Financial Performance - For the three months ended June 30, 2024, net income was $22,018,416 compared to a net loss of $1,032,585 in the same period of 2023[190]. - For the six months ended June 30, 2024, the company reported a net loss of $7,747,847, compared to a net loss of $2,774,127 for the same period in 2023[192]. - Other income (expense) for the six months ended June 30, 2024, included a gain of $16,784,200 from changes in the fair value of derivative liabilities, offset by a loss of $17,820,998 from the issuance of common stock and warrants[193]. Operating Expenses - Operating expenses increased by $1,900,333 to $2,933,309 for the three months ended June 30, 2024, primarily due to professional fees and stock-based compensation[191]. - Operating expenses increased by $3,917,552 to $6,692,645 for the six months ended June 30, 2024, primarily due to professional fees and stock-based compensation[193]. Cash Flow - Cash used in operating activities was $3,541,372 for the six months ended June 30, 2024, driven by the net loss and non-cash adjustments totaling $2,007,965[195]. - The company generated cash of $3,954,930 from financing activities during the six months ended June 30, 2024, primarily from Private Placement financing and convertible notes[196]. - Cash used in investing activities was $157,834 for the six months ended June 30, 2024, primarily for capitalized patent costs[196]. Capital and Funding - Solidion received net proceeds of $17,555 from a merger completed on February 2, 2024, which will be used for corporate growth and commercialization of battery technology[182]. - A private placement on March 13, 2024, generated approximately $3.85 million in gross proceeds, aimed at working capital and general corporate purposes[183]. - The company is engaged in discussions to secure additional capital to fund operations and capital expenditures, with no assurance of successful implementation[197]. Product Development and Market Strategy - Solidion plans to expand small-scale manufacturing of silicon-rich anode materials from 15 metric tons per annum to over 150 metric tons by 2026[180]. - The company expects to commercialize silicon-rich solid-state lithium-ion cells and solid-state lithium metal batteries within two to three years, targeting a launch in 2026[174]. - Solidion's graphene/silicon composite anode material is expected to increase EV driving range by 20-30% while reducing cell costs[172]. - The company is strategically exploring entry into markets such as handheld devices, energy storage systems, and e-bikes, anticipating significant growth opportunities[178]. - Solidion's solid-state batteries are projected to provide up to a 100% increase in range for the same battery size, addressing range anxiety in EVs[176]. - The company aims to produce batteries with a recharge time of less than 15 minutes, enhancing EV adoption and addressing charging infrastructure challenges[177]. Financial Position - As of June 30, 2024, the company had an accumulated deficit of $97,699,353 and expects to continue incurring losses for at least the next twelve months[198]. - Total contractual obligations as of June 30, 2024, amounted to $4,453,794, including short-term notes payable of $2,858,769[201]. - The company has no off-balance sheet arrangements or long-term liabilities as of June 30, 2024[199].
Nubia Brand International (NUBI) - 2024 Q2 - Quarterly Report