Financial Performance - The net loss for the three months ended March 31, 2024, was $18,535 compared to a net income of $611,090 for the same period in 2023, indicating a significant decline in profitability[13]. - The basic and diluted net loss per share attributable to Feutune Light Acquisition Corporation was $(0.10) for Q1 2024 compared to $(0.09) for Q1 2023[13]. - Interest earned on investments held in the Trust Account decreased from $1,092,899 in Q1 2023 to $700,936 in Q1 2024, a decrease of approximately 35.9%[13]. - Interest income for the three months ended March 31, 2024, amounted to $700,936, compared to $1,092,899 for the same period in 2023, indicating a decrease of approximately 36%[63]. - The Company incurred an income tax provision of $205,782 for the three months ended March 31, 2024, down from $320,609 for the same period in 2023, representing a decrease of approximately 36%[143]. Assets and Liabilities - Total current assets decreased from $64,056,000 as of December 31, 2023, to $43,122,000 as of March 31, 2024, a decline of approximately 32.7%[11]. - Current liabilities increased significantly from $2,834,393 to $30,077,450, representing an increase of approximately 960.5%[11]. - The accumulated deficit increased from $6,119,758 as of December 31, 2023, to $7,163,065 as of March 31, 2024, reflecting a deterioration of approximately 17.1%[12]. - The total liabilities increased from $6,255,643 as of December 31, 2023, to $33,948,700 as of March 31, 2024, an increase of approximately 442.5%[11]. - As of March 31, 2024, the Company had cash of $35,622 and a working capital deficit of $30,034,328[47]. Trust Account and Financing - Following the IPO, $99,216,250 was held in a Trust Account, invested in U.S. government treasury bills and money market funds[26]. - The Trust Account held $55,000,441 in assets as of March 31, 2024, primarily in money market funds invested in short-term U.S. Treasury securities[62]. - The Company intends to use funds in the Trust Account primarily for completing a Business Combination and financing operations of target businesses[174]. - The Sponsor has agreed to be liable if claims reduce the Trust Account funds below $10.15 per Public Share[45]. - The Company may need to obtain additional financing to complete its Business Combination or due to potential redemptions of public shares, which raises concerns about liquidity[51]. Business Combination and Operations - The company has not commenced any operations and will not generate operating revenues until after the completion of a Business Combination[20]. - The Company has until December 21, 2024, to complete its initial Business Combination, with the option to extend the deadline up to nine additional months[42]. - The Company entered into a Merger Agreement with Thunder Power Holdings Limited on October 26, 2023, to merge with its wholly owned subsidiary[32]. - The company has extended the deadline for completing its initial Business Combination to May 21, 2024, with the possibility of further extensions until December 21, 2024[161]. - The company has not generated any operating revenues to date, with activities limited to organizational tasks and the search for a target for the initial Business Combination[169]. Stock and Shareholder Information - Common stock subject to possible redemption is presented at a redemption value of $11.02 per share as temporary equity as of March 31, 2024[71]. - As of March 31, 2024, the common stock subject to possible redemption amounted to $28,707,598, a decrease from $54,003,501 as of December 31, 2023, reflecting a redemption of $76,285,139 during the period[98]. - A total of 2,378,699 shares of Class A common stock were redeemed during the approval of the Second Amendment, leaving 2,604,794 shares of Class A and 2,443,750 shares of Class B outstanding[161]. - The Company has 2,604,794 shares of Class A common stock subject to possible redemption, with a redemption value presented as temporary equity totaling $50,225,065 paid to redeeming stockholders[72]. IPO and Related Costs - The Company completed its IPO on June 21, 2022, raising gross proceeds of $97,750,000 from the sale of 9,775,000 Public Units at an offering price of $10.00 per Unit[21]. - Transaction costs for the IPO amounted to $5,966,117, including $5,376,250 in underwriting fees[24]. - The gross proceeds from the IPO were $97,750,000, with offering costs totaling $5,824,123[98]. - The Company issued 60,000 Representative Shares to US Tiger, which are identical to Public Shares but subject to transfer restrictions until the initial Business Combination is completed[108]. Management and Compliance - The Chief Financial Officer, Yuanmei Ma, has certified the financial reports in compliance with the Sarbanes-Oxley Act of 2002[205]. - Management has raised substantial doubt about the company's ability to continue as a going concern due to liquidity concerns[179]. - The Company has established a full valuation allowance for deferred tax assets due to significant uncertainty regarding future realization[145].
Thunder Power Holdings, Inc.(AIEV) - 2024 Q1 - Quarterly Report