2024 Q3 Form 10-K Financial Statement

#000121390024058610 Filed on July 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2023 Q4 2023

Balance Sheet

Concept 2024 Q3 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.220K $9.220K
YoY Change -95.39% -95.39%
Cash & Equivalents $9.222K
Short-Term Investments
Other Short-Term Assets $69.78K $69.78K
YoY Change -70.93% -70.93%
Inventory
Prepaid Expenses $69.78K
Receivables
Other Receivables
Total Short-Term Assets $79.00K $79.00K
YoY Change -81.71% -81.63%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $9.299M $9.299M
YoY Change -82.77% -82.77%
Other Assets
YoY Change
Total Long-Term Assets $9.299M $9.299M
YoY Change -82.77% -82.77%
TOTAL ASSETS
Total Short-Term Assets $79.00K $79.00K
Total Long-Term Assets $9.299M $9.299M
Total Assets $9.378M $9.378M
YoY Change -82.76% -82.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $829.9K $1.003M
YoY Change 566.08% 489.84%
Deferred Revenue
YoY Change
Short-Term Debt $937.3K $937.3K
YoY Change 485.78% 485.78%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.909M $2.909M
YoY Change 683.8% 686.27%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.109M $2.109M
YoY Change -0.04% -0.04%
Total Long-Term Liabilities $2.109M $2.109M
YoY Change -0.04% -0.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.909M $2.909M
Total Long-Term Liabilities $2.109M $2.109M
Total Liabilities $5.034M $5.034M
YoY Change 100.04% 99.77%
SHAREHOLDERS EQUITY
Retained Earnings -$4.483M
YoY Change -3524.62%
Common Stock $166.00
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.483M $4.344M
YoY Change
Total Liabilities & Shareholders Equity $9.378M $9.378M
YoY Change -82.76% -82.76%

Cashflow Statement

Concept 2024 Q3 2023 Q4 2023

Facts In Submission

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QOMOLANGMA Acquisition Corp.
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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>Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In preparing these financial statements in conformity with U.S. GAAP, the Company’s management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported expenses during the reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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CY2023 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"><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 December 31, 2023 and 2022, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</p>
CY2023 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
250000 usd
CY2023Q4 us-gaap Redeemable Noncontrolling Interest Equity Common Redemption Value
RedeemableNoncontrollingInterestEquityCommonRedemptionValue
8936913 usd
CY2022Q4 us-gaap Redeemable Noncontrolling Interest Equity Common Redemption Value
RedeemableNoncontrollingInterestEquityCommonRedemptionValue
3409640 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 Common Stock To Redemption Value
AccretionOfCommonStockToRedemptionValue
-3409640 usd
CY2022Q4 us-gaap Temporary Equity Aggregate Amount Of Redemption Requirement
TemporaryEquityAggregateAmountOfRedemptionRequirement
46828833 usd
CY2023 qomo Accretion Of Common Stock To Redemption Value
AccretionOfCommonStockToRedemptionValue
-8920393 usd
CY2023 qomo Redeemed Common Stock Payable To Public Stockholders1
RedeemedCommonStockPayableToPublicStockholders1
-46921772 usd
CY2023Q4 us-gaap Temporary Equity Aggregate Amount Of Redemption Requirement
TemporaryEquityAggregateAmountOfRedemptionRequirement
8827454 usd
CY2022Q4 us-gaap Option Indexed To Issuers Equity Shares
OptionIndexedToIssuersEquityShares
750000 shares
CY2023 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.
CY2023 qomo Initial Public Offering Expiration
InitialPublicOfferingExpiration
P5Y
CY2023 qomo Public Shares Sold
PublicSharesSold
5273000 shares
CY2023 qomo Aggregate Purchase Price
AggregatePurchasePrice
2605000 usd
CY2023 us-gaap Partners Capital Account Units Sold In Private Placement
PartnersCapitalAccountUnitsSoldInPrivatePlacement
8873 shares
CY2023 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.
CY2022Q4 qomo Shares Forfeited
SharesForfeited
119250 shares
CY2022Q4 qomo Subject To Forfeiture Shares
SubjectToForfeitureShares
1318250 shares
CY2023 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
CY2023Q4 us-gaap Policy Loans Receivable
PolicyLoansReceivable
145000 usd
CY2023 qomo Outstanding Promissory Note
OutstandingPromissoryNote
937252 usd
CY2022 qomo Outstanding Promissory Note
OutstandingPromissoryNote
155025 usd
CY2023Q4 us-gaap Convertible Debt
ConvertibleDebt
1500000 usd
CY2023Q4 us-gaap Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
10
CY2023Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
148387 usd
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
28387 usd
CY2023 qomo Additional Units To Underwriters
AdditionalUnitsToUnderwriters
750000 shares
CY2022Q4 qomo Purchase Units
PurchaseUnits
273000 shares
CY2023 qomo Deferred Underwriting Discount Percentage
DeferredUnderwritingDiscountPercentage
0.0175 pure
CY2023 qomo Deferred Fee Percentage
DeferredFeePercentage
0.04 pure
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
16000000 shares
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Holders of the common stock are entitled to one vote for each share
CY2021Q4 qomo Percentage Of Issued And Outstanding Shares
PercentageOfIssuedAndOutstandingShares
0.20 pure
CY2022Q4 us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
119250 shares
CY2023Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
837857 shares
CY2022Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
5273000 shares
CY2023 qomo Redeem Outstanding Warrants Description
RedeemOutstandingWarrantsDescription
●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.
CY2023Q4 us-gaap Assets Held In Trust Current
AssetsHeldInTrustCurrent
9299336 usd
CY2022Q4 us-gaap Assets Held In Trust Current
AssetsHeldInTrustCurrent
53958681 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense
DeferredTaxAssetsTaxDeferredExpense
377757 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense
DeferredTaxAssetsTaxDeferredExpense
35855 usd
CY2023Q4 us-gaap Deferred Tax Liabilities Unrealized Gains On Trading Securities
DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities
15684 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Unrealized Gains On Trading Securities
DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities
36164 usd
CY2023Q4 qomo Deferred Tax Assets Liabilitie Net
DeferredTaxAssetsLiabilitieNet
-362073 usd
CY2022Q4 qomo Deferred Tax Assets Liabilitie Net
DeferredTaxAssetsLiabilitieNet
309 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
377757 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
35855 usd
CY2023Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
15684 usd
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
36164 usd
CY2023 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
436209 usd
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
46115 usd
CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-361555 usd
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
309 usd
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
341075 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
35855 usd
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
415729 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
82279 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0 pure
CY2023 qomo Effective Income Tax Rate Tax Penaltiesin Dollars
EffectiveIncomeTaxRateTaxPenaltiesinDollars
0.06 pure
CY2022 qomo Effective Income Tax Rate Tax Penaltiesin Dollars
EffectiveIncomeTaxRateTaxPenaltiesinDollars
0 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
1.232 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.169 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
1.502 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.379 pure
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
341075 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
35855 usd
CY2022Q4 qomo Exercise Tax Liabilies
ExerciseTaxLiabilies
usd
CY2023Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
usd
CY2022 qomo Stock Issued During Period Value Forfeiture Of Founder Shares
StockIssuedDuringPeriodValueForfeitureOfFounderShares
usd
CY2022 us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
usd
CY2023 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
usd
CY2022 qomo Cash Deposited Into Trust Account
CashDepositedIntoTrustAccount
usd
CY2022 qomo Cash From Trust Account To Pay Franchise Tax
CashFromTrustAccountToPayFranchiseTax
usd
CY2022 us-gaap Proceeds From Sale Of Investment Projects
ProceedsFromSaleOfInvestmentProjects
usd
CY2023 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
usd
CY2023 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
usd
CY2022 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
usd
CY2023 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
usd
CY2023 us-gaap Payments For Repurchase Of Private Placement
PaymentsForRepurchaseOfPrivatePlacement
usd
CY2023 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
usd
CY2022 qomo Payment Of Public Stockholder Redemptions
PaymentOfPublicStockholderRedemptions
usd
CY2023 qomo Redeemed Common Stock Payable To Public Stockholders
RedeemedCommonStockPayableToPublicStockholders
usd
CY2023 qomo Deferred Offering Costs In Accrued Offering Costs
DeferredOfferingCostsInAccruedOfferingCosts
usd
CY2022 qomo Exercise Tax Liability
ExerciseTaxLiability
usd
CY2022 qomo Extension Fee Deposited Into Trust Account By The Sponsor
ExtensionFeeDepositedIntoTrustAccountByTheSponsor
usd
CY2022 qomo Franchise And Income Tax Paid
FranchiseAndIncomeTaxPaid
usd
CY2023 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
usd
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
usd
CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
usd
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
usd
CY2023 dei Amendment Flag
AmendmentFlag
false
CY2023 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2023 dei Entity Central Index Key
EntityCentralIndexKey
0001894210

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