Common Stock as of March 31, 2024, up from 14,270,761 shares at the end of 2023[140]

Financial Performance - The company reported a net loss of $2,067,222 for the year ended December 31, 2023, compared to a net income of $1,199,503 in 2022[36]. - Total income for the year ended December 31, 2023, was $361,624, a significant increase from $172,686 in 2022, representing a growth of 109.8%[100]. - Net loss from operations improved to $(1,686,907) in 2023 compared to $(2,253,243) in 2022, reflecting a decrease in losses of 25.1%[100]. - The company reported a net loss of $(2,067,223) for 2023, contrasting with a net income of $1,199,503 in 2022[100]. - Basic and diluted net income per ordinary share was $(0.14) in 2023, compared to $1.64 in 2022[100]. Operating Expenses - Total operating expenses for the year ended December 31, 2023, were $2,048,531, a decrease of 44% compared to $3,647,578 in 2022[32]. - Operating expenses decreased to $2,048,531 in 2023 from $3,647,578 in 2022, a reduction of 43.9%[100]. Assets and Liabilities - Total liabilities decreased to $3,990,542 as of December 31, 2023, down 53% from $8,542,465 in 2022, primarily due to the conversion of convertible notes payable[33]. - As of December 31, 2023, total assets decreased to $13,610,731 from $20,257,417 in 2022, representing a decline of approximately 32.9%[96]. - Total current assets were reported at $265,809, down from $681,955 in 2022, indicating a decrease of about 61.0%[95]. - Total current liabilities increased to $1,345,504 from $1,009,949 in 2022, reflecting an increase of approximately 33.3%[98]. - Total long-term liabilities decreased significantly from $7,532,516 in 2022 to $2,645,037 in 2023, a reduction of about 64.9%[98]. - The company has convertible notes payable of $0 as of December 31, 2023, compared to $2,187,512 in 2022, indicating a complete elimination of this liability[89]. - The company reported a total of $520,259 in intangible assets as of December 31, 2023, down from $740,487 in 2022, a decrease of approximately 29.7%[96]. Cash Flow and Investments - Cash provided in investing activities was $6,861,858 for the year ended December 31, 2023, compared to $96,856,662 in 2022[37]. - The company advanced $650,000 in 2023 for convertible promissory notes related to Heart Water Inc.[78]. - The company holds convertible notes receivable totaling $1,150,000 as of December 31, 2023, up from $350,000 in 2022[103]. - The company issued shares worth $984,227 in connection with a merger during the year[37]. - The company has a rental income of $2,500 per month from a related party, with a total consideration of $149,150 for the rights to receive this income[92]. Shareholder Equity - The company’s shareholders' equity decreased to $9,620,190 in 2023 from $4,217,641 in 2022, an increase of approximately 128.5%[98]. Tax and Regulatory Matters - The provision for income taxes was deemed to be de minimis for the year ending December 31, 2023[52]. - The effective income tax rate is lower than the U.S. federal statutory rate of 21% due to certain deductible expenses[139]. Going Concern and Future Plans - The Company has raised substantial doubt about its ability to continue as a going concern due to significant operating losses[129]. - The Company is committed to filing a registration statement with the SEC within 20 business days after the closing of a Business Combination[189]. Miscellaneous - The company entered into a Honey Royalty Agreement, receiving $1.00 per pound of salable honey sold from purchased apiaries, indicating a new revenue stream[85]. - The Company has no off-balance sheet arrangements as of December 31, 2023[155]. - The Company has granted a right of first refusal to a representative for future public and private equity and debt offerings for a period of 24 months from the closing of a business combination[200].

Financial Performance - For the nine-month period ended September 30, 2023, the company reported a net income of $3,052,768, compared to a net income of $2,541,321 for the same period in 2022, reflecting an increase of approximately 20%[112]. - The company has a net income of $5,369,554 since its inception on January 20, 2022, reflecting its operational activities and valuation adjustments[112]. Initial Public Offering - The company generated gross proceeds of $100,000,000 from its Initial Public Offering, with an additional $3,800,000 from the sale of Private Warrants, totaling $101,000,000 placed in the trust account[114]. - The company incurred $3,910,297 in costs related to the Initial Public Offering, including $3,500,000 in underwriting fees[114]. Financial Position - As of September 30, 2023, the company had cash of $98,439 available outside the trust account for operational activities and due diligence on target businesses[117]. - The company has no long-term debt or capital lease obligations, indicating a strong balance sheet position[121]. - The company has not engaged in any off-balance sheet arrangements as of September 30, 2023, ensuring transparency in its financial reporting[120]. Business Strategy - The company intends to use substantially all funds in the trust account to complete a Business Combination, with remaining proceeds allocated for working capital[115]. - The company may need to obtain additional financing to complete its Business Combination if actual costs exceed estimates, which could involve issuing additional securities or incurring debt[119]. - The company has identified a focus on the land holdings and resources industry in the United States for potential Business Combinations[110].

Financial Position and Risks - As of June 30, 2023, the company was not subject to any market or interest rate risk, with net proceeds from the Initial Public Offering invested in U.S. government treasury bills or certain money market funds [128]. - Of the gross proceeds from the Initial Public Offering and Private Warrants, $101,000,000 was placed in the Trust Account [137]. - The underwriters partially exercised their overallotment option on April 1, 2021, purchasing an additional 506,002 Units, resulting in an additional $5,110,620.80 placed in the Trust Account [139]. Internal Controls and Procedures - The company conducted an evaluation of its disclosure controls and procedures, concluding they were effective at a reasonable assurance level during the fiscal quarter ended June 30, 2023 [130]. - There were no changes in internal control over financial reporting that materially affected the company's internal control during the fiscal quarter of 2022 [131]. Stock and Warrants Issuance - The company issued 2,875,000 common stock shares for an aggregate purchase price of $25,000, approximately $0.01 per share, in February 2021 [135]. - A total of 3,800,000 Private Warrants were privately placed at a price of $1.00 per warrant, each exercisable to purchase one share of common stock at an exercise price of $11.50 [136]. Accounting and Valuation - The company reevaluated the accounting treatment of its Private Warrants, classifying them as derivative liabilities measured at fair value on the balance sheet [133]. - Fluctuations in the financial statements may occur due to the recurring fair value measurement of the Private Warrants, potentially resulting in material non-cash gains or losses [134]. Legal Proceedings - There were no legal proceedings reported by the company during the period [132].

Financial Position and Investments - As of March 31, 2023, the company was not subject to any market or interest rate risk, with net proceeds from the Initial Public Offering invested in U.S. government treasury bills or certain money market funds [127]. - Of the gross proceeds from the Initial Public Offering and Private Warrants, $101,000,000 was placed in the Trust Account [136]. - The underwriters partially exercised their overallotment option, purchasing an additional 506,002 Units, resulting in an additional $5,110,620.80 placed in the Trust Account [138]. Stock Issuance and Warrants - The company issued 2,875,000 common stock shares to initial stockholders for an aggregate purchase price of $25,000, approximately $0.01 per share [134]. - A total of 3,800,000 Private Warrants were privately placed at a price of $1.00 per warrant, each exercisable to purchase one share of common stock at an exercise price of $11.50 [135]. - The company reevaluated the accounting treatment of its Private Warrants, classifying them as derivative liabilities measured at fair value, which may lead to material fluctuations in financial results [132]. - The company expects to recognize non-cash gains or losses on its Private Warrants each reporting period, with the amount potentially being material [133]. Internal Controls and Compliance - The company conducted an evaluation of its disclosure controls and procedures, concluding they were effective at a reasonable assurance level during the fiscal quarter ended March 31, 2023 [129]. - There were no changes in internal control over financial reporting during the fiscal quarter of 2022 that materially affected the company's internal control [130]. - There were no legal proceedings reported during the period [131].

Financial Performance - Revenues for the years ended December 31, 2022 and 2021 were $0, indicating no operating revenue generated until the completion of the Business Combination[196] - Total Operating Expenses for the year ended December 31, 2022 were $1,221,649, primarily driven by administrative and professional fees[196] - Total Other Income for the year ended December 31, 2022 was $5,110,357, mainly from fair value adjustments of warrant liabilities[196] - Net income for the year ended December 31, 2022, was $3,888,708, compared to $2,316,786 for the year ended December 31, 2021, indicating an increase of approximately 77.8%[231] - Total expenses increased from $1,016,819 in 2021 to $1,221,649 in 2022, reflecting a rise of about 20.1%[231] - The provision for income taxes was deemed to be de minimis for the year ending December 31, 2022[280] - The Company has not recognized any uncertain tax positions as of December 31, 2022[277] Assets and Liabilities - Total Assets as of December 31, 2022 amounted to $7,790,834, a significant decrease from $107,186,710 in 2021 due to trust redemptions[198][199] - Total Liabilities as of December 31, 2022 were $516,755, down from $8,898,244 in 2021, primarily due to fair value of warrant liability[198][199] - Total liabilities decreased from $8,898,244 in 2021 to $4,228,369 in 2022, a reduction of about 52.5%[228] - The accumulated deficit increased from $2,316,786 in 2021 to $6,205,494 in 2022, indicating a rise of approximately 168.5%[228] - Cash held in the trust account significantly decreased from $106,116,023 in 2021 to $7,613,762 in 2022, a drop of approximately 92.8%[226] Trust Account and Business Combination - The trust account balance as of December 31, 2022 was $7,613,761.76, following redemptions of $90,334,512.92 and $8,331,836.23 in 2022[202][203] - The company intends to use substantially all funds in the trust account to complete the Business Combination and for working capital for target businesses[204] - The Company will only proceed with a Business Combination if it has net tangible assets of at least $5,000,001 upon consummation[249] - Stockholders can redeem their Public Shares for a pro rata portion of the Trust Account, initially valued at $10.10 per share, plus any pro rata interest earned[252] - The Combination Period has been extended to March 21, 2023, allowing additional time to complete a Business Combination[255] - If a Business Combination is not completed by the end of the Combination Period, the Company will redeem 100% of the outstanding Public Shares[254] Shareholder and Stock Information - As of December 31, 2022, 742,308 shares of Class A common stock are subject to possible redemption, classified as temporary equity[273] - The Company is authorized to issue 100,000,000 shares of Class A common stock, with 2,975,000 shares of Class B common stock issued and outstanding as of December 31, 2022[289] - As of December 31, 2022, there were 742,308 shares of Class A common stock issued and outstanding, a decrease from 10,506,002 shares at December 31, 2021[288] Initial Public Offering - The initial public offering generated gross proceeds of $100,000,000 from the sale of 10,000,000 units at $10.00 per unit[240] - Transaction costs for the initial public offering amounted to $4,910,297, including $1,000,000 in underwriting fees[242] - The Company sold 10,000,000 Units at a purchase price of $10.00 per Unit during the Initial Public Offering, generating gross proceeds of $100 million[283] - The Sponsor purchased an aggregate of 3,800,000 Private Warrants at a price of $1.00 per warrant, totaling $3.8 million, with potential additional purchases if underwriters' over-allotment is exercised[284] Management and Operations - The company has no off-balance sheet arrangements as of December 31, 2022, and does not participate in transactions creating relationships with unconsolidated entities[209] - Management is evaluating the potential negative impact of the COVID-19 pandemic on the Company's financial position and operations[259] - The Company has advanced and repaid $760,000 in related party loans, with no outstanding balance as of December 31, 2022[296] Warrant and Share Valuation - The fair value of the Public Warrants decreased from $3,036,301 in 2021 to $110,182 in 2022, while the Private Warrants decreased from $2,262,941 to $101,432 in the same period[315][320] - The expected volatility of the warrants was 1.55% in 2022, significantly lower than 11.1% in 2021[311] - The Company uses the Black-Scholes option pricing model to value its warrants and options, with significant inputs including the risk-free rate of 4.27% in 2022[310][311] - The exercise price of the Public Warrants may be adjusted to 115% of the higher of the Market Value or Newly Issued Price if certain conditions are met[308] Agreements and Future Plans - The Company has a binding agreement to merge with Royalty Management Co, valuing it at an enterprise value of $111,000,000, pending regulatory approval[327] - An amended and restated articles of incorporation was filed on March 21, 2023, extending the trust term to September 22, 2023, allowing for a business combination[328] - The Company has granted a right of first refusal to the Representative for future public and private equity and debt offerings for a period of 24 months from the closing of a business combination[324]

Financial Performance - The company reported a net income of $5,369,554 from inception (January 20, 2021) through September 30, 2022, primarily from professional fees and valuation adjustments [110]. - For the nine-month period ended September 30, 2022, the net income was $3,052,768, compared to $2,541,321 for the same period in 2021, reflecting a year-over-year increase of approximately 20% [111]. Initial Public Offering (IPO) - The company raised gross proceeds of $100,000,000 from its Initial Public Offering (IPO) by selling 10,000,000 Units at $10.00 per Unit [113]. - Following the IPO, a total of $101,000,000 was placed in the trust account, after incurring $3,910,297 in related costs [113]. Cash and Funding Strategy - As of September 30, 2022, the company had cash of $98,439 available outside the trust account for operational activities [115]. - The company intends to use substantially all funds in the trust account to complete a Business Combination, with remaining proceeds allocated for working capital [114]. - The company does not anticipate needing to raise additional funds for operating expenditures prior to completing a Business Combination [117]. Business Strategy - The company is focused on identifying target businesses in the land holdings and resources industry within the United States for potential mergers or acquisitions [107]. Risk Management - As of September 30, 2022, the company was not subject to any market or interest rate risk due to its investment strategy in U.S. government securities [124]. Debt and Liabilities - The company has no long-term debt or significant liabilities, apart from a promissory note to a related party [119].

Financial Performance and Capital Structure - The company raised a total of $101,000,000 from the Initial Public Offering and Private Warrants, which was placed in the Trust Account[134]. - The company issued 2,875,000 common stock shares to initial stockholders for an aggregate purchase price of $25,000, approximately $0.01 per share[132]. - An additional 506,002 Units were purchased by underwriters, resulting in an additional $5,110,620.80 placed in the Trust Account[136]. - The company issued 3,800,000 Private Warrants at a price of $1.00 per warrant, each exercisable at $11.50 per share[133]. Risk Management - As of June 30, 2022, the company was not subject to any market or interest rate risk, with net proceeds from the Initial Public Offering invested in U.S. government treasury bills or certain money market funds[125]. - The company’s Private Warrants are classified as derivative liabilities, which may lead to fluctuations in financial statements based on fair value measurements[130]. - The company expects to recognize non-cash gains or losses on Private Warrants each reporting period, which could be material[131]. Internal Controls and Legal Matters - The company’s disclosure controls and procedures were evaluated as effective at a reasonable assurance level as of June 30, 2022[127]. - There were no changes in internal control over financial reporting that materially affected the company during the fiscal quarter of 2022[128]. - No legal proceedings were reported against the company during the period covered by the report[129].

Financial Performance - For the 3-month period ended March 31, 2022, the company reported a net income of $2,316,786[117]. Initial Public Offering (IPO) - The company generated gross proceeds of $100,000,000 from its Initial Public Offering of 10,000,000 Units at a price of $10.00 per Unit[119]. - Following the Initial Public Offering, a total of $101,000,000 was placed in the trust account[119]. - The company incurred $3,910,297 in Initial Public Offering related costs, including $3,500,000 of underwriting fees[122]. - Cash generated from financing activities was $102,414,704 related to the proceeds of the Initial Public Offering and sale of Private Warrants[122]. Trust Account and Business Combination - As of March 31, 2022, the company had cash of $1,511 available outside the trust account[124]. - The company intends to use substantially all funds in the trust account to complete its Business Combination[123]. - The company may need to obtain additional financing to complete its Business Combination if necessary[126]. Debt and Risk Management - The company does not have any long-term debt or capital lease obligations as of March 31, 2022[128]. - As of March 31, 2022, the company was not subject to any market or interest rate risk due to the nature of its investments[134].