$DFLI
Dragonfly Energy Holdings Corp. Stock $dfli

$dfli Overview Financials Valuation SEC Filings Company Website

2022 Q3 Form 10-Q Financial Statement

#000141057822002579 Filed on August 15, 2022

Income Statement

Concept	2022 Q3	2022 Q2	2022 Q1
Revenue	$26.12M	$0.00	$0.00
YoY Change
Cost Of Revenue	$19.08M	$14.59M	$12.81M
YoY Change
Gross Profit	$7.038M	$7.028M	$5.495M
YoY Change
Gross Profit Margin	26.95%
Selling, General & Admin	$9.653M	$6.676M	$6.718M
YoY Change
% of Gross Profit	137.16%	94.99%	122.26%
Research & Development	$753.0K	$859.0K	$339.0K
YoY Change
% of Gross Profit	10.7%	12.22%	6.17%
Depreciation & Amortization	$259.0K	$389.0K	$192.0K
YoY Change
% of Gross Profit	3.68%	5.54%	3.49%
Operating Expenses	$10.41M	$466.1K	$258.9K
YoY Change	8849.86%	56054.22%
Operating Profit	-$1.049M	-$466.1K	-$258.9K
YoY Change	802.41%	55784.65%
Interest Expense	-$1.207M	-$1.187M	$1.263M
YoY Change
% of Operating Profit
Other Income/Expense, Net	-$1.166M	-$104.3K	$1.451M
YoY Change	-141.54%
Pretax Income	-$1.880M	-$570.3K	$1.192M
YoY Change	-169.88%	68614.46%
Income Tax	$39.34K	-$287.0K	-$527.0K
% Of Pretax Income			-44.22%
Net Earnings	-$1.920M	-$570.3K	$1.192M
YoY Change	-171.35%	68285.25%
Net Earnings / Revenue	-7.35%
Basic Earnings Per Share	-$0.19	-$0.04	$0.08
Diluted Earnings Per Share	-$0.19	-$0.04	$0.08
COMMON SHARES
Basic Shares Outstanding	15.81M	15.81M	15.81M
Diluted Shares Outstanding	10.31M	15.81M	15.81M

Balance Sheet

Concept	2022 Q3	2022 Q2	2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$10.52M	$349.7K	$647.2K
YoY Change	1085.4%	1965.68%	788.01%
Cash & Equivalents	$316.0K	$349.7K	$647.2K
Short-Term Investments
Other Short-Term Assets	$12.52M	$230.8K	$296.1K
YoY Change	3315.9%
Inventory	$39.49M	$42.27M
Prepaid Expenses		$230.8K	$296.1K
Receivables	$3.820M	$4.659M
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$487.0K	$580.5K	$943.3K
YoY Change	-61.15%	3328.63%	1194.26%
LONG-TERM ASSETS
Property, Plant & Equipment	$14.69M	$13.99M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments	$32.00M	$128.6M	$128.4M
YoY Change	-75.08%
Other Assets	$1.254M	$366.0K
YoY Change		132.77%
Total Long-Term Assets	$32.00M	$128.6M	$128.4M
YoY Change	-75.08%	81694.69%	166442.12%
TOTAL ASSETS
Total Short-Term Assets	$487.0K	$580.5K	$943.3K
Total Long-Term Assets	$32.00M	$128.6M	$128.4M
Total Assets	$32.48M	$129.2M	$129.4M
YoY Change	-74.95%	74077.03%	86153.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$990.6K	$50.47K	$42.35K
YoY Change
Accrued Expenses	$32.76K	$166.8K	$121.6K
YoY Change	3175.9%	16575.0%	12058.4%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00
YoY Change		-100.0%	-100.0%
Long-Term Debt Due	$16.53M	$5.212M
YoY Change
Total Short-Term Liabilities	$1.613M	$317.2K	$213.9K
YoY Change	6341.98%	110.08%	69.79%
LONG-TERM LIABILITIES
Long-Term Debt	$24.18M	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$3.821M	$879.3K	$601.6K
YoY Change	158.02%
Total Long-Term Liabilities	$28.00M	$879.3K	$601.6K
YoY Change	1790.92%
TOTAL LIABILITIES
Total Short-Term Liabilities	$1.613M	$317.2K	$213.9K
Total Long-Term Liabilities	$28.00M	$879.3K	$601.6K
Total Liabilities	$3.603M	$1.197M	$815.6K
YoY Change	139.23%	692.39%	547.27%
SHAREHOLDERS EQUITY
Retained Earnings	-$2.827M	-$403.2K	$167.2K
YoY Change	1051.59%	21882.88%
Common Stock	$317.00	$317.00	$317.00
YoY Change	0.0%	0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	-$2.826M	-$402.8K	$167.5K
YoY Change
Total Liabilities & Shareholders Equity	$32.48M	$129.2M	$129.4M
YoY Change	-74.95%	74077.03%	86153.69%

Cashflow Statement

Concept	2022 Q3	2022 Q2	2022 Q1
OPERATING ACTIVITIES
Net Income	-$1.920M	-$570.3K	$1.192M
YoY Change	-171.35%	68285.25%
Depreciation, Depletion And Amortization	$259.0K	$389.0K	$192.0K
YoY Change
Cash From Operating Activities	-$4.799M	-$297.5K	-$152.6K
YoY Change	945.94%	-489.91%	97.92%
INVESTING ACTIVITIES
Capital Expenditures	$1.246M	$4.819M	$4.524M
YoY Change
Acquisitions
YoY Change
Other Investing Activities	$0.00
YoY Change	-100.0%
Cash From Investing Activities	-$1.246M	-$4.819M	-$4.524M
YoY Change	-99.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	15.51M	0.000	0.000
YoY Change	-88.05%	-100.0%	-100.0%
NET CHANGE
Cash From Operating Activities	-4.799M	-297.5K	-152.6K
Cash From Investing Activities	-1.246M	-4.819M	-$4.524M
Cash From Financing Activities	15.51M	0.000	0.000
Net Change In Cash	9.462M	-297.5K	-152.6K
YoY Change	987.24%	431.65%	-418.76%
FREE CASH FLOW
Cash From Operating Activities	-$4.799M	-$297.5K	-$152.6K
Capital Expenditures	$1.246M	$4.819M	$4.524M
Free Cash Flow	-$6.045M	-$5.116M	-$4.677M
YoY Change

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value
CY2022Q2	us-gaap	Commitments And Contingencies CommitmentsAndContingencies
CY2021Q4	us-gaap	Commitments And Contingencies CommitmentsAndContingencies
CY2022Q2	us-gaap	Preferred Stock Value PreferredStockValue
CY2021Q4	us-gaap	Preferred Stock Value PreferredStockValue
	dei	Entity Central Index Key EntityCentralIndexKey	0001847986
	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2022
	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q2
	dei	Amendment Flag AmendmentFlag	false
	cntq	Transition Report TransitionReport	false
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CY2021Q4	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	3162500
CY2022Q2	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0
CY2021Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0
CY2022Q2	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0
CY2021Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0
	dei	Document Type DocumentType	10-Q
	dei	Document Quarterly Report DocumentQuarterlyReport	true
	dei	Document Period End Date DocumentPeriodEndDate	2022-06-30
	dei	Document Transition Report DocumentTransitionReport	false
	dei	Entity File Number EntityFileNumber	001-40730
	dei	Entity Registrant Name EntityRegistrantName	CHARDAN NEXTECH ACQUISITION 2 CORP.
	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	DE
	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	85-1873463
	dei	Entity Address Address Line1 EntityAddressAddressLine1	17 State Street, 21st Floor
	dei	Entity Address City Or Town EntityAddressCityOrTown	New York
	dei	Entity Address State Or Province EntityAddressStateOrProvince	NY
	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	10004
	dei	City Area Code CityAreaCode	646
	dei	Local Phone Number LocalPhoneNumber	465-9000
	cntq	Franchise Tax Expense FranchiseTaxExpense	100656
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	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
	dei	Entity Small Business EntitySmallBusiness	true
	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	true
	dei	Entity Ex Transition Period EntityExTransitionPeriod	false
	dei	Entity Shell Company EntityShellCompany	true
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CY2022Q2	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	349716
CY2021Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	799808
CY2022Q2	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	230751
CY2021Q4	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	302590
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CY2022Q2	us-gaap	Assets Held In Trust Noncurrent AssetsHeldInTrustNoncurrent	128610697
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CY2021Q4	us-gaap	Accounts Payable Current AccountsPayableCurrent	16862
CY2022Q2	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	166750
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CY2022Q2	cntq	Franchise Tax Payable FranchiseTaxPayable	100000
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CY2022Q2	us-gaap	Liabilities Current LiabilitiesCurrent	317220
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CY2022Q2	us-gaap	Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares	879293
CY2021Q4	us-gaap	Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares	2036258
CY2022Q2	us-gaap	Liabilities Liabilities	1196513
CY2021Q4	us-gaap	Liabilities Liabilities	2150469
CY2022Q2	us-gaap	Temporary Equity Redemption Price Per Share TemporaryEquityRedemptionPricePerShare	10.15
CY2021Q4	us-gaap	Temporary Equity Redemption Price Per Share TemporaryEquityRedemptionPricePerShare	10.15
CY2022Q2	us-gaap	Temporary Equity Carrying Amount Attributable To Parent TemporaryEquityCarryingAmountAttributableToParent	128397500
CY2021Q4	us-gaap	Temporary Equity Carrying Amount Attributable To Parent TemporaryEquityCarryingAmountAttributableToParent	128397500
CY2022Q2	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
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CY2022Q2	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	1000000
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CY2022Q2	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	3162500
CY2021Q4	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	3162500
CY2022Q2	us-gaap	Common Stock Value CommonStockValue	317
CY2021Q4	us-gaap	Common Stock Value CommonStockValue	317
CY2022Q2	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-403166
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CY2021Q2	us-gaap	Operating Costs And Expenses OperatingCostsAndExpenses	834
	us-gaap	Operating Costs And Expenses OperatingCostsAndExpenses	624284
	us-gaap	Operating Costs And Expenses OperatingCostsAndExpenses	834
CY2022Q2	cntq	Franchise Tax Expense FranchiseTaxExpense	50000
CY2021Q2	us-gaap	Operating Income Loss OperatingIncomeLoss	-834
	us-gaap	Operating Income Loss OperatingIncomeLoss	-724940
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CY2022Q2	us-gaap	Investment Income Interest InvestmentIncomeInterest	173416
	us-gaap	Investment Income Interest InvestmentIncomeInterest	189482
CY2022Q2	us-gaap	Fair Value Adjustment Of Warrants FairValueAdjustmentOfWarrants	277671
	us-gaap	Fair Value Adjustment Of Warrants FairValueAdjustmentOfWarrants	-1156965
CY2022Q2	us-gaap	Net Income Loss NetIncomeLoss	-570333
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	us-gaap	Net Income Loss NetIncomeLoss	621507
	us-gaap	Net Income Loss NetIncomeLoss	-834
CY2022Q2	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	15812500
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	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	2750000
CY2022Q2	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.04
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	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.04
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.00
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	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	15812500
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	2750000
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	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	33608
	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	135001
	us-gaap	Increase Decrease In Prepaid Expense IncreaseDecreaseInPrepaidExpense	-71839
	cntq	Increase Decrease Franchise Tax Payable IncreaseDecreaseFranchiseTaxPayable	34400
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-450092
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-834
	us-gaap	Proceeds From Notes Payable ProceedsFromNotesPayable	150000
	us-gaap	Payments Of Stock Issuance Costs PaymentsOfStockIssuanceCosts	157239
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-7239
	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-450092
	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-8073
CY2021Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	799808
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	us-gaap	Nature Of Operations NatureOfOperations	<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Chardan NexTech Acquisition 2 Corp (the “Company”) is a blank check company incorporated in Delaware on June 23, 2020. The Company was formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination. The Company is an early stage and 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','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As of June 30, 2022, the Company had not yet commenced any operations. All activity for the period from June 23, 2020 (Inception) through June 30, 2022 relates to the Company’s formation and initial public offering (“Initial Public Offering”) described below, and, subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after completion of its initial Business Combination, at the earliest. The Company generates non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The registration statement on Form S-1 (the “Registration Statement”) for the Company’s Initial Public Offering was declared effective on August 10, 2021. On August 13, 2021, the Company consummated the Initial Public Offering of 11,000,000 units (the “Units” and, with respect to the common stock, par value $0.0001 per share, of the Company included in the Units sold, the “Public Shares”, and with respect to the warrants of the Company included in the Units sold, the “Public Warrants”), at $10.00 per Unit, generating gross proceeds of $110,000,000, which is discussed in Note 3.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 4,361,456 warrants (the “Private Warrants”, together with the Public Warrants, the “Warrants”) at a price of $0.93 per Private Warrant in a private placement to Chardan NexTech 2 Warrant Holdings LLC, a Delaware limited liability company (“Warrant Holdings” or “Holdings”), an affiliate of Chardan NexTech Investments 2 LLC, a Delaware limited liability company (the “Sponsor”), generating gross proceeds of $4,052,000, which is described in Note 4.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company had granted the underwriters in the Initial Public Offering a 45-day option to purchase up to 1,650,000 Units to cover over-allotments, if any (see Note 6). On August 16, 2021, the underwriters fully exercised the over-allotment option and, on August 18, 2021, purchased an additional 1,650,000 Units (the “Over-Allotment Units”) at a purchase price of $10.00 per Over-Allotment Unit, generating gross proceeds of $16,500,000.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Simultaneously with the closing of the exercise of the over-allotment option, the Company consummated the sale of 266,402 warrants (the “Over-Allotment Private Warrants”) at a purchase price of $0.93 per Over-Allotment Private Warrant in a private placement to the Holdings, generating gross proceeds of $247,500.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Following the closing of the Initial Public Offering and underwriters’ over-allotment option, an amount of $128,397,500 from the net proceeds of the sale of the Units and Over-Allotment Units and a portion of the proceeds from the sale of the Private Warrants and Over-Allotment Private Warrants was placed in a trust account (the “Trust Account”) and was invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds held in the Trust Account, as described below.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Transaction costs related to the issuances described above amounted to $1,080,140, consisting of $500,000 of cash underwriting fees and $580,140 of other offering costs.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company will provide its holders of the outstanding Public Shares (the “public stockholders”) 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 stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account ($10.15 per Public 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 Public Shares subject to redemption was recorded at redemption value and classified as temporary equity upon the completion of the Initial Public Offering in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, <i style="font-style:italic;">Distinguishing Liabilities from Equity</i> (“ASC 480”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 <span style="display:inline-block;width:0pt;"/>either prior to or upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other reasons, the Company will, pursuant to its amended and restated certificate of incorporation, conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Notwithstanding the above, if the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company will have 12 months, or August 13, 2022, from the closing of the Initial Public Offering to consummate an initial Business Combination. However, if the Company anticipates that it may not be able to consummate an initial Business Combination within 12 months, the Company’s insiders or their affiliates may, but are not obligated to, extend the period of time to consummate a Business Combination up to two times by an additional three months each time (for a total of up to 18 months, or February 13, 2023, to complete a Business Combination), subject to the Sponsor or its affiliates or designees, upon five days advance notice prior to the applicable deadline, depositing $1,265,000 (or $0.10 per share) into the Trust Account for each of the available three months extensions (totaling $2,530,000 in aggregate) If the Company is unable to consummate an initial Business Combination within the above time period, the Company will distribute the aggregate amount then on deposit in the Trust Account, pro rata to the Company’s public stockholders, by way of the redemption of their shares and thereafter cease all operations except for the purposes of winding up of the Company’s affairs. In such event, the warrants will expire and be worthless.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The initial stockholders have agreed to waive their redemption rights with respect to any shares they own in connection with the consummation of the initial Business Combination, including their Founder Shares and Public Shares that they purchase during or after the offering, if any. In addition, the initial stockholders have agreed to waive their rights to liquidating distributions with respect to their Founder Shares if the Company fails to consummate an initial Business Combination within 18 months (assuming both of the three-month extensions were executed) from the closing of this offering. However, if the initial stockholders acquire Public Shares in or after the Initial Public Offering, they will be entitled to receive liquidating distributions with respect to such Public Shares if the Company fails to consummate an initial Business Combination within the required time period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent registered accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.15 per Public Share or (2) the actual amount per Public Share held in the Trust </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay the Company’s taxes, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except for the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Business Combination Agreement</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On May 15, 2022, Chardan entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Dragonfly Energy Corp., a Nevada corporation (“Dragonfly”), and Bronco Merger Sub, Inc., a Nevada corporation and a direct, wholly owned subsidiary of Chardan (“Merger Sub”). The Merger Agreement provides that, among other things and upon the terms and subject to the conditions thereof, the following transactions will occur:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(i) at the closing of the transactions contemplated by the Merger Agreement (the “Closing”), upon the terms and subject to the conditions of the Merger Agreement, in accordance with applicable provisions of the Nevada Revised Statutes (“NRS”) and the Delaware General Corporation Law (“DGCL”), Merger Sub will merge with and into Dragonfly, the separate corporate existence of Merger Sub will cease and Dragonfly will be the surviving corporation and a wholly owned subsidiary of Chardan (the “Merger”);</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(ii) at the Closing, Chardan will be renamed “Dragonfly Energy Holdings Corp.” and is referred to herein as “New Dragonfly”;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(iii) as a result of the Merger, among other things, all shares of capital stock of Dragonfly outstanding as of immediately prior to the effective time of the Merger will be canceled in exchange for the right to receive shares of common stock, par value $0.0001 per share, of New Dragonfly (“New Dragonfly Common Stock”);</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(iv) as a result of the Merger, each Dragonfly option outstanding as of immediately prior to the effective time of the Merger will be converted into the right to receive a New Dragonfly option, subject to certain exceptions and conditions as set forth in the Merger Agreement;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(v) at the Closing, 40,000,000 shares of New Dragonfly Common Stock shall be issuable to existing holders of Dragonfly capital stock or pursuant to the aforementioned converted options; and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(vi) following the Closing, existing holders of Dragonfly capital stock will have the right to receive up to an aggregate of 40,000,000 additional shares of New Dragonfly Common Stock in three tranches as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(A) New Dragonfly shall issue 15,000,000 shares of New Dragonfly common stock in the aggregate, if, as disclosed in the Annual Report on Form 10-K for the fiscal year ending December 31, 2023 for New Dragonfly filed with the United States Securities and Exchange Commission (the “SEC”), New Dragonfly’s (x) total audited revenue for the year ended December 31, 2023 is equal to or greater than $250,000,000, and (y) audited operating income for the year ended December 31, 2023 is equal to or greater than $35,000,000;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(B) New Dragonfly shall issue an additional 12,500,000 shares of New Dragonfly common stock, in the aggregate (the “Second Earnout”), if at any time during the period beginning on the Closing Date and ending on December 31, 2026, the VWAP of the New Dragonfly common stock over any 20 Trading Days (which may or may not be consecutive) within any 30 consecutive Trading Day period is greater than or equal to $22.50 per share of New Dragonfly common stock (the “Second Milestone”); and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">(C) New Dragonfly shall issue an additional 12,500,000 shares of New Dragonfly common stock, in the aggregate (the “Third Earnout”), if at any time during the period beginning on the Closing Date and ending on December 31, 2028, the VWAP of the New Dragonfly </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">common stock over any 20 Trading Days (which may or may not be consecutive) within any 30 consecutive Trading Day period is greater than or equal to $32.50 per share of New Dragonfly common stock (the “Third Milestone”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Upon the occurrence of the Third Milestone, if the Second Milestone has yet to occur, the Second Milestone will be deemed to have occurred simultaneously with the Third Milestone and the holders of Dragonfly capital stock shall be entitled to receive the Second Earnout as if the Second Milestone had occurred on or prior to December 31, 2026, provided, however, that such date shall only occur once, if at all, and in no event shall such holders be collectively entitled to receive more than an aggregate of 40,000,000 additional shares of New Dragonfly Common Stock.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Board of Directors of Chardan (the “Board”) has unanimously (i) approved and declared advisable the Merger Agreement, the Merger and the other transactions contemplated thereby and (ii) resolved to recommend approval of the Merger Agreement and related matters by the stockholders of Chardan.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Upon the consummation of the business combination, the Board will be composed of seven members, five of whom will be designated by Dragonfly and two of whom will be designated by Chardan.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On May 15, 2022, concurrently with the execution of the Merger Agreement, Chardan entered into a subscription agreement (the “Subscription Agreement”) with the Sponsor (the “PIPE Investor”). Pursuant to and subject to the terms and conditions contained in the Subscription Agreement, the PIPE Investor has subscribed to purchase up to 500,000 shares of New Dragonfly Common Stock at a purchase price of $10.00 per share for an aggregate purchase price of up to $5,000,000 (the “PIPE Investment”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Merger Agreement contains customary representations and warranties by Chardan, Merger Sub, and Dragonfly. The representations and warranties of the respective parties to the Merger Agreement generally will not survive the Closing.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Merger Agreement contains additional covenants, including, among others, providing for (i) the parties to conduct their respective businesses in the ordinary course through the Closing, (ii) the parties to not initiate any negotiations or enter into any agreements for certain alternative transactions, (iii) Dragonfly to prepare and deliver to Chardan certain audited and unaudited consolidated financial statements of Dragonfly, (iv) Chardan to prepare and file a proxy statement/registration statement on Form S-4 and take certain other actions to obtain the requisite approval of Chardan stockholders of certain proposals regarding the Merger, (v) the parties to use commercially reasonable efforts to obtain necessary approvals from governmental agencies and (vi) to the extent Closing has not occurred by August 10, 2022, then, pursuant to Chardan’s organizational documents, Chardan shall extend the deadline to consummate its initial business combination by an additional three months from the Termination Date (as defined in Chardan’s Amended and Restated Certificate of Incorporation as in effect on May 15, 2022) (such date, the “Extended Termination Date”); provided that if the Closing has not occurred by the date that is <span style="-sec-ix-hidden:Hidden__WUy1YuaGkiL_VEzaSb-mw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">two</span></span> business days prior to the Extended Termination Date, Chardan shall extend the deadline to consummate its initial business combination by an additional three months from the Extended Termination Date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Other Agreements</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Business Combination Agreement contemplates the execution of various additional agreements and instruments, on or before the Closing, including, among others, the following:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Registration Rights & Certain Restrictions on Transfer</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Merger Agreement contemplates that, at the Closing, New Dragonfly, Chardan NexTech Investments 2 LLC, a Delaware limited liability company (the “Sponsor”), Chardan’s initial stockholders, certain shareholders of Dragonfly and certain of each of their respective affiliates, as applicable, and the other parties thereto, will enter into an Amended and Restated Registration Rights Agreement (the “Registration Rights Agreement”), pursuant to which New Dragonfly will agree to register for resale, pursuant to Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), certain shares of New Dragonfly Common Stock and other equity securities of New Dragonfly that are held by the parties thereto from time to time and the parties thereto will be provided with customary demand and piggyback registration rights. Additionally, the Registration Rights Agreement and the Bylaws of New Dragonfly contain certain restrictions on transfer with respect to (i) shares of New Dragonfly Common Stock and any other equity securities convertible into or exercisable or exchangeable for shares of New Dragonfly Common Stock held by the Dragonfly Stockholders immediately </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">following the Closing (other than any shares purchased in the public market or in the PIPE Investment) and (ii) any Earnout Shares (as defined in the Merger Agreement) issued within six (6) months of the closing date and any shares of New Dragonfly Common Stock issued with respect to or in exchange for such Earnout Shares (the “Lock-up Shares”). Such restrictions begin at the Closing and end on the date that is six months after Closing.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Sponsor Support Agreement</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On May 15, 2022, the Sponsor, Chardan and Dragonfly entered into the Sponsor Support Agreement (the “Sponsor Support Agreement”), pursuant to which, among other things, the Sponsor agreed to (i) vote in favor of the Merger Agreement and the transactions contemplated thereby and against any proposal that would reasonably be expected to result in (x) a breach of any of Chardan’s or Merger Sub’s covenants, agreements or obligations under the Merger Agreement or in any Ancillary Agreements or (y) any Closing conditions set forth in Section 9.1 or 9.3 or the Merger Agreement not being satisfied, (ii) retain and not redeem its holdings in Chardan prior to the Closing, (iii) be subject to certain transfer restrictions with respect to its holdings in Chardan and (iv) be bound by certain provisions of the Merger Agreement as if it were an original signatory thereto, in each case, on the terms and subject to the conditions set forth in the Sponsor Support Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Subscription Agreement</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On May 15, 2022, concurrently with the execution of the Merger Agreement, Chardan entered into a subscription agreement (the “Subscription Agreement”) with the Sponsor (the “PIPE Investor”). Pursuant to and subject to the terms and conditions contained in the Subscription Agreement, the PIPE Investor has subscribed to purchase up to 500,000 shares of New Dragonfly Common Stock at a purchase price of $10.00 per share for an aggregate purchase price of up to $5,000,000 (the “PIPE Investment”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As set forth in the Subscription Agreement, the PIPE Investor may purchase shares of the Chardan common stock, par value $0.0001 per share (“Chardan Common Stock”) in the open market, and reduce (i) its purchase price under the Subscription Agreement by an amount equal to the number of shares that the PIPE Investor purchased in the open market multiplied by the per share redemption amount received by public stockholders who elect to redeem their shares prior to the Closing and (ii) the number of shares it subscribed for by an amount equal to the number of Shares Subscriber purchased in the open market and not redeemed as contemplated above. The PIPE Investor agreed that it will not exercise its right to vote any shares it may purchase in the open market following the date of the Subscription Agreement and prior to the Closing, in connection with any vote to approve the Merger.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The PIPE Investment will be consummated substantially concurrently with the Closing.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Subscription Agreement will terminate with no further force and effect upon the earliest to occur of: (i) such date and time as the Merger Agreement is terminated in accordance with its terms, (ii) the mutual written agreement of the parties to the Subscription Agreement, (iii) if the conditions to closing set forth in the Subscription Agreement are not satisfied at, or are not capable of being satisfied on or prior to, the Closing and, as a result thereof, the transactions contemplated by the Subscription Agreement will not be or are not consummated at the Closing and (iv) May 15, 2023, if the Closing has not occurred on or before such date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Debt Commitment Letter</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On May 15, 2022, Chardan and Dragonfly entered into a commitment letter (the “Debt Commitment Letter”), with EICF Agent LLC (“EIP”) and CCM Investments 5 LLC, an affiliate of the Sponsor (“CCM 5”, and collectively with EIP, the “Initial Lenders”), pursuant to which the Initial Lenders have agreed to provide Dragonfly with a senior secured term loan facility in an aggregate principal amount of $75,000,000 (the “Term Loan Facility”) subject to the satisfaction of a number of specified conditions set forth in the Debt Commitment Letter. CCM 5 intends to backstop its commitment under the Debt Commitment Letter by entering into a backstop commitment letter (the “Backstop Commitment Letter”) with certain third party financing sources prior to the Closing Date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The proceeds of the Term Loan Facility will be used (i) to support the Merger, (ii) to repay all outstanding PIUS Debt and other obligations of Dragonfly, (iii) to pay for fees and expenses in connection with the foregoing, (iv) to provide additional growth capital and (v) for other general/corporate purposes. The Term Loan Facility must be fully drawn on the Closing Date, will mature four years </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">from the Closing Date and will be subject to quarterly amortization of 5% per annum beginning 24 months after the Closing Date. Chardan will be a guarantor under the Term Loan Facility.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As part of the consideration for the Term Loan Facility, New Dragonfly will also issue to the Initial Lenders (but not CCM 5 to the extent it has not backstopped its commitment pursuant to the Backstop Commitment Letter) on the Closing Date: (i) penny warrants (the “Penny Warrants”) exercisable to purchase 3.6% of New Dragonfly’s common stock on a fully-diluted basis, calculated as of the Closing Date, and (ii) warrants (the “$10 Per Share Warrants”) exercisable to purchase 1.6 million shares of New Dragonfly’s common stock at $10 per share. The Penny Warrants will have an exercise period of ten years from the date of issuance. The $10 Per Share Warrants will have an exercise period of five years from the date of issuance and will have customary cashless exercise provisions. The warrants will have standard anti-dilution protections. The shares of New Dragonfly common stock issuable upon exercise of the warrants shall have customary registration rights requiring New Dragonfly to file and keep effective a registration statement registering the resale of such shares.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Equity Facility Letter Agreement</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On May 15, 2022, Chardan, Dragonfly and CCM 5 (the “Equity Facility Investor”) entered into a letter agreement (together with the Summary of Indicative Terms attached as an exhibit thereto, the “Equity Facility Letter Agreement”) pursuant to which Chardan and Dragonfly agreed to enter into definitive documentation (the “Equity Facility Definitive Documentation”) to establish a committed equity facility (the “Equity Facility”) prior to the Closing. The Equity Facility Definitive Documentation will contain terms that are consistent with the Equity Facility Letter Agreement and customary for documentation of this nature. Pursuant to and subject to the conditions to be set forth in the Equity Facility Definitive Documentation, New Dragonfly will have the right from time to time at its option to direct the Equity Facility Investor to purchase up to a specified maximum amount of shares of New Dragonfly common stock, up to a maximum aggregate purchase price of $150,000,000 over the 36-month term of the Equity Facility Letter Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The foregoing descriptions of the Merger Agreement, form of the Registration Rights Agreement, the Sponsor Support Agreement, the Subscription Agreement, the Debt Commitment Letter and the Equity Facility Letter Agreement and the transactions and documents contemplated thereby are not complete and are subject to and qualified in their entirety by reference to the Merger Agreement, form of the Registration Rights Agreement, the Sponsor Support Agreement, the Subscription Agreement, the Debt Commitment Letter and the Equity Facility Letter Agreement, copies of which are filed with this Current Report on Form 8-K, and the terms of which are incorporated by reference herein.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Merger Agreement, the Registration Rights Agreement, the Sponsor Support Agreement, the Subscription Agreement, the Debt Commitment Letter and the Equity Facility Letter Agreement have been included to provide investors with information regarding their terms. They are not intended to provide any other factual information about Chardan, Dragonfly, or their affiliates. The representations, warranties, covenants and agreements contained in the Merger Agreement, the Registration Rights Agreement, the Sponsor Support Agreement, the Registration Rights Agreement, the Subscription Agreement, the Debt Commitment Letter and the Equity Facility Letter Agreement and the other documents related thereto were made only for purposes of such agreements as of the specific dates therein, were solely for the benefit of the parties to the Merger Agreement, the Registration Rights Agreement, the Sponsor Support Agreement, the Subscription Agreement, the Debt Commitment Letter and the Equity Facility Letter Agreement, as applicable, and may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures made for the purposes of allocating contractual risk between the parties to the Merger Agreement, the Sponsor Support Agreement, the Subscription Agreement, the Debt Commitment Letter or the Equity Facility Letter Agreement, as applicable, instead of establishing these matters as facts, and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors. Investors are not third-party beneficiaries under the Merger Agreement, the Registration Rights Agreement, the Sponsor Support Agreement, the Subscription Agreement, the Debt Commitment Letter or the Equity Facility Letter Agreement and should not rely on the representations, warranties, covenants and agreements or any descriptions thereof as characterizations of the actual state of facts or condition of the parties thereto or any of their respective subsidiaries or affiliates. Moreover, information concerning the subject matter of representations and warranties may change after the date of the Merger Agreement, the Registration Rights Agreement, the Sponsor Support Agreement, the Subscription Agreement, the Debt Commitment Letter or the Equity Facility Letter Agreement, as applicable, which subsequent information may or may not be fully reflected in Chardan’s public disclosures.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Going Concern Consideration</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As of June 30, 2022, the Company had $349,716 in cash held outside of the Trust Account and working capital surplus of $263,247. The Company has incurred and expects to continue to incur significant costs in pursuit of its acquisition plans. These conditions raise substantial doubt about the Company’s ability to continue as a going concern through February 13, 2023, the date at which the Company must consummate a business combination after taking into the effect of both extensions being filed, as described below. Management plans to address the uncertainty through a Business Combination, which is not guaranteed.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In connection with the Company’s assessment of going concern considerations in accordance with FASB ASC Topic 205-40, “Presentation of Financial Statements - Going Concern,” the Company will have 12 months, or August 13, 2022, from the closing of the Initial Public Offering to consummate an initial Business Combination. However, if the Company anticipates that it may not be able to consummate an initial Business Combination within 12 months, the Company’s Sponsor or their affiliates or designees may, but are not obligated to, extend the period of time to consummate a Business Combination up to two times by an additional three months each time (for a total of up to 18 months, or February 13, 2023, to complete a Business Combination), by depositing into the Trust Account $1,265,000 for each extension ($0.10 per share or $2,530,000 in aggregate), on or prior to date of applicable deadline. If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. Although the Company plans to complete a Business Combination before the date of liquidation, the Company has determined that the liquidity condition and mandatory liquidation, should a Business Combination not occur, and potential subsequent dissolution raises substantial doubt about its ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after February 13, 2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Risks and Uncertainties</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations, and/or search for a target company, the specific impact is not readily determinable as of the date of these condensed financial statements. The condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further, the impact of this action and related sanctions on the world economy are not determinable as of the date of these condensed financial statements. The specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these condensed financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:1pt;margin-bottom:12pt;visibility:hidden;"></span></p>
	cntq	Condition For Future Business Combination Number Of Businesses Minimum ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum	1
CY2022Q2	cntq	Transaction Costs TransactionCosts	1080140
	cntq	Cash Underwriting Commissions CashUnderwritingCommissions	500000
	cntq	Stock Offering Other Offering Costs StockOfferingOtherOfferingCosts	580140
CY2022Q2	cntq	Condition For Future Business Combination Threshold Net Tangible Assets ConditionForFutureBusinessCombinationThresholdNetTangibleAssets	5000001
	cntq	Redemption Limit Percentage Without Prior Consent RedemptionLimitPercentageWithoutPriorConsent	15
	cntq	Months To Complete Acquisition MonthsToCompleteAcquisition	12
CY2022Q2	cntq	Amount To Be Deposited In Trust Account For Extension Of Deadline For Consummation Of Business Combination AmountToBeDepositedInTrustAccountForExtensionOfDeadlineForConsummationOfBusinessCombination	1265000
CY2022Q2	cntq	Amount Per Share To Be Deposited In Trust Account Extension Of Deadline For Consummation Of Business Combination AmountPerShareToBeDepositedInTrustAccountExtensionOfDeadlineForConsummationOfBusinessCombination	0.10
CY2022Q2	cntq	Aggregate Amount To Be Deposited In Trust Account Extension Of Deadline For Consummation Of Business Combination AggregateAmountToBeDepositedInTrustAccountExtensionOfDeadlineForConsummationOfBusinessCombination	2530000
CY2022Q2	cntq	Number Of Directors In Board Composed Of NumberOfDirectorsInBoardComposedOf	7
CY2022Q2	cntq	Additional Period To Consummate Initial Business Combination From Termination Date AdditionalPeriodToConsummateInitialBusinessCombinationFromTerminationDate	P3M
CY2022Q2	cntq	Cash Held Outside Trust Account CashHeldOutsideTrustAccount	349716
	cntq	Working Capital WorkingCapital	263247
CY2022Q2	cntq	Amount To Be Deposited In Trust Account For Extension Of Deadline For Consummation Of Business Combination AmountToBeDepositedInTrustAccountForExtensionOfDeadlineForConsummationOfBusinessCombination	1265000
CY2022Q2	cntq	Amount Per Share To Be Deposited In Trust Account Extension Of Deadline For Consummation Of Business Combination AmountPerShareToBeDepositedInTrustAccountExtensionOfDeadlineForConsummationOfBusinessCombination	0.10
CY2022Q2	cntq	Aggregate Amount To Be Deposited In Trust Account Extension Of Deadline For Consummation Of Business Combination AggregateAmountToBeDepositedInTrustAccountExtensionOfDeadlineForConsummationOfBusinessCombination	2530000
	us-gaap	Use Of Estimates UseOfEstimates	<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of condensed 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 condensed financial statements and the reported amounts of expenses during the reporting periods.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</p>
CY2022Q2	us-gaap	Cash Equivalents At Carrying Value CashEquivalentsAtCarryingValue	0
CY2021Q4	us-gaap	Cash Equivalents At Carrying Value CashEquivalentsAtCarryingValue	0
CY2022Q2	us-gaap	Assets Held In Trust Noncurrent AssetsHeldInTrustNoncurrent	128610697
CY2021Q4	us-gaap	Assets Held In Trust Noncurrent AssetsHeldInTrustNoncurrent	128421215
CY2022Q2	cntq	Transaction Costs TransactionCosts	1080140
	cntq	Cash Underwriting Commissions CashUnderwritingCommissions	500000
	cntq	Stock Offering Other Offering Costs StockOfferingOtherOfferingCosts	580140
CY2022Q2	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	0
CY2021Q4	us-gaap	Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued	0
	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	14115358
CY2022Q2	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	-570333
CY2021Q2	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	-834
	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	621507
	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	-834
CY2022Q2	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	15812500
CY2021Q2	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	2750000
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	15812500
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	2750000
CY2022Q2	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.04
CY2021Q2	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.00
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.04
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.00
CY2022Q2	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	15812500
CY2021Q2	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	2750000
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	15812500
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	2750000
CY2022Q2	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-0.04
CY2021Q2	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.00
	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.04
	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.00
	us-gaap	Concentration Risk Credit Risk ConcentrationRiskCreditRisk	<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</p>
	cntq	Class Of Warrant Or Right Redemption Of Warrants Or Rights Threshold Trading Days ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsThresholdTradingDays	P10D
	cntq	Granted Term GrantedTerm	P45D
CY2021Q3	cntq	Units Issued During Period Shares New Issues UnitsIssuedDuringPeriodSharesNewIssues	1650000
CY2021Q3	cntq	Unit Price UnitPrice	10.00
CY2021Q3	cntq	Sale Of Stock Underwriting Fees SaleOfStockUnderwritingFees	500000
CY2022Q2	cntq	Aggregate Gross Proceeds AggregateGrossProceeds	0.035
CY2022Q2	us-gaap	Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1 ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1	11.50
CY2022Q2	us-gaap	Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1 ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1	11.50
CY2022Q2	us-gaap	Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1 ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1	11.50
	cntq	Warrants And Rights Outstanding Exercisable Term From Closing Of Business Combination WarrantsAndRightsOutstandingExercisableTermFromClosingOfBusinessCombination	P30D
	cntq	Written Notice To Registered Holders WrittenNoticeToRegisteredHolders	P10D
	cntq	Period Of Time Registration Statement Become Effective PeriodOfTimeRegistrationStatementBecomeEffective	P180D
	cntq	Class Of Warrant Or Right Redemption Of Warrants Or Rights Stock Price Trigger ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsStockPriceTrigger	0.01
	cntq	Warrant Redemption Condition Minimum Share Price WarrantRedemptionConditionMinimumSharePrice	16.00
	cntq	Class Of Warrant Or Redemption Of Warrants Or Rights Threshold Consecutive Trading Days ClassOfWarrantOrRedemptionOfWarrantsOrRightsThresholdConsecutiveTradingDays	P30D
	cntq	Class Of Warrant Or Redemption Of Warrants Or Rights Threshold Consecutive Trading Days ClassOfWarrantOrRedemptionOfWarrantsOrRightsThresholdConsecutiveTradingDays	P30D
CY2022Q2	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	1000000
CY2022Q2	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2022Q2	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0
CY2021Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0
	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.000
CY2022Q2	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.000
	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.000
CY2021Q2	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.000
	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.21
CY2020Q2	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue	0
	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues	5553429
	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings	-3517171
CY2021Q4	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue	2036258
CY2022Q1	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings	1434636
CY2022Q1	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue	601622
CY2022Q2	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings	-277671
CY2022Q2	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue	879293
CY2022Q2	us-gaap	Fair Value Adjustment Of Warrants FairValueAdjustmentOfWarrants	277671
	us-gaap	Fair Value Adjustment Of Warrants FairValueAdjustmentOfWarrants	-1156965
CY2021Q2	us-gaap	Class Of Warrant Or Right Outstanding ClassOfWarrantOrRightOutstanding	0
CY2021Q2	us-gaap	Class Of Warrant Or Right Outstanding ClassOfWarrantOrRightOutstanding	0

Files In Submission

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$DFLI
Dragonfly Energy Holdings Corp. Stock $dfli

2022 Q3 Form 10-Q Financial Statement

#000141057822002579 Filed on August 15, 2022

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$DFLI Dragonfly Energy Holdings Corp. Stock $dfli

2022 Q3 Form 10-Q Financial Statement

#000141057822002579 Filed on August 15, 2022

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$DFLI
Dragonfly Energy Holdings Corp. Stock $dfli