Colombier Acquisition(CLBR) - 2024 Q3 - Quarterly Report

Financial Performance - The company had a net income of $1,440,771 for the three months ended September 30, 2024, primarily from interest earned on marketable securities of $2,266,437, offset by operating expenses of $825,666[114]. - For the nine months ended September 30, 2024, the company reported a net income of $4,754,520, with interest income of $6,735,555 and operating expenses totaling $1,981,035[114]. - The company incurred net cash used in operating activities of $1,726,456 for the nine months ended September 30, 2024[118]. Cash and Securities - As of September 30, 2024, the company held approximately $176,592,012 in cash and marketable securities in the Trust Account, including $6,592,012 of interest income[121]. - The company plans to withdraw up to $1,000,000 annually from the Trust Account for working capital needs related to the Business Combination[119]. Initial Public Offering - The company completed its Initial Public Offering on November 24, 2023, raising gross proceeds of $170,000,000 from the sale of 17,000,000 Units[117]. Business Combination - The company has until November 24, 2025, to complete a Business Combination, with a potential extension to February 24, 2026, if certain conditions are met[109]. - The company may need to raise additional capital to meet working capital needs, which raises substantial doubt about its ability to continue as a going concern if a Business Combination is not consummated[125]. Debt and Obligations - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2024[126]. - The company has contractual obligations of $10,000 per month for administrative services and $60,000 per month for executive services, ceasing upon the completion of the Business Combination[127]. Accounting Standards - The company has adopted ASU 2016-13 regarding the measurement of credit losses, effective November 24, 2023, with no impact on the financial statements[134]. - ASU 2020-06 was adopted by the company on September 27, 2023, simplifying the accounting for convertible instruments, with no effect on the financial statements[136]. - Management believes that no recently issued accounting standards will have a material effect on the financial statements[137]. Equity and Shares - The company classifies ordinary shares subject to possible redemption as temporary equity, reflecting uncertain future events[131]. - Net income per ordinary share is calculated by dividing net income by the weighted average number of ordinary shares outstanding, excluding accretion from redeemable shares[133]. - The company assesses warrants for equity or liability classification based on specific terms and conditions, concluding that public and private placement warrants qualify for equity treatment[132]. Reporting Classification - The company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[138]. - The company has not identified any critical accounting estimates that could materially differ from actual results[130].