2024 Q3 Form 10-Q Financial Statement

#000121390024098432 Filed on November 14, 2024

View on sec.gov

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

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<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>
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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
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604011 usd
clcr Net Proceeds From Issuance Initial Public Offering
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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
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P2Y
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111915 shares
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1270000 usd
CY2024Q2 clcr Common Stock Shares Held In Employee Trust Per Share
CommonStockSharesHeldInEmployeeTrustPerShare
11.37
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CY2024Q3 clcr Working Capital Deficit
WorkingCapitalDeficit
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CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2024Q3 us-gaap Assets Held In Trust Noncurrent
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CY2023Q4 us-gaap Assets Held In Trust Noncurrent
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CY2023 us-gaap Investment Income Dividend
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<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
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172722 usd
CY2023Q3 us-gaap Net Income Loss
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26528 usd
CY2024Q3 clcr Monthly Extension Fees Payment
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CY2023Q3 clcr Monthly Extension Fees Payment
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CY2024Q3 us-gaap Investment Income Dividend
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CY2023Q3 us-gaap Investment Income Dividend
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CY2024Q3 clcr Net Loss Excluding Monthly Extension Fees And Dividend Income On Trust Account
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CY2023Q3 clcr Net Loss Excluding Monthly Extension Fees And Dividend Income On Trust Account
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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clcr Monthly Extension Fees Payment
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clcr Monthly Extension Fees Payment
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us-gaap Investment Income Dividend
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us-gaap Investment Income Dividend
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clcr Net Loss Excluding Monthly Extension Fees And Dividend Income On Trust Account
NetLossExcludingMonthlyExtensionFeesAndDividendIncomeOnTrustAccount
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clcr Net Loss Excluding Monthly Extension Fees And Dividend Income On Trust Account
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CY2022Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
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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
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CY2022Q3 us-gaap Payments Of Financing Costs
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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
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250000 usd
CY2022Q4 clcr Aggregate Purchase Price
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400000000 usd
clcr Cash Fee Payable Percentage
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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
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us-gaap Litigation Settlement Expense
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125000 usd
clcr Upfront Retainer Amount
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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
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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
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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
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CY2022Q4 us-gaap Increase Decrease Due From Affiliates
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20000 usd
CY2022Q4 clcr Aggregate Transaction Value
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CY2022Q4 clcr Retainer Fees
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40000 usd
CY2024Q3 clcr Transaction Fees Payable
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clcr Transaction Success Fee
TransactionSuccessFee
1000000 eur
CY2024Q1 us-gaap Subsequent Event Effect Of Change In Tax Status
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us-gaap Other Payments To Acquire Businesses
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650000000 usd
clcr Contingent Earn Out Liability
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us-gaap Revenue Recognition Milestone Method Revenue Recognized
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52000000 usd
CY2024Q3 us-gaap Preferred Stock Shares Authorized
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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
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us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
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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

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