Financial Position - As of March 31, 2025, the company had $631,409 in cash and working capital of $424,782[139] - As of March 31, 2025, the company had investments of $70,020,977 held in the trust account, with no principal or interest withdrawn except for tax payments[145] - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2025[153] Initial Public Offering (IPO) - The company completed its Initial Public Offering on November 22, 2024, raising gross proceeds of $69,000,000 from the sale of 6,900,000 units[140] - A total of $69,000,000 was placed in the trust account following the Initial Public Offering, with $3,423,710 incurred in associated expenses[141] - The underwriters fully exercised their over-allotment option to purchase an additional 900,000 units at the IPO price of $10.00 per unit[155] - The underwriters received a cash underwriting discount of 0.75% of the gross proceeds from the Initial Public Offering, totaling $517,500, and a deferred underwriting discount of 3.00%, amounting to $2,070,000[164] Income and Expenses - For the three months ended March 31, 2025, the company reported a net income of $406,402, influenced by interest earned on marketable securities of $725,763[142] - For the three months ended March 31, 2025, the company reported a net income of $406,402, driven by interest income of $725,763 from investments held in the trust account[158] - The company incurred operating costs of $170,720 and a provision for income taxes amounting to $146,016 during the same period[158] - The company incurred a net loss of $20,398 for the three months ended March 31, 2024, attributed solely to general and administrative expenses[158] Business Strategy - The company intends to use substantially all funds in the trust account to complete its initial business combination and for working capital of the target business[146] - The company entered into a Working Capital Note allowing for loan drawdowns of up to $1,500,000 from the sponsor for transaction costs related to the initial business combination[148] - The Working Capital Note amounts are convertible into units at a price of $10.00 per unit, each consisting of one share of common stock, one warrant, and one right[150] Accounting and Reporting - The company has not generated any operating revenues to date and does not expect to do so until after the completion of its Business Combination[157] - The company has not disclosed any critical accounting estimates as of March 31, 2025[159] - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[166] - The recent accounting standards update requires public entities to disclose significant segment expenses and other segment items, effective for fiscal years beginning after December 15, 2023[160] - The company has not considered the effect of warrants sold in the initial public offering in the calculation of diluted earnings per share, resulting in the same value for basic and diluted earnings per share[170] Equity Structure - As of March 31, 2025, the company had 6,900,000 shares of common stock subject to possible redemption, classified as temporary equity[168]
CO2 Energy Transition Corp.(NOEMU) - 2025 Q1 - Quarterly Report