Qomolangma Acquisition Corp.

2023 Q3 Form 10-Q Financial Statement

#000121390023067281 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.62K $50.00K $70.00K
YoY Change -22.3% -28.57%
Cash & Equivalents $46.62K $49.75K $73.25K
Short-Term Investments
Other Short-Term Assets $122.9K $180.0K
YoY Change
Inventory
Prepaid Expenses $122.9K $177.1K
Receivables
Other Receivables
Total Short-Term Assets $169.5K $226.9K $70.00K
YoY Change 182.53% 224.13%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $33.72M $55.38M
YoY Change
Other Assets $180.0K
YoY Change
Total Long-Term Assets $33.72M $55.38M $180.0K
YoY Change 15311.91% 30664.08%
TOTAL ASSETS
Total Short-Term Assets $169.5K $226.9K $70.00K
Total Long-Term Assets $33.72M $55.38M $180.0K
Total Assets $33.89M $55.60M $250.0K
YoY Change 12055.87% 22140.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $719.4K $612.6K $40.00K
YoY Change 1006.75% 1431.38%
Deferred Revenue
YoY Change
Short-Term Debt $792.3K $600.0K $200.0K
YoY Change 296.13% 200.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.49M $23.97M $240.0K
YoY Change 5745.35% 9886.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.109M $2.110M
YoY Change
Total Long-Term Liabilities $2.109M $2.110M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $15.49M $23.97M $240.0K
Total Long-Term Liabilities $2.109M $2.110M $0.00
Total Liabilities $17.63M $26.13M $240.0K
YoY Change 6429.47% 10785.7%
SHAREHOLDERS EQUITY
Retained Earnings -$3.922M -$3.399M
YoY Change 34895.68%
Common Stock $166.00 $166.00
YoY Change 15.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.921M -$3.399M $8.780K
YoY Change
Total Liabilities & Shareholders Equity $33.89M $55.60M $250.0K
YoY Change 12055.87% 22140.9%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2

Facts In Submission

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dei Document Period End Date
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2023-06-30
dei Document Fiscal Year Focus
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dei Document Transition Report
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dei Entity File Number
EntityFileNumber
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dei Entity Registrant Name
EntityRegistrantName
Qomolangma Acquisition Corp.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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dei Entity Address Address Line1
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dei City Area Code
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Pursuant to Nasdaq listing rules, the Company’s initial Business Combination must occur with one or more target businesses having an aggregate fair market value equal to at least 80% of the value of the funds in the Trust account (excluding any deferred underwriting discounts and commissions and taxes payable on the income earned on the Trust Account), which the Company refers to as the 80% test, at the time of the execution of a definitive agreement for its initial Business Combination, although the Company may structure a Business Combination with one or more target businesses whose fair market value significantly exceeds 80% of the trust account balance. If the Company is no longer listed on Nasdaq, it will not be required to satisfy the 80% test.
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Concentration of Credit Risk</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. As of June 30, 2023, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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50000000 usd
CY2022Q4 us-gaap Option Indexed To Issuers Equity Shares
OptionIndexedToIssuersEquityShares
750000 shares
qomo Initial Public Offering Description
InitialPublicOfferingDescription
Each Public Unit consists of one share of common stock (“Public Share”), one right (“Public Right”) and one redeemable warrant (“Public Warrant”). Each Public Right will convert into one-tenth (1/10) of one share of common stock upon the consummation of a Business Combination.
qomo Initial Public Offering Expiration
InitialPublicOfferingExpiration
P5Y
qomo Public Shares Sold
PublicSharesSold
5273000 shares
qomo Aggregate Purchase Price
AggregatePurchasePrice
2605000 usd
us-gaap Partners Capital Account Units Sold In Private Placement
PartnersCapitalAccountUnitsSoldInPrivatePlacement
8873 shares
qomo Private Placement Description
PrivatePlacementDescription
Each Private Unit consists of one share of common stock (“Private Share”), one right (“Private Right”) and one redeemable warrant (“Private Warrant”). Each Private Right will convert into one-tenth (1/10) of one share of common stock upon the consummation of a Business Combination.
CY2021Q3 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
1437500 shares
CY2021Q3 qomo Aggregate Consideration
AggregateConsideration
25000 usd
qomo Issued And Outstanding Shares Percentage
IssuedAndOutstandingSharesPercentage
0.20 pure
CY2022Q4 qomo Shares Forfeited
SharesForfeited
119250 shares
CY2022Q4 us-gaap Excess Stock Shares Outstanding
ExcessStockSharesOutstanding
1318250 shares
qomo Founder Shares Percentage
FounderSharesPercentage
0.50 pure
CY2021Q3 qomo Aggregate Amount
AggregateAmount
200000 usd
CY2022Q4 qomo Repaid Outstanding Balance
RepaidOutstandingBalance
200000 usd
CY2022Q4 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
155025 usd
CY2023Q1 us-gaap Policy Loans Receivable
PolicyLoansReceivable
200000 usd
CY2023Q2 us-gaap Policy Loans Receivable
PolicyLoansReceivable
240000 usd
qomo Outstanding Promissory Note
OutstandingPromissoryNote
595025 usd
CY2022 qomo Outstanding Promissory Note
OutstandingPromissoryNote
155025 usd
CY2023Q2 us-gaap Convertible Debt
ConvertibleDebt
1500000 usd
CY2023Q2 us-gaap Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
10
us-gaap Payments For Rent
PaymentsForRent
10000 usd
CY2023Q2 us-gaap Interest Costs Incurred
InterestCostsIncurred
30000 usd
us-gaap Interest Costs Incurred
InterestCostsIncurred
60000 usd
us-gaap Administrative Fees Expense
AdministrativeFeesExpense
60000 usd
CY2022 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
28387 usd
CY2023Q2 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
usd
qomo Deferred Underwriting Discount Percentage
DeferredUnderwritingDiscountPercentage
0.0175 pure
qomo Deferred Fee Percentage
DeferredFeePercentage
0.04 pure
qomo Gross Proceeds
GrossProceeds
2109200 usd
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
us-gaap Common Stock Voting Rights
CommonStockVotingRights
one
CY2021 qomo Initial Stockholders Percentage
InitialStockholdersPercentage
0.20 pure
CY2022Q4 us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
119250 shares
qomo Redeem The Outstanding Warrants
RedeemTheOutstandingWarrants
●in whole and not in part; ●at a price of $0.01 per warrant; ●upon a minimum of 30 days’ prior written notice of redemption, which the Company refers to as the 30-day redemption period; ●if, and only if, the last reported sale price of the Company’s common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the to the warrant holders.
CY2023Q2 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
55375344 usd
CY2022Q4 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
53958681 usd
us-gaap Investment Income Interest
InvestmentIncomeInterest
usd
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
usd
us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
usd
us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
usd
qomo Cash From Trust Account To Pay Franchise Tax
CashFromTrustAccountToPayFranchiseTax
usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
usd
qomo Deferred Offering Costs In Accrued Offering Costs
DeferredOfferingCostsInAccruedOfferingCosts
usd
qomo Exercise Tax Liability
ExerciseTaxLiability
usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
qomo Redeemed Common Stock Payable To Public Stockholders
RedeemedCommonStockPayableToPublicStockholders
usd
qomo Extension Fee Deposited Into Trust Account By The Sponsor
ExtensionFeeDepositedIntoTrustAccountByTheSponsor
usd
CY2022Q2 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
usd
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001894210

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