Financial Performance - The company had a net income of $11,639,507 for the period from February 9, 2021, through December 31, 2021, after offsetting formation and administrative costs of $640,595 with net other income of $12,280,102 [241]. - Cash used in operating activities was $1,128,074, primarily due to an increase in the fair value of warrant liabilities of $17,270,000 [246]. - Net income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period [262]. - The company applies the two-class method for calculating earnings per share, sharing earnings and losses pro rata between two classes of shares [262]. - Diluted earnings per share of common stock is the same as basic earnings per common stock due to anti-dilutive effects of warrants [262]. Initial Public Offering - The initial public offering generated gross proceeds of $230,000,000 from the sale of 23,000,000 units at a price of $10.00 per unit [243]. - A total of $234,600,000 was placed in the trust account following the initial public offering, with $2,817,141 of cash held outside the trust account for working capital purposes [244]. - The company incurred transaction costs of $13,355,589, which included $4,600,000 in underwriting fees and $8,050,000 in deferred underwriting fees [244]. Trust Account and Working Capital - The company intends to use substantially all funds held in the trust account to complete its business combination, with remaining proceeds allocated for working capital [247]. - As of December 31, 2021, the company had cash of $979,226 held outside the trust account for identifying and evaluating target businesses [248]. - The company plans to repay any working capital loans upon completion of a business combination, with up to $1,500,000 of such loans convertible into private placement units [249]. - The company does not anticipate needing to raise additional funds to meet operating expenditures for at least one year from the issuance date of the financial statements [250]. Debt and Financing - The company has no long-term debt or off-balance sheet financing arrangements as of December 31, 2021 [251]. Accounting and Valuation - Management believes that recently issued accounting standards will not materially affect financial statements [263]. - As a smaller reporting company, the company is not required to provide detailed market risk disclosures [264]. - Level 1 inputs are observable prices for identical instruments in active markets [264]. - Level 2 inputs include prices for similar instruments in active markets or quoted prices for identical instruments in inactive markets [264]. - Level 3 inputs are unobservable and require the company to develop its own assumptions for valuations [264]. Warrants - The company has 23,500,000 warrants exercisable to purchase Class A common stock [262].
AltEnergy Acquisition Corp.(AEAEU) - 2021 Q4 - Annual Report