Financial Performance - The Company reported a net loss of $601,527 for the three months ended March 31, 2024, compared to a net income of $1,706,425 for the same period in 2023[152]. - For the three months ended March 31, 2024, cash used in operating activities was $238,842, with a net loss of $601,527[162]. - Cash used in operating activities for the three months ended March 31, 2023, was $457,070, with a net income of $1,706,425[163]. - The Company has a working capital deficit of $6,541,331 as of March 31, 2024[171]. Revenue and Income - Interest income on investments held in the Trust Account was $318,866 for Q1 2024, down from $2,758,485 in Q1 2023[152]. - The Company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[151]. - As of March 31, 2024, the accumulated interest income earned on investments held in the Trust Account amounted to $10,025,924[159]. - The Company had investments held in the Trust Account of $14,420,375, with approximately $1,071,658 representing interest income available for tax obligations[169]. Initial Public Offering - The Company raised gross proceeds of $250 million from its initial public offering by selling 25 million units at $10.00 per unit[154]. - The Company incurred offering costs of $14,420,146 for its initial public offering, including $5 million in underwriting fees[157]. Business Combination and Extensions - The Company has extended the deadline for its initial business combination to December 14, 2024, with the possibility of further monthly extensions[139]. - The Company deposited a total of $180,289 into the Trust Account to extend the period for consummating its initial business combination[142]. - The Sponsor has deposited an aggregate of $25,756 into the Trust Account to cover the first of nine potential monthly extensions for business combination[172]. - The Company intends to use substantially all funds held in the Trust Account to complete its business combination[169]. Compliance and Regulatory Matters - The Company received a notice of noncompliance from NYSE Regulation regarding timely filing criteria, but believes it has cured the issue by filing necessary reports[144]. Tax Liabilities - The Company paid $720,192 for 2022 income tax liabilities on April 3, 2024, and $820,571 for 2023 income tax liabilities on May 16, 2024[161]. - The Company recorded an excise tax payable of $2,497,846 as of March 31, 2024, related to redemptions[165]. Warrant Classification - The Company accounts for warrants as either equity-classified or liability-classified instruments based on specific terms and authoritative guidance[186]. - The assessment for warrant classification is conducted at the time of issuance and at each subsequent quarterly period end date[186]. - Public warrants and private placement warrants qualify for equity accounting treatment as determined by the Company[186].
Athena Technology Acquisition II(ATEK) - 2024 Q1 - Quarterly Report