Qomolangma Acquisition Corp.

2023 Q4 Form 10-Q Financial Statement

#000121390023086007 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q4

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.220K $46.62K $200.0K
YoY Change -95.39% -22.3%
Cash & Equivalents $9.222K $46.62K $196.5K
Short-Term Investments
Other Short-Term Assets $69.78K $122.9K $240.0K
YoY Change -70.93%
Inventory
Prepaid Expenses $69.78K $122.9K $235.5K
Receivables
Other Receivables
Total Short-Term Assets $79.00K $169.5K $432.0K
YoY Change -81.71% 182.53% 179.49%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $9.299M $33.72M $53.96M
YoY Change -82.77%
Other Assets $0.00
YoY Change
Total Long-Term Assets $9.299M $33.72M $53.96M
YoY Change -82.77% 15311.91% 40470.44%
TOTAL ASSETS
Total Short-Term Assets $79.00K $169.5K $432.0K
Total Long-Term Assets $9.299M $33.72M $53.96M
Total Assets $9.378M $33.89M $54.39M
YoY Change -82.76% 12055.87% 18814.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $829.9K $719.4K $124.6K
YoY Change 566.08% 1006.75% 91.69%
Deferred Revenue
YoY Change
Short-Term Debt $937.3K $792.3K $160.0K
YoY Change 485.78% 296.13%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.909M $15.49M $371.2K
YoY Change 683.8% 5745.35% 39.27%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.109M $2.109M $2.110M
YoY Change -0.04%
Total Long-Term Liabilities $2.109M $2.109M $2.110M
YoY Change -0.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.909M $15.49M $371.2K
Total Long-Term Liabilities $2.109M $2.109M $2.110M
Total Liabilities $5.034M $17.63M $2.517M
YoY Change 100.04% 6429.47% 844.29%
SHAREHOLDERS EQUITY
Retained Earnings -$4.483M -$3.922M $130.9K
YoY Change -3524.62% 34895.68% -3426.96%
Common Stock $166.00 $166.00 $166.00
YoY Change 0.0% 15.28% 15.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.483M -$3.921M $5.045M
YoY Change
Total Liabilities & Shareholders Equity $9.378M $33.89M $54.39M
YoY Change -82.76% 12055.87% 18814.22%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q4

Facts In Submission

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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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us-gaap Concentration Risk Credit Risk
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration of Credit Risk</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 September 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.</span></p>
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
250000 usd
qomo Temporary Equity Accretion To Redemption Value Adjustment1
TemporaryEquityAccretionToRedemptionValueAdjustment1
11986633 usd
CY2022 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
52730000 usd
CY2022 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
3532910 usd
CY2022 us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
1845550 usd
CY2022 qomo Allocation Of Offering Costs Related To Redeemable Shares
AllocationOfOfferingCostsRelatedToRedeemableShares
-3932347 usd
CY2022 qomo Accretion Of Carrying Value To Redemption Value One
AccretionOfCarryingValueToRedemptionValueOne
3409640 usd
CY2022Q4 us-gaap Temporary Equity Aggregate Amount Of Redemption Requirement
TemporaryEquityAggregateAmountOfRedemptionRequirement
46828833 usd
qomo Accretion Of Carrying Value To Redemption Value One
AccretionOfCarryingValueToRedemptionValueOne
8576993 usd
qomo Redeemed Common Stock Payable To Public Stockholders1
RedeemedCommonStockPayableToPublicStockholders1
-35224086 usd
CY2023Q3 us-gaap Temporary Equity Aggregate Amount Of Redemption Requirement
TemporaryEquityAggregateAmountOfRedemptionRequirement
20181740 usd
CY2022Q4 qomo Sale Of Stock Number Of Shares Issued In Transactions
SaleOfStockNumberOfSharesIssuedInTransactions
5000000 shares
CY2022Q4 qomo Share Per Unit
SharePerUnit
10
CY2022Q4 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
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
CY2023Q3 us-gaap Policy Loans Receivable
PolicyLoansReceivable
150000 usd
CY2023Q3 us-gaap Policy Loans Receivable
PolicyLoansReceivable
47227 usd
qomo Outstanding Promissory Note
OutstandingPromissoryNote
792252 usd
CY2022 qomo Outstanding Promissory Note
OutstandingPromissoryNote
155025 usd
CY2023Q3 us-gaap Convertible Debt
ConvertibleDebt
1500000 usd
CY2023Q3 us-gaap Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
10
us-gaap Payments For Rent
PaymentsForRent
10000 usd
CY2023Q3 us-gaap Interest Costs Incurred
InterestCostsIncurred
30000 usd
us-gaap Interest Costs Incurred
InterestCostsIncurred
90000 usd
us-gaap Administrative Fees Expense
AdministrativeFeesExpense
118387 usd
CY2022 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
28387 usd
qomo Deferred Underwriting Discount Percentage
DeferredUnderwritingDiscountPercentage
0.0175 pure
qomo Deferred Fee Percentage
DeferredFeePercentage
0.04 pure
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
2109200 usd
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
16000000 shares
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
us-gaap Common Stock Voting Rights
CommonStockVotingRights
one
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1437500 shares
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1437500 shares
CY2021 qomo Initial Stockholders Percentage
InitialStockholdersPercentage
0.20 pure
CY2022Q4 us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
119250 shares
CY2023Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1662623 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1662623 shares
CY2023Q3 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
1913012 shares
CY2022Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
5273000 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.
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
usd
CY2023Q3 us-gaap Assets Held In Trust Current
AssetsHeldInTrustCurrent
33720333 usd
CY2022Q4 us-gaap Assets Held In Trust Current
AssetsHeldInTrustCurrent
53958681 usd
CY2022Q4 qomo Exercise Tax Liabilies
ExerciseTaxLiabilies
usd
CY2022Q4 qomo Redeemed Common Stock Payable To Public Stockholder
RedeemedCommonStockPayableToPublicStockholder
usd
qomo Franchise Tax Expense
FranchiseTaxExpense
usd
CY2022Q3 us-gaap Interest Income Securities Other Us Government
InterestIncomeSecuritiesOtherUSGovernment
usd
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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 Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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 Proceeds From Sale Of Investment Projects
ProceedsFromSaleOfInvestmentProjects
usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
qomo Payment Of Public Stockholder Redemptions
PaymentOfPublicStockholderRedemptions
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
CY2022Q3 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
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001894210

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