2024 Q3 Form 10-Q Financial Statement
#000121390024098432 Filed on November 14, 2024
Income Statement
Concept | 2024 Q3 |
---|---|
Revenue | $0.00 |
YoY Change | |
Cost Of Revenue | |
YoY Change | |
Gross Profit | |
YoY Change | |
Gross Profit Margin | |
Selling, General & Admin | $30.00K |
YoY Change | |
% of Gross Profit | |
Research & Development | |
YoY Change | |
% of Gross Profit | |
Depreciation & Amortization | |
YoY Change | |
% of Gross Profit | |
Operating Expenses | $195.8K |
YoY Change | -40.88% |
Operating Profit | -$195.8K |
YoY Change | -40.88% |
Interest Expense | $368.5K |
YoY Change | 3.02% |
% of Operating Profit | |
Other Income/Expense, Net | $368.5K |
YoY Change | 3.02% |
Pretax Income | $172.7K |
YoY Change | 551.04% |
Income Tax | |
% Of Pretax Income | |
Net Earnings | $172.7K |
YoY Change | 551.09% |
Net Earnings / Revenue | |
Basic Earnings Per Share | |
Diluted Earnings Per Share | $0.04 |
COMMON SHARES | |
Basic Shares Outstanding | |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2024 Q3 |
---|---|
SHORT-TERM ASSETS | |
Cash & Short-Term Investments | $3.710K |
YoY Change | -99.99% |
Cash & Equivalents | $3.708K |
Short-Term Investments | |
Other Short-Term Assets | $20.25K |
YoY Change | -36.32% |
Inventory | |
Prepaid Expenses | $20.25K |
Receivables | |
Other Receivables | |
Total Short-Term Assets | $23.96K |
YoY Change | -99.91% |
LONG-TERM ASSETS | |
Property, Plant & Equipment | |
YoY Change | |
Goodwill | |
YoY Change | |
Intangibles | |
YoY Change | |
Long-Term Investments | $28.90M |
YoY Change | 3.53% |
Other Assets | |
YoY Change | |
Total Long-Term Assets | $28.90M |
YoY Change | |
TOTAL ASSETS | |
Total Short-Term Assets | $23.96K |
Total Long-Term Assets | $28.90M |
Total Assets | $28.92M |
YoY Change | 3.2% |
SHORT-TERM LIABILITIES | |
YoY Change | |
Accounts Payable | $274.9K |
YoY Change | |
Accrued Expenses | $1.105M |
YoY Change | -2.67% |
Deferred Revenue | |
YoY Change | |
Short-Term Debt | $1.150M |
YoY Change | -23.12% |
Long-Term Debt Due | $2.781M |
YoY Change | |
Total Short-Term Liabilities | $5.311M |
YoY Change | 6.35% |
LONG-TERM LIABILITIES | |
Long-Term Debt | $0.00 |
YoY Change | |
Other Long-Term Liabilities | $2.363M |
YoY Change | 0.0% |
Total Long-Term Liabilities | $2.363M |
YoY Change | |
TOTAL LIABILITIES | |
Total Short-Term Liabilities | $5.311M |
Total Long-Term Liabilities | $2.363M |
Total Liabilities | $7.673M |
YoY Change | 53.66% |
SHAREHOLDERS EQUITY | |
Retained Earnings | -$7.650M |
YoY Change | 56.68% |
Common Stock | |
YoY Change | |
Preferred Stock | |
YoY Change | |
Treasury Stock (at cost) | |
YoY Change | |
Treasury Stock Shares | |
Shareholders Equity | -$7.649M |
YoY Change | |
Total Liabilities & Shareholders Equity | $28.92M |
YoY Change | 3.2% |
Cashflow Statement
Concept | 2024 Q3 |
---|---|
OPERATING ACTIVITIES | |
Net Income | $172.7K |
YoY Change | 551.09% |
Depreciation, Depletion And Amortization | |
YoY Change | |
Cash From Operating Activities | -$93.59K |
YoY Change | -65.97% |
INVESTING ACTIVITIES | |
Capital Expenditures | |
YoY Change | |
Acquisitions | |
YoY Change | |
Other Investing Activities | -$150.0K |
YoY Change | -33.33% |
Cash From Investing Activities | -$150.0K |
YoY Change | -33.33% |
FINANCING ACTIVITIES | |
Cash Dividend Paid | |
YoY Change | |
Common Stock Issuance & Retirement, Net | |
YoY Change | |
Debt Paid & Issued, Net | |
YoY Change | |
Cash From Financing Activities | 241.2K |
YoY Change | -43.28% |
NET CHANGE | |
Cash From Operating Activities | -93.59K |
Cash From Investing Activities | -150.0K |
Cash From Financing Activities | 241.2K |
Net Change In Cash | -2.370K |
YoY Change | -96.83% |
FREE CASH FLOW | |
Cash From Operating Activities | -$93.59K |
Capital Expenditures | |
Free Cash Flow | |
YoY Change |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
CY2024Q3 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
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Commitments And Contingencies
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Additional Paid In Capital
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Preferred Stock Value
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Preferred Stock Shares Outstanding
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|
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Preferred Stock Shares Issued
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|
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Preferred Stock Shares Issued
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|
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Investment Income Interest
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|
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Entity Tax Identification Number
EntityTaxIdentificationNumber
|
00-0000000 | ||
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Document Type
DocumentType
|
10-Q | ||
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Document Quarterly Report
DocumentQuarterlyReport
|
true | ||
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Document Period End Date
DocumentPeriodEndDate
|
2024-09-30 | ||
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Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2024 | ||
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Document Transition Report
DocumentTransitionReport
|
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dei |
Entity File Number
EntityFileNumber
|
001-41363 | ||
dei |
Entity Registrant Name
EntityRegistrantName
|
CLIMATEROCK | ||
dei |
Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
|
E9 | ||
dei |
Entity Address Address Line1
EntityAddressAddressLine1
|
25 Bedford Square | ||
dei |
Entity Address City Or Town
EntityAddressCityOrTown
|
London | ||
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Entity Address Postal Zip Code
EntityAddressPostalZipCode
|
WC1B 3HH | ||
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Entity Address Country
EntityAddressCountry
|
GB | ||
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City Area Code
CityAreaCode
|
+44 | ||
dei |
Local Phone Number
LocalPhoneNumber
|
730 847 5096 | ||
dei |
Entity Current Reporting Status
EntityCurrentReportingStatus
|
Yes | ||
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Entity Interactive Data Current
EntityInteractiveDataCurrent
|
Yes | ||
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Entity Filer Category
EntityFilerCategory
|
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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Entity Ex Transition Period
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Entity Shell Company
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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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CY2024Q3 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
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CY2023Q4 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
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CY2024Q3 | us-gaap |
Assets Current
AssetsCurrent
|
23958 | usd |
CY2023Q4 | us-gaap |
Assets Current
AssetsCurrent
|
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CY2024Q3 | us-gaap |
Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
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Assets Held In Trust Noncurrent
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Assets Noncurrent
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Assets
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Accrued Liabilities Current
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|
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CY2024Q3 | clcr |
Deferred Underwriting Commission Payables
DeferredUnderwritingCommissionPayables
|
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CY2023Q4 | clcr |
Deferred Underwriting Commission Payables
DeferredUnderwritingCommissionPayables
|
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Liabilities Noncurrent
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Liabilities Noncurrent
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Liabilities
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Liabilities
Liabilities
|
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Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
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Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
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Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
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Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
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Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
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Retained Earnings Accumulated Deficit
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Stockholders Equity
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Stockholders Equity
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Liabilities And Stockholders Equity
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Operating Costs And Expenses
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Administrative Fees Expense
AdministrativeFeesExpense
|
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Administrative Fees Expense
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|
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us-gaap |
Administrative Fees Expense
AdministrativeFeesExpense
|
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Administrative Fees Expense
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|
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CY2024Q3 | us-gaap |
Operating Income Loss
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|
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|
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Investment Income Interest
InvestmentIncomeInterest
|
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us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
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us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
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Investment Income Dividend
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|
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Investment Income Dividend
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|
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Investment Income Dividend
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Investment Income Dividend
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Nonoperating Income Expense
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Net Income Loss
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Net Income Loss
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Stockholders Equity
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|
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Stockholders Equity
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|
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Stockholders Equity
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|
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|
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|
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Stockholders Equity
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Stockholders Equity
StockholdersEquity
|
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|
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Conversion Of Shares
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|
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Conversion Price Par Value
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|
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|
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Stockholders Equity
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|
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|
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|
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Stockholders Equity
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|
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|
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|
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|
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Investment Income Dividend
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|
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Increase Decrease In Accrued Liabilities
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|
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|
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Increase Decrease In Administrative Service Fee Payable Related Party
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|
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clcr |
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Increase Decrease In Prepaid Expense
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Net Cash Provided By Used In Operating Activities
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Payments To Cash Deposited In Trust Account
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Proceeds From Sale And Maturity Of Marketable Securities
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Proceeds From Sale And Maturity Of Marketable Securities
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Net Cash Provided By Used In Investing Activities
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Net Cash Provided By Used In Investing Activities
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Proceeds From Related Party Debt
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Proceeds From Related Party Debt
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Proceeds From Convertible Debt
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Proceeds From Convertible Debt
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|
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Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
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Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
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Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
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Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
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Net Cash Provided By Used In Financing Activities
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|
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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|
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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|
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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|
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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|
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
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clcr |
Remeasurement Adjustment On Public Shares Subject To Possible Redemption
RemeasurementAdjustmentOnPublicSharesSubjectToPossibleRedemption
|
1659332 | usd | |
clcr |
Remeasurement Adjustment On Public Shares Subject To Possible Redemption
RemeasurementAdjustmentOnPublicSharesSubjectToPossibleRedemption
|
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us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">ClimateRock (the “Company”) is a Cayman Islands exempted company incorporated as a blank check company on December 6, 2021. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (“Business Combination”). Although the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination, the Company focuses on opportunities in climate change, environment, renewable energy and emerging, clean technologies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In order to affect a Business Combination, the Company owns subsidiary ClimateRock Holdings Limited, a Cayman Islands exempted company (“Holdings” or “Pubco”), and its subsidiary ClimateRock Merger Sub Limited, a Cayman Islands exempted company and a wholly-owned subsidiary of Pubco (“Merger Sub”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of September 30, 2024, the Company had not yet commenced operations. All activity through September 30, 2024 relates to the Company’s formation and the initial public offering (the “Initial Public Offering”), which is described below, and post-offering activities in search for a target to consummate a Business Combination. The Company has selected December 31 as its fiscal year end.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The registration statement for the Company’s Initial Public Offering was declared effective on April 27, 2022. On May 2, 2022, the Company consummated its Initial Public Offering of 7,875,000 units (“Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”) at $10.00 per Unit, including 375,000 Units that were issued pursuant to the underwriters’ partial exercise of their over-allotment option, generating gross proceeds of $78,750,000.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 3,762,500 warrants (“Private Placement Warrants”) at a price of $1.00 per warrant to the Company’s sponsor, U.N. SDG Support LLC, a Delaware limited liability company (“Sponsor”), generating gross proceeds of $3,762,500 (See Note 4).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Offering costs amounted to $5,093,930, consisting of $1,181,250 of underwriting fees, $2,362,500 of deferred underwriting commissions payable (which are held in the Trust Account as defined below), $946,169 of Representative Shares (See Note 6), and $604,011 of other offering costs. As described in Note 6, the $2,362,500 of deferred underwriting commissions payable is contingent upon the consummation of a Business Combination, subject to the terms of the underwriting agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Upon the closing of the Initial Public Offering and Private Placement, $79,931,250 of the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement was placed in a trust account (the “Trust Account”) and was invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended, or the Investment Company Act, with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (c)(2), (c)(3) and (c)(4) of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">At September 30, 2024, the Company had $3,708 in cash held outside of the Trust Account. The Company’s management has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering and Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company’s initial Business Combination must be 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 (net of amounts disbursed to management for working capital purposes and excluding the amount of any deferred underwriting discount held in trust) at the time the Company signs a definitive agreement in connection with the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act 1940, as amended, or the Investment Company Act.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company will provide holders of its Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (approximately $11.72 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company initially had until 12 months from the closing of the Initial Public Offering to consummate an initial Business Combination. However, if the Company anticipated that it may not be able to consummate the initial Business Combination within 12 months, it may extend the period of time to consummate a Business Combination by two additional 3-month periods (for a total of up to 18 months) without submitting proposed extensions to its shareholders for approval or offering its Public Shareholders redemption rights in connection therewith. The Sponsor or its affiliates or designees, upon five days advance notice prior to the applicable deadline, would have been required to deposit into the Trust Account $787,500 ($0.10 per share) on or prior to the date of the applicable deadline for each additional three month period. In connection with the Company’s extraordinary general meeting of shareholders held on April 27, 2023 (the “2023 EGM”), the Company’s amended and restated memorandum and articles of association was amended to remove this requirement. Instead, the Sponsor agreed to contribute to the Company as a loan of $75,000 for each calendar month (commencing on May 2, 2023 and ending on the 1st day of each subsequent month), or portion thereof, that is needed by the Company to complete an initial Business Combination from May 2, 2023 until May 2, 2024 (or such earlier date as determined by the board of directors in its sole discretion).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On April 27, 2023, the Company held the 2023 EGM and approved, among other things, an amendment to the Company’s amended and restated memorandum and articles of association to (i) extend the date by which the Company would be required to consummate a Business Combination from November 2, 2023 (assuming the Sponsor was to have effected and paid extensions as described in the definitive proxy statement as filed with U.S. Securities and Exchange Commission (the “SEC”) on April 11, 2023) to May 2, 2024 (or such earlier date as determined by the Company’s board of directors in its sole discretion) (the “Extension Amendment”) and (ii) to permit its board of directors, in its sole discretion, to elect to wind up the Company’s operations on, or on an earlier date than May 2, 2024 (including prior to May 2, 2023). In connection with the 2023 EGM, shareholders holding 5,297,862 the Company’s Class A ordinary shares exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s Trust Account. As a result, $55,265,334 (approximately $10.43 per share) was removed from the Trust Account to pay such holders. The redemption occurred on May 2, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On April 10, 2024, the Company received a deficiency letter from the Listing Qualifications Department (the “Staff”) of Nasdaq notifying the Company that the Company’s Public Shareholders were below the 400 Public Holders minimum requirement for continued inclusion on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(a)(2) (the “Public Holders Requirement”). The notifications received have no immediate effect on the Company’s Nasdaq listing. The Nasdaq rules provide the Company 45 calendar days to submit a plan to regain compliance and a compliance period of up to 180 calendar days in which to evidence compliance. The Company submitted to the Staff a plan to regain compliance on time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On April 19, 2024, the Company received a notice from Ms. Caroline Harding, an independent director of the Company, of her decision to resign as a member of the Company’s board of directors and all committees thereof, effective April 26, 2024. Ms. Harding has been an independent director of the Company for approximately 2 years since April 2022. The resignation of Ms. Harding is for personal reasons and does not result from any dispute with the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On April 24, 2024, the Company received a notice from Mr. Randolph Sesson, Jr., an independent director of the Company, of his decision to resign as a member of the board of directors and all committees thereof, effective April 26, 2024. Mr. Sesson, Jr. has been an independent director of the Company for more than 2 years since the inception of the Company in December 2021. The resignation of Mr. Sesson, Jr. is for personal reasons and does not result from any dispute with the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On April 29, 2024, the Company held an extraordinary general meeting in lieu of an annual meeting of shareholders (the “2024 EGM”) and approved, among other things, an amendment to the amended and restated memorandum and articles of association to (i) extend the date by which the Company would be required to consummate a Business Combination from May 2, 2024 to May 2, 2025 (or such earlier date as determined by the board of directors in its sole discretion) (the “Second Extension”) and (ii) to permit the Company’s board of directors, in its sole discretion, to elect to wind up operations on, or on an earlier date than May 2, 2025. In connection with the 2024 EGM, shareholders holding 111,915 of the Company’s Class A ordinary shares exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. As a result, approximately $1.27 million (approximately $11.37 per share) was removed from the Trust Account to pay such holders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On May 20, 2024, the board of directors of the Company appointed Dariusz Sliwinski as a director, effective immediately. Mr. Sliwinski qualifies as an independent director and is appointed to serve as the chair of the audit committee and the member of the compensation committee and the nominating and corporate governance committee of the board of directors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Going concern and management’s plan</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of September 30, 2024, the Company has a cash balance of $3,708 and a working capital deficit of $5,286,927. The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. These conditions raise substantial doubt about the Company’s ability to continue as a going concern one year from the issuance date of the consolidated financial statements. Prior to consummation of a Business Combination, the Company has the ability to secure additional funding from the Sponsor or other related parties. There is no assurance that the Company’s plans to consummate a Business Combination will be successful by May 2, 2025. The consolidated financial statements do not include any adjustment that might result from the outcome of this uncertainty.</p> | ||
CY2024Q3 | clcr |
Offering Costs
OfferingCosts
|
5093930 | usd |
CY2024Q3 | clcr |
Underwriting Fees
UnderwritingFees
|
1181250 | usd |
CY2024Q3 | clcr |
Deferred Underwriting Commissions Payable
DeferredUnderwritingCommissionsPayable
|
2362500 | usd |
CY2024Q3 | clcr |
Representative Shares Values
RepresentativeSharesValues
|
946169 | usd |
CY2024Q3 | clcr |
Other Offering Costs
OtherOfferingCosts
|
604011 | usd |
clcr |
Net Proceeds From Issuance Initial Public Offering
NetProceedsFromIssuanceInitialPublicOffering
|
79931250 | usd | |
CY2024Q3 | us-gaap |
Cash
Cash
|
3708 | usd |
CY2024Q3 | clcr |
Fair Market Value Percentage
FairMarketValuePercentage
|
0.80 | pure |
CY2024Q3 | clcr |
Interest Earned On The Funds Held In The Trust Account
InterestEarnedOnTheFundsHeldInTheTrustAccount
|
11.72 | |
CY2024Q3 | us-gaap |
Deposits
Deposits
|
787500 | usd |
CY2024Q3 | clcr |
Deposits Per Share
DepositsPerShare
|
0.1 | |
CY2023Q2 | clcr |
Sponsor Loan
SponsorLoan
|
75000 | usd |
CY2024Q2 | clcr |
Independent Director Duration
IndependentDirectorDuration
|
P2Y | |
CY2024Q2 | clcr |
Independent Director Duration
IndependentDirectorDuration
|
P2Y | |
CY2024Q2 | us-gaap |
Stockholders Equity Other Shares
StockholdersEquityOtherShares
|
111915 | shares |
CY2024Q2 | us-gaap |
Common Stock Shares Held In Employee Trust
CommonStockSharesHeldInEmployeeTrust
|
1270000 | usd |
CY2024Q2 | clcr |
Common Stock Shares Held In Employee Trust Per Share
CommonStockSharesHeldInEmployeeTrustPerShare
|
11.37 | |
CY2024Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
3708 | usd |
CY2024Q3 | clcr |
Working Capital Deficit
WorkingCapitalDeficit
|
5286927 | usd |
CY2024Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
3708 | usd |
CY2023Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
57290 | usd |
CY2024Q3 | us-gaap |
Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
|
28895303 | usd |
CY2023Q4 | us-gaap |
Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
|
28508214 | usd |
us-gaap |
Investment Income Dividend
InvestmentIncomeDividend
|
1109332 | usd | |
CY2023 | us-gaap |
Investment Income Dividend
InvestmentIncomeDividend
|
2134446 | usd |
us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Use of estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. 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; text-indent: 0.25in"> </p> | ||
CY2024Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
172722 | usd |
CY2023Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
26528 | usd |
CY2024Q3 | clcr |
Monthly Extension Fees Payment
MonthlyExtensionFeesPayment
|
150000 | usd |
CY2023Q3 | clcr |
Monthly Extension Fees Payment
MonthlyExtensionFeesPayment
|
225000 | usd |
CY2024Q3 | us-gaap |
Investment Income Dividend
InvestmentIncomeDividend
|
368522 | usd |
CY2023Q3 | us-gaap |
Investment Income Dividend
InvestmentIncomeDividend
|
357678 | usd |
CY2024Q3 | clcr |
Net Loss Excluding Monthly Extension Fees And Dividend Income On Trust Account
NetLossExcludingMonthlyExtensionFeesAndDividendIncomeOnTrustAccount
|
-345800 | usd |
CY2023Q3 | clcr |
Net Loss Excluding Monthly Extension Fees And Dividend Income On Trust Account
NetLossExcludingMonthlyExtensionFeesAndDividendIncomeOnTrustAccount
|
-556150 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-409112 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
585178 | usd | |
clcr |
Monthly Extension Fees Payment
MonthlyExtensionFeesPayment
|
550000 | usd | |
clcr |
Monthly Extension Fees Payment
MonthlyExtensionFeesPayment
|
375000 | usd | |
us-gaap |
Investment Income Dividend
InvestmentIncomeDividend
|
1109332 | usd | |
us-gaap |
Investment Income Dividend
InvestmentIncomeDividend
|
1762208 | usd | |
clcr |
Net Loss Excluding Monthly Extension Fees And Dividend Income On Trust Account
NetLossExcludingMonthlyExtensionFeesAndDividendIncomeOnTrustAccount
|
-2068444 | usd | |
clcr |
Net Loss Excluding Monthly Extension Fees And Dividend Income On Trust Account
NetLossExcludingMonthlyExtensionFeesAndDividendIncomeOnTrustAccount
|
-1552030 | usd | |
CY2022Q2 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
375000 | shares |
CY2022Q2 | clcr |
Number Of Shares Subject To Forfeiture
NumberOfSharesSubjectToForfeiture
|
187500 | shares |
CY2023Q2 | us-gaap |
Sponsor Fees
SponsorFees
|
75000 | usd |
CY2024Q3 | us-gaap |
Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
|
250000 | usd |
CY2024Q3 | clcr |
Notes Payable Current Administrative Service
NotesPayableCurrentAdministrativeService
|
274941 | usd |
CY2023Q4 | clcr |
Notes Payable Current Administrative Service
NotesPayableCurrentAdministrativeService
|
184941 | usd |
CY2022Q3 | us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
500000 | usd |
CY2022Q3 | clcr |
Aggregate Purchase Price
AggregatePurchasePrice
|
400000000 | usd |
CY2022Q3 | clcr |
Additional Payment Amount
AdditionalPaymentAmount
|
500000 | usd |
CY2022Q3 | clcr |
Additional Purchase Price
AdditionalPurchasePrice
|
400000000 | usd |
CY2022Q3 | clcr |
Remuneration Transaction Price
RemunerationTransactionPrice
|
400000001 | usd |
CY2022Q3 | clcr |
Transactions Purchase Price
TransactionsPurchasePrice
|
1000000 | usd |
CY2022Q4 | us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
250000 | usd |
CY2022Q4 | clcr |
Aggregate Purchase Price
AggregatePurchasePrice
|
400000000 | usd |
clcr |
Cash Fee Payable Percentage
CashFeePayablePercentage
|
0.02 | pure | |
CY2022Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
|
375000 | shares |
clcr |
Underwriting Discount Per Unit
UnderwritingDiscountPerUnit
|
0.45 | ||
clcr |
Deferred Underwriting Commission Per Unit
DeferredUnderwritingCommissionPerUnit
|
0.3 | ||
clcr |
Deferred Underwriting Commission
DeferredUnderwritingCommission
|
2362500 | usd | |
us-gaap |
Litigation Settlement Expense
LitigationSettlementExpense
|
125000 | usd | |
clcr |
Upfront Retainer Amount
UpfrontRetainerAmount
|
37500 | usd | |
clcr |
Billed Balance Percentage
BilledBalancePercentage
|
0.50 | pure | |
clcr |
Outstanding Balance Percentage
OutstandingBalancePercentage
|
-0.50 | pure | |
clcr |
Initial Business Combination Paid Percentage
InitialBusinessCombinationPaidPercentage
|
0.20 | pure | |
clcr |
Outstanding Billed Amount For Services Provided
OutstandingBilledAmountForServicesProvided
|
913026 | usd | |
CY2023 | clcr |
Outstanding Billed Amount For Services Provided
OutstandingBilledAmountForServicesProvided
|
892784 | usd |
clcr |
Outstanding Balance Amount
OutstandingBalanceAmount
|
456513 | usd | |
CY2023 | clcr |
Outstanding Balance Amount
OutstandingBalanceAmount
|
446392 | usd |
CY2023 | clcr |
Outstanding Balance Percentage
OutstandingBalancePercentage
|
0.50 | pure |
CY2023Q1 | clcr |
Gross Proceeds Received Percentage
GrossProceedsReceivedPercentage
|
0.01 | pure |
clcr |
Maxim Letter Agreement Description
MaximLetterAgreementDescription
|
If the amount of such cash is less than $50,000,000, Maxim’s fee shall be equal to $200,000 in cash and an additional $150,000 of common stock of the post-transaction Company (the “New Common Stock”). If the amount of such cash is equal to or greater than $40 million, the Maxim Success Fee will be $500,000 cash. If the amount of such cash is equal to or greater than $75 million, the Maxim Success Fee will be $500,000 cash and an additional $500,000 payable in either cash or New Common Stock, at the option of the Company | ||
CY2022Q4 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
15000 | usd |
CY2022Q4 | us-gaap |
Increase Decrease Due From Affiliates
IncreaseDecreaseDueFromAffiliates
|
20000 | usd |
CY2022Q4 | clcr |
Aggregate Transaction Value
AggregateTransactionValue
|
400000000 | usd |
CY2022Q4 | clcr |
Retainer Fees
RetainerFees
|
40000 | usd |
CY2024Q3 | clcr |
Transaction Fees Payable
TransactionFeesPayable
|
1600000 | usd |
clcr |
Transaction Success Fee
TransactionSuccessFee
|
1000000 | eur | |
CY2024Q1 | us-gaap |
Subsequent Event Effect Of Change In Tax Status
SubsequentEventEffectOfChangeInTaxStatus
|
120000 | usd |
us-gaap |
Other Payments To Acquire Businesses
OtherPaymentsToAcquireBusinesses
|
650000000 | usd | |
clcr |
Contingent Earn Out Liability
ContingentEarnOutLiability
|
150000000 | usd | |
us-gaap |
Revenue Recognition Milestone Method Revenue Recognized
RevenueRecognitionMilestoneMethodRevenueRecognized
|
52000000 | usd | |
CY2024Q3 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | shares |
CY2024Q3 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
clcr |
Warrant Call For Redemption Description
WarrantCallForRedemptionDescription
|
The Company may call the Warrants for redemption, once they become exercisable : ●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; and ●if, and only if, the last reported last sale price of the ordinary shares equals or exceeds $18.00 per share 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 warrant holders.If the Company calls the Warrants for redemption, management will have the option to require all holders that wish to exercise the Warrants to do so on a “cashless basis,” as described in the warrant agreement. | ||
clcr |
Price Threshold Of Newly Issued Stock To Cause Adjustment Of Exercise Warrant Price
PriceThresholdOfNewlyIssuedStockToCauseAdjustmentOfExerciseWarrantPrice
|
9.2 | ||
CY2024Q3 | clcr |
Price Threshold Of Newly Issued Stock To Cause Adjustment Of Exercise Warrant Price Percentage Of Equity Proceeds From Issuance
PriceThresholdOfNewlyIssuedStockToCauseAdjustmentOfExerciseWarrantPricePercentageOfEquityProceedsFromIssuance
|
0.60 | pure |
CY2024Q3 | clcr |
Class Of Warrant Or Right Target Share Price Of Warrants Or Rights For Redemption
ClassOfWarrantOrRightTargetSharePriceOfWarrantsOrRightsForRedemption
|
18 | |
clcr |
Percentage Of Warrant Exercise Price Adjusted To Price Received In New Issuance
PercentageOfWarrantExercisePriceAdjustedToPriceReceivedInNewIssuance
|
1.80 | pure | |
CY2024Q3 | ecd |
Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
|
false | |
CY2024Q3 | ecd |
Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
|
false | |
CY2024Q3 | ecd |
Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
|
false | |
CY2024Q3 | ecd |
Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
|
false | |
CY2023Q1 | us-gaap |
Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
|
usd | |
us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
usd | ||
CY2024Q3 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
CY2023Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
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
|
0001903392 |