Financial Performance - For the three months ended September 30, 2023, the company reported a net loss of $727,307 compared to a net income of $920,184 for the same period in 2022 [122]. - For the nine months ended September 30, 2023, the company had a net income of $2,422,758, down from $10,089,460 in the same period in 2022 [123]. - The company incurred operating expenses totaling $306,052 for the three months ended September 30, 2023, compared to $323,407 for the same period in 2022 [122]. - The company has not generated any operating revenues to date and relies on interest income from marketable securities [121]. - The company may lack sufficient financial resources to sustain operations for a reasonable period, raising substantial doubt about its ability to continue as a going concern [126]. Trust Account and Shareholder Activity - As of September 30, 2023, the company held $17,483,547 in the Trust Account, approximately $11.08 per share, and $79,413 in cash available for working capital [125]. - Stockholders holding 21,422,522 Class A Shares redeemed their shares for a pro rata portion of the Trust Account, resulting in $222,484,624 being removed from the Trust Account [119]. - As of September 30, 2023, the Class A common stock subject to possible redemption amounts to $17,366,793, down from $236,385,597 as of December 31, 2022, classified as temporary equity [139]. Business Combination Plans - The company plans to use substantially all funds in the Trust Account to complete an initial business combination, with any remaining proceeds used for working capital [127]. - The company has extended the deadline for completing an initial business combination from May 2, 2023, to May 2, 2024 [119]. - Upon the completion of the initial business combination, the company will pay B. Riley Securities, Inc. a cash fee of 3.5% of the gross proceeds from the Public Offering [135]. Financial Obligations and Resources - As of September 30, 2023, the company had $710,000 in loans payable to the Sponsor, which were provided for working capital purposes [132]. - The company has no long-term debt or capital lease obligations, only a monthly fee of $15,000 for office space and support, which began on October 28, 2021, and was amended to accrue until a business combination or liquidation [134]. Financial Instruments and Valuation - The company evaluates its financial instruments to determine if they are derivatives, with Public and Private Placement Warrants classified as derivative instruments and measured at fair value [140]. - The Public Warrants were valued using publicly available prices and classified as Level 1 on the Fair Value Hierarchy as of September 30, 2023 [142]. - The company has no dilutive securities or contracts that could potentially be exercised into common stock, resulting in diluted net income per common share being the same as basic net income per common share [144]. - As of September 30, 2023, the company is not subject to any market or interest rate risk and has not engaged in hedging activities since inception [146].
AltEnergy Acquisition Corp.(AEAEU) - 2023 Q3 - Quarterly Report