Financial Performance - Total operating revenues for Q1 2024 were $162,100, an increase from $67,292 in Q1 2023, primarily due to higher volume in RMC Environmental Services[134] - Total operating expenses decreased to $146,498 in Q1 2024 from $202,902 in Q1 2023, mainly due to lower professional fees[134] - Total net income for Q1 2024 was $135,180, compared to a net loss of $274,345 in Q1 2023[136] - Total other income for Q1 2024 was $119,578, a significant improvement from -$138,735 in Q1 2023, attributed to a positive gain on warrant fair value adjustment[135] Cash and Capital - As of March 31, 2024, cash and cash equivalents totaled $124,823[145] - The company received $986,617 in proceeds from the trust account after the redemption of 253,807 shares prior to the Business Combination[138] - The company has no contractual cash requirements and limited committed sources of additional capital[138] - The company has historically raised funds through convertible notes, which were converted at the time of the Business Combination, resulting in an outstanding balance of $0 as of March 31, 2024[143] Shares and Warrants - There are 9,154,191 outstanding Warrants with an exercise price of $11.50, which may not be exercised until the stock price exceeds this amount[144] - The company has issued 14,504,095 shares of Class A Common Stock as of March 31, 2024, up from 14,270,761 shares at the end of 2023[140]
Royalty Management (RMCO) - 2024 Q1 - Quarterly Report