2024 Q3 Form 10-Q Financial Statement
#000143774924035486 Filed on November 15, 2024
Income Statement
Concept | 2024 Q3 | 2023 Q3 |
---|---|---|
Revenue | $0.00 | |
YoY Change | ||
Cost Of Revenue | $105.0K | $0.00 |
YoY Change | ||
Gross Profit | $0.00 | |
YoY Change | ||
Gross Profit Margin | ||
Selling, General & Admin | ||
YoY Change | ||
% of Gross Profit | ||
Research & Development | ||
YoY Change | ||
% of Gross Profit | ||
Depreciation & Amortization | ||
YoY Change | ||
% of Gross Profit | ||
Operating Expenses | $394.0K | $169.00 |
YoY Change | 233036.09% | -99.91% |
Operating Profit | -$169.00 | |
YoY Change | ||
Interest Expense | $316.0K | |
YoY Change | -46.17% | |
% of Operating Profit | ||
Other Income/Expense, Net | ||
YoY Change | ||
Pretax Income | $147.0K | |
YoY Change | -63.52% | |
Income Tax | ||
% Of Pretax Income | ||
Net Earnings | -$216.0K | $147.00 |
YoY Change | -147038.78% | -99.96% |
Net Earnings / Revenue | ||
Basic Earnings Per Share | ||
Diluted Earnings Per Share | $0.03 | |
COMMON SHARES | ||
Basic Shares Outstanding | ||
Diluted Shares Outstanding |
Balance Sheet
Concept | 2024 Q3 | 2023 Q3 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $28.00K | |
YoY Change | -93.97% | |
Cash & Equivalents | $13.00K | $28.00 |
Short-Term Investments | ||
Other Short-Term Assets | $26.00K | |
YoY Change | -92.19% | |
Inventory | ||
Prepaid Expenses | $30.00K | $26.00 |
Receivables | ||
Other Receivables | ||
Total Short-Term Assets | $43.00K | $54.00 |
YoY Change | 79529.63% | -99.99% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | ||
YoY Change | ||
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | ||
YoY Change | ||
Other Assets | $24.60M | |
YoY Change | -81.05% | |
Total Long-Term Assets | $22.17M | $24.60K |
YoY Change | 90049.21% | -99.98% |
TOTAL ASSETS | ||
Total Short-Term Assets | $43.00K | $54.00 |
Total Long-Term Assets | $22.17M | $24.60K |
Total Assets | $22.22M | $24.65K |
YoY Change | 90026.16% | -99.98% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | ||
YoY Change | ||
Accrued Expenses | $325.0K | $387.00 |
YoY Change | 83879.33% | -99.69% |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $837.0K | |
YoY Change | ||
Long-Term Debt Due | ||
YoY Change | ||
Total Short-Term Liabilities | $1.298M | $849.00 |
YoY Change | 152785.75% | -99.38% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $0.00 | |
YoY Change | ||
Other Long-Term Liabilities | $4.428M | |
YoY Change | 0.0% | |
Total Long-Term Liabilities | $4.428M | |
YoY Change | 0.0% | |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $1.298M | $849.00 |
Total Long-Term Liabilities | $4.428M | |
Total Liabilities | $1.298M | $5.277K |
YoY Change | 24497.31% | -99.88% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$1.348M | -$5.223K |
YoY Change | 25708.92% | -99.86% |
Common Stock | ||
YoY Change | ||
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | -$1.255M | -$5.223K |
YoY Change | ||
Total Liabilities & Shareholders Equity | $22.22M | $24.65K |
YoY Change | 90026.16% | -99.98% |
Cashflow Statement
Concept | 2024 Q3 | 2023 Q3 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$216.0K | $147.00 |
YoY Change | -147038.78% | -99.96% |
Depreciation, Depletion And Amortization | ||
YoY Change | ||
Cash From Operating Activities | $100.0K | |
YoY Change | -80.54% | |
INVESTING ACTIVITIES | ||
Capital Expenditures | ||
YoY Change | ||
Acquisitions | ||
YoY Change | ||
Other Investing Activities | ||
YoY Change | ||
Cash From Investing Activities | ||
YoY Change | ||
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | 199.0K | |
YoY Change | ||
NET CHANGE | ||
Cash From Operating Activities | 100.0K | |
Cash From Investing Activities | ||
Cash From Financing Activities | 199.0K | |
Net Change In Cash | 299.0K | |
YoY Change | -41.83% | |
FREE CASH FLOW | ||
Cash From Operating Activities | $100.0K | |
Capital Expenditures | ||
Free Cash Flow | ||
YoY Change |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
dei |
Document Type
DocumentType
|
10-Q | ||
dei |
Entity Registrant Name
EntityRegistrantName
|
Cactus Acquisition Corp. 1 Ltd | ||
dei |
Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
|
E9 | ||
dei |
Entity Address Address Line1
EntityAddressAddressLine1
|
4B Cedar Brook Drive | ||
dei |
Entity Address City Or Town
EntityAddressCityOrTown
|
Cranbury | ||
dei |
Entity Address State Or Province
EntityAddressStateOrProvince
|
NJ | ||
dei |
Entity Address Postal Zip Code
EntityAddressPostalZipCode
|
08512 | ||
dei |
City Area Code
CityAreaCode
|
609 | ||
dei |
Local Phone Number
LocalPhoneNumber
|
495-2222 | ||
CY2023Q4 | ccts |
Underwriters Deferred Compensation
UnderwritersDeferredCompensation
|
4428000 | usd |
CY2023Q4 | us-gaap |
Liabilities
Liabilities
|
5548000 | usd |
CY2024Q3 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
283000 | usd |
CY2023Q3 | us-gaap |
Investment Income Interest
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us-gaap |
Operating Expenses
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|
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Operating Expenses
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CY2023Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
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Preferred Stock Shares Outstanding
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0 | |
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Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
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Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
dei |
Entity Tax Identification Number
EntityTaxIdentificationNumber
|
00-0000000 | ||
dei |
Document Period End Date
DocumentPeriodEndDate
|
2024-09-30 | ||
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Document Transition Report
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false | ||
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Entity File Number
EntityFileNumber
|
001-40981 | ||
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Preferred Stock Par Or Stated Value Per Share
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|
0.0001 | |
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Preferred Stock Par Or Stated Value Per Share
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|
0.0001 | |
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Preferred Stock Shares Authorized
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|
5000000 | |
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Preferred Stock Shares Authorized
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us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
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us-gaap |
Investment Income Interest
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CY2024Q3 | us-gaap |
Operating Expenses
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|
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CY2023Q3 | us-gaap |
Operating Expenses
OperatingExpenses
|
169000 | usd |
us-gaap |
Cost Of Revenue
CostOfRevenue
|
210000 | usd | |
us-gaap |
Cost Of Revenue
CostOfRevenue
|
-0 | usd | |
CY2024Q3 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
105000 | usd |
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Cost Of Revenue
CostOfRevenue
|
-0 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-306000 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
1434000 | usd | |
CY2024Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-216000 | usd |
CY2023Q3 | us-gaap |
Net Income Loss
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147000 | usd |
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Net Income Loss
NetIncomeLoss
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Net Income Loss
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Cost Of Revenue
CostOfRevenue
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210000 | usd | |
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Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-249000 | usd | |
us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
257000 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
1839000 | usd | |
us-gaap |
Proceeds From Issuance Of Other Long Term Debt
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|
450000 | usd | |
ccts |
Proceeds From Promissory Notes
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us-gaap |
Net Cash Provided By Used In Financing Activities
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|
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us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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|
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dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q3 | ||
dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2024 | ||
dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
dei |
Amendment Flag
AmendmentFlag
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false | ||
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Entity Central Index Key
EntityCentralIndexKey
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Non Rule10b51 Arr Trmntd Flag
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false | ||
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Rule10b51 Arr Trmntd Flag
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Non Rule10b51 Arr Adopted Flag
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|
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ecd |
Rule10b51 Arr Adopted Flag
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false | ||
CY2023Q3 | us-gaap |
Preferred Stock Shares Outstanding
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0 | |
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Preferred Stock Shares Outstanding
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Preferred Stock Shares Issued
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Preferred Stock Shares Issued
PreferredStockSharesIssued
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Document Quarterly Report
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Entity Current Reporting Status
EntityCurrentReportingStatus
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No | ||
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Entity Interactive Data Current
EntityInteractiveDataCurrent
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Entity Filer Category
EntityFilerCategory
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Non-accelerated Filer | ||
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Entity Small Business
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true | ||
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Entity Emerging Growth Company
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true | ||
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Entity Ex Transition Period
EntityExTransitionPeriod
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Entity Shell Company
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Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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Cash And Cash Equivalents At Carrying Value
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Assets
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|
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Accrued Liabilities Current
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|
538000 | usd |
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Sponsor Loan
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|
397000 | usd |
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Sponsor Loan
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Promissory Note1
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Retained Earnings Accumulated Deficit
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Sponsor Loan Cancelation During Period Value
SponsorLoanCancelationDuringPeriodValue
|
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Adjustments To Additional Paid In Capital Fair Value Of Promissory Note
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246000 | usd | |
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Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
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1013000 | usd | |
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Underwriters Deferred Compensation Waiver Value
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Net Income Loss
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Stockholders Equity
StockholdersEquity
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Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings
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Net Income Loss
NetIncomeLoss
|
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Stockholders Equity
StockholdersEquity
|
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Stockholders Equity
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Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings
|
2789000 | usd | |
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Shares Surrender
SharesSurrender
|
115000 | ||
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Additional Paidin Capital Shares Surrender
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Net Income Loss
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Cost Of Revenue
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Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
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30000 | usd | |
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Increase Decrease In Accrued Liabilities
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Net Cash Provided By Used In Operating Activities
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Payments For Repurchase Of Common Stock
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Payments For Repurchase Of Common Stock
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Net Cash Provided By Used In Financing Activities
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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|
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Cash And Cash Equivalents At Carrying Value
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Cash And Cash Equivalents At Carrying Value
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|
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ccts |
Noncash Adjustment Sponsor Loan Cancellation
NoncashAdjustmentSponsorLoanCancellation
|
860000 | usd | |
ccts |
Noncash Adjustment Sponsor Loan Cancellation
NoncashAdjustmentSponsorLoanCancellation
|
0 | usd | |
ccts |
Promissory Note
PromissoryNote
|
246000 | usd | |
ccts |
Promissory Note
PromissoryNote
|
0 | usd | |
ccts |
Underwriters Deferred Compensation Waiver
UnderwritersDeferredCompensationWaiver
|
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Underwriters Deferred Compensation Waiver
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Nature Of Operations
NatureOfOperations
|
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>NOTE 1 - DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS:</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"> <tbody><tr> <td style="width:50pt;"> </td> <td style="vertical-align:top;width:18pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>a.</b></p> </td> <td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Organization and General</b></p> </td> </tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">Cactus Acquisition Corp. 1 Limited (hereafter – the Company) is a blank check company, incorporated on April 19, 2021 as a Cayman Islands exempted company, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination (hereafter – the Business Combination).</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">The Company is an early stage and an emerging growth company, and as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">All activity for the period from inception through September 30, 2024 relates to the Company’s formation, its initial public offering (the "Public offering") described below and its search for a target company. The Company generates interest income on proceeds held in the trust account derived from the Public Offering and the private placement (as defined below in Note 3).</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"> <tbody><tr> <td style="width:50pt;"> </td> <td style="vertical-align:top;width:18pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>b.</b></p> </td> <td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Sponsor and Financing</b></p> </td> </tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">On February 9, 2024, the Company’s first sponsor, Cactus Healthcare Management, L.P. (“Cactus LP”), entered into a sponsor securities purchase agreement with EVGI Limited (“EVGI”), the Company’s second sponsor, pursuant to which, on February 23, 2024, Cactus LP transferred to EVGI 80% of the securities of the Company owned by Cactus LP prior to the transaction.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">On April 29, 2024, a subsequent sponsor securities purchase agreement was executed between EVGI, the Company’s second sponsor, and ARWM Pte Limited (ARWM”), the Company’s third sponsor, pursuant to which, on May 16, 2024, EVGI transferred to ARWM 100% of the securities of the Company owned by EVGI prior to the transaction.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">See Note 6 Related Party Transactions regarding Second Sponsor Alliance, Third Second Sponsor Alliance, and Promissory Notes for additional information.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">The registration statement relating to the Company’s Public Offering was declared effective by the United States Securities and Exchange Commission (the “SEC”) on October 28, 2021. The initial stage of the Company’s Public Offering— the sale of 12,650,000 Units — closed on November 2, 2021. Upon that closing $129.03 million was placed in a trust account (the “Trust Account”) (see also note 1(c) below). Out of the $129.03 million placed in the trust account, the Company raised a total of $126.5 million, inclusive of the exercise of the over-allotment option and an additional $2.53 million were invested by the Company's Sponsor for the benefit of the Public to preserve a redemption value of $10.20. The Company intends to finance its initial Business Combination with the net proceeds from the Public Offering and the Private Placement.</p> <div> </div> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"> <tbody><tr> <td style="width:50pt;"> </td> <td style="vertical-align:top;width:18pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>c.</b></p> </td> <td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>The Trust Account</b></p> </td> </tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">The proceeds held in the Trust Account are invested in money market funds registered under the Investment Company Act and compliant with Rule 2a-7 thereof that maintain a stable net asset value of $1.00. Unless and until the Company completes the Initial Business Combination, it may pay its expenses only from the net proceeds of the Public Offering held outside the Trust Account.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"> <tbody><tr> <td style="width:50pt;"> </td> <td style="vertical-align:top;width:18pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>d.</b></p> </td> <td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Initial Business Combination</b></p> </td> </tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Public Offering, although substantially all of the net proceeds of the Public Offering are intended to be generally applied toward consummating an initial Business Combination. The initial Business Combination must occur with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (excluding taxes payable on the income accrued in the Trust Account). There is no assurance that the Company will be able to successfully consummate an initial Business Combination.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">The Company, after signing a definitive agreement for an Initial Business Combination, will provide its public shareholders the opportunity to redeem all or a portion of their shares upon the completion of the initial Business Combination, either (i) in connection with a shareholder meeting called to approve the business combination or (ii) by means of a tender offer. However, in no event will the Company redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000 thousand following such redemptions. In such case, the Company would not proceed with the redemption of its public shares and the related initial Business Combination, and instead may search for an alternate initial Business Combination.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">If the Company holds a shareholder vote or there is a tender offer for shares in connection with an initial Business Combination, a public shareholder will have the right to redeem its shares for an amount in cash equal to its pro rata share of the aggregate amount then on deposit in the Trust Account, calculated as of two days prior to the general meeting or commencement of the Company’s tender offer, including interest but less taxes payable. As a result, the Company’s Class A ordinary shares are recorded at redemption amount and classified as temporary equity upon the completion of the Public Offering, in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, “Distinguishing Liabilities from Equity.”</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"> <tbody><tr> <td style="width:50pt;"> </td> <td style="vertical-align:top;width:18pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>e.</b></p> </td> <td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Initial Business Combination / Extension Amendment</b></p> </td> </tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">Pursuant to the Company’s amended and restated memorandum and articles of association, if the Company is unable to complete the initial Business Combination within 18 months from the closing of the Public Offering, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable, and less up to $100 thousand of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">On November 2, 2023, the Company held an extraordinary general meeting (the “Second Extension Meeting”), at which the Company’s shareholders voted to approve the Second Extension, which extended the Mandatory Liquidation Date from November 2, 2023 to November 2, 2024.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">On April 2, 2024, the Company entered into a non-binding heads of agreement with Tembo e-LV B.V. (Tembo), a private company incorporated under the laws of the Netherlands, regarding a potential business combination transaction. The Company’s Chief Executive Officer is also the Chief Operating Officer and Chief Financial Officer of VivoPower International PLC, which owns 100% of Tembo.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">On August 29, 2024, the Company and Tembo signed a Business Combination</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">Agreement (BCA). Under the BCA, the consideration to be paid to the equity holders of Tembo is $838 million and will be paid entirely in the form of newly issued ordinary shares of new combined company, with each share valued at $10.00. The BCA was entered into by the parties following due diligence and receipt by the Company’s board of directors of a fairness opinion from an independent third party.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">On November 1, 2024, the Company held an extraordinary general meeting (the “Third Extension Meeting”), at which the Company’s shareholders voted to approve the Third Extension, which extended the mandatory liquidation date from November 2, 2024 to November 2, 2025. See Note 9 Subsequent Events for additional information.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">The Sponsors and the Company’s officers and directors have entered into a letter agreement with the Company, pursuant to which they have waived their rights to liquidating distributions from the Trust Account with respect to any Class B ordinary shares (as described in Note 7) held by them if the Company fails to complete the initial Business Combination within 18 months of the closing of the Public Offering or during any extended time that the Company has to consummate</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">an initial Business Combination beyond 18 months as a result of a shareholder vote to amend its amended and restated memorandum and articles of association. However, if the Sponsor or any of the Company’s directors or officers acquire any Class A ordinary shares, they will be entitled to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete the Initial Business Combination within the prescribed time period.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">In the event of a liquidation, dissolution or winding up of the Company after an initial Business Combination, the Company’s shareholders are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of stock, if any, having preference over the ordinary shares. The Company’s shareholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the ordinary shares, except that the Company will provide its shareholders with the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, under the circumstances, and, subject to the limitations, described herein.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"> <tbody><tr> <td style="width:50pt;"> </td> <td style="vertical-align:top;width:18pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>f.</b></p> </td> <td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Substantial Doubt about the Company</b>’<b>s Ability to Continue as a Going Concern</b></p> </td> </tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">On November 2, 2024 the Company extended the date by which the Company has to consummate an Initial Business Combination from November 2, 2024 to November 2, 2025 (hereafter – the Mandatory Liquidation Date). If a business combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. The Company intends to complete an Initial Business Combination before the Mandatory Liquidation Date.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">However, there can be no assurance that the Company will be able to consummate any business combination ahead of the Mandatory Liquidation Date, nor that they will be able to raise sufficient funds to complete an Initial Business Combination. These matters raise substantial doubt about the Company’s ability to continue as a going concern, for the subsequent twelve months following the issuance date of these financial statements. No adjustments have been made to the carrying</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">amounts and classification of assets or liabilities should the Company fail to obtain financial support in its search for an Initial Business Combination, nor if it is required to liquidate after the Mandatory Liquidation Date. See also Note 5.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">No adjustments have been made to the carrying amounts of assets or liabilities should the Company fail to obtain financial support in its search for an Initial</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">Business Combination, nor if it is required to liquidate after the Mandatory Liquidation Date. </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"> <tbody><tr> <td style="width:50pt;"> </td> <td style="vertical-align:top;width:18pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>g.</b></p> </td> <td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Emerging Growth Company</b></p> </td> </tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">This may make a comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible, because of the potential differences in accounting standards used.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"> <tbody><tr> <td style="width:50pt;"> </td> <td style="vertical-align:top;width:18pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>h.</b></p> </td> <td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Notice of Delisting</b></p> </td> </tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">On June 29, 2023, the Company received a written notice (the “Notice”) from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) indicating that the Company was not in compliance with Listing Rule 5450(b)(2)(A) (the “MVLS Rule”), which requires the Company to have at least $50 million market value of listed securities (the “MVLS”) for continued listing on the Nasdaq Global Market. In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Notice states that the Company has 180 calendar days, or until December 26, 2023, in which to regain compliance with the MVLS Rule. The Company took steps to regain compliance prior to the December 26, 2023 date and in January 2024, Nasdaq staff notified the Company that it had regained compliance the MVLS rule.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">On September 8, 2023, the Company, received an additional written notice (the “Total Holders Notice”) from Nasdaq indicating that the Company was not in compliance with Nasdaq Listing Rule 5450(a)(2), which requires the Company to maintain at least 400 total holders for continued listing on the Nasdaq Global Market (the “Minimum Total Holders Rule”). In accordance with Nasdaq Listing Rule 5810(c)(2)(A)(i), the Total Holders Notice stated that the Company had 45 calendar days, or until October 23, 2023, to submit a plan to regain compliance with the Minimum Total Holders Rule.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">On October 23, 2023, the Company submitted a plan to regain compliance with the Minimum Total Holders Rule. On November 9, 2023 Nasdaq accepted the Company’s plan, and in doing so Nasdaq granted the Company an extension until March 6, 2024 (subsequently extended to March 11, 2024) to evidence compliance with the Minimum Total Holders Rule. On March 12, 2024 the Company received notice from Nasdaq that it was once again in compliance with the Minimum Total Holders Rule.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">On May 7, 2024, the Company received a written notice (the “Notice”) from Nasdaq indicating that the Company was not in compliance with Listing Rule 5450(b)(2)(C) (the “MVPHS Rule”), which requires listed securities to maintain a minimum Market Value of Publicly Held Shares (MVPHS) of $15,000,000. Based upon Nasdaq’s review of the Company’s MVPHS, the Company no longer meets this requirement. Consequently, a deficiency exists with regard to the MVPHS Rule. However, in accordance with Nasdaq Listing Rule 5810(c)(3)(D), the Notice states that the Company has 180 calendar days, or until November 4, 2024, in which to regain compliance with the MVPHS Rule.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 68pt;">The Notice is only a notification of deficiency and has no current effect on the listing or trading of the Company’s securities on the Nasdaq Global Market. In the event the Company does not regain compliance with the MVPHS Rule prior to the expiration of the compliance period of November 4, 2024, it will receive written notification from Nasdaq that its securities are subject to delisting on The Nasdaq Global Market. Alternatively, the Company may apply to transfer the Company’s securities to The Nasdaq Capital Market, which requires listed securities to maintain a minimum MVPHS of $5,000,000, which the Company exceeded at May 10, 2024. See Note 9 Subsequent Events for additional information.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p> | ||
CY2024Q3 | us-gaap |
Net Asset Value Per Share
NetAssetValuePerShare
|
1 | |
CY2024Q3 | us-gaap |
Derivative Net Assets Percentage
DerivativeNetAssetsPercentage
|
0.80 | pure |
ccts |
Net Tangible Assets Value
NetTangibleAssetsValue
|
5000000 | usd | |
CY2024Q3 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | |
CY2024Q3 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-306000 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
1434000 | usd | |
CY2024Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-216000 | usd |
CY2023Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
147000 | usd |
us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
840000 | usd | |
us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
2405000 | usd | |
CY2024Q3 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
283000 | usd |
CY2023Q3 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
316000 | usd |
us-gaap |
Operating Costs And Expenses
OperatingCostsAndExpenses
|
1146000 | usd | |
us-gaap |
Operating Costs And Expenses
OperatingCostsAndExpenses
|
971000 | usd | |
CY2024Q3 | us-gaap |
Operating Costs And Expenses
OperatingCostsAndExpenses
|
499000 | usd |
CY2023Q3 | us-gaap |
Operating Costs And Expenses
OperatingCostsAndExpenses
|
169000 | usd |
ccts |
Sponsor Loan Cancelation
SponsorLoanCancelation
|
335000 | usd | |
ccts |
Temporary Equity Other Changes1
TemporaryEquityOtherChanges1
|
3878 | ||
ccts |
Temporary Equity Other Changes1
TemporaryEquityOtherChanges1
|
-695 | ||
CY2024Q3 | ccts |
Temporary Equity Other Changes1
TemporaryEquityOtherChanges1
|
-368 | |
CY2023Q3 | ccts |
Temporary Equity Other Changes1
TemporaryEquityOtherChanges1
|
-219 | |
us-gaap |
Deferred Compensation Arrangement With Individual Cash Awards Granted Percentage
DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage
|
0.035 | pure | |
CY2024Q3 | us-gaap |
Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
|
4428000 | usd |