Financial Position - As of June 30, 2025, the company had cash of $469,288 and working capital of $434,534[140] - As of June 30, 2025, the company held investments of $70,686,381 in the trust account, with no principal or interest withdrawn except for tax payments[147] - The company has no off-balance sheet financing arrangements or long-term liabilities, except for a monthly payment of $10,000 to the sponsor for administrative services[157][158] Initial Public Offering - 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 at $10.00 per unit[141] - 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[142] - The underwriters received a cash underwriting discount of 0.75% of the gross proceeds from the Initial Public Offering, amounting to $517,500, and a deferred underwriting discount of 3.00%, totaling $2,070,000[160][167] - The underwriters were issued 138,000 shares of common stock with a fair value of $77,268 in connection with the Initial Public Offering[167] Income and Earnings - For the six months ended June 30, 2025, the company reported a net income of $825,293, influenced by interest earned on marketable securities of $1,455,374[143] - The company reported a net income of $418,891 for the three months ended June 30, 2025, driven by interest income of $729,611 from investments held in the trust account[162] - For the six months ended June 30, 2025, the company achieved a net income of $825,293, with interest income totaling $1,455,374[163] Business Operations - 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[161] - The company incurred operating costs of $162,313 and a provision for income taxes of $146,750 for the three months ended June 30, 2025[162] - If the company cannot complete a Business Combination by May 22, 2026, it will cease operations except for liquidation purposes[154] Financial Instruments and Accounting - The company has entered into a Working Capital Note allowing for loan drawdowns of up to $1,500,000 from the sponsor to finance transaction costs related to the initial business combination[150] - The company has not disclosed any critical accounting estimates as of June 30, 2025[164] - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[169] - 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[173] Equity Structure - As of June 30, 2025, the company had 6,900,000 shares of common stock subject to possible redemption, classified as temporary equity[171]
CO2 Energy Transition Corp(NOEM) - 2025 Q2 - Quarterly Report