$HOVR
New Horizon Aircraft Ltd. Stock $hovr

$hovr Overview Financials Valuation SEC Filings Company Website

2023 Q4 Form 10-K Financial Statement

#000121390024027309 Filed on March 28, 2024

Income Statement

Concept	2023 Q4	2023
Revenue	$0.00	$0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin		1.037M cads
YoY Change
% of Gross Profit
Research & Development		676.0K cads
YoY Change
% of Gross Profit
Depreciation & Amortization		27.00K cads
YoY Change
% of Gross Profit
Operating Expenses	$627.8K	$1.666M
YoY Change	6178.2%	16563.7%
Operating Profit		-$1.666M
YoY Change
Interest Expense	$7.852M	$11.38M
YoY Change
% of Operating Profit
Other Income/Expense, Net		$11.38M
YoY Change
Pretax Income	$7.224M	$9.710M
YoY Change	-72337.9%	-97200.5%
Income Tax	$338.4K	$1.095M
% Of Pretax Income	4.69%	11.28%
Net Earnings	-$740.0K	$8.615M
YoY Change	7300.0%	-86246.02%
Net Earnings / Revenue
Basic Earnings Per Share		-$0.17
Diluted Earnings Per Share	$0.40	$0.55
COMMON SHARES
Basic Shares Outstanding		7.326M shares
Diluted Shares Outstanding		7.326M shares

Balance Sheet

Concept	2023 Q4	2023
SHORT-TERM ASSETS
Cash & Short-Term Investments	$16.14K	$16.14K
YoY Change	-83.86%	-82.07%
Cash & Equivalents	$16.14K	$16.14K
Short-Term Investments
Other Short-Term Assets	$105.6K	$105.6K
YoY Change
Inventory
Prepaid Expenses	$71.08K
Receivables
Other Receivables
Total Short-Term Assets	$121.8K	$121.8K
YoY Change	35.83%	35.3%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments	$122.0M	$122.0M
YoY Change
Other Assets	$0.00	$0.00
YoY Change	-100.0%	-100.0%
Total Long-Term Assets	$122.0M	$122.0M
YoY Change	32969.62%	32862.55%
TOTAL ASSETS
Total Short-Term Assets	$121.8K	$121.8K
Total Long-Term Assets	$122.0M	$122.0M
Total Assets	$122.1M	$122.1M
YoY Change	26529.5%	26439.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$685.0K	$685.0K
YoY Change
Accrued Expenses	$46.14K	$126.1K
YoY Change	-67.54%	-9.9%
Deferred Revenue
YoY Change
Short-Term Debt	$175.0K	$175.0K
YoY Change	-41.67%	-41.67%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$986.2K	$986.2K
YoY Change	123.04%	124.13%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$6.100M	$6.100M
YoY Change
Total Long-Term Liabilities	$6.100M	$6.100M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities	$986.2K	$986.2K
Total Long-Term Liabilities	$6.100M	$6.100M
Total Liabilities	$7.086M	$7.086M
YoY Change	1502.7%	1510.49%
SHAREHOLDERS EQUITY
Retained Earnings	-$6.865M
YoY Change	78925.53%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	-$999.0K	$115.0M
YoY Change
Total Liabilities & Shareholders Equity	$122.1M	$122.1M
YoY Change	26529.5%	26439.82%

Cashflow Statement

Concept	2023 Q4	2023
OPERATING ACTIVITIES
Net Income	-$740.0K	$8.615M
YoY Change	7300.0%	-86246.02%
Depreciation, Depletion And Amortization		27.00K cads
YoY Change
Cash From Operating Activities		-$2.125M
YoY Change		21149.22%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities		-$116.7M
YoY Change
Cash From Investing Activities		-$116.7M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net		$0.00
YoY Change		-100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities		$118.8M
YoY Change		118697.78%
NET CHANGE
Cash From Operating Activities		-$2.125M
Cash From Investing Activities		-$116.7M
Cash From Financing Activities		$118.8M
Net Change In Cash		-$72.14K
YoY Change		-180.15%
FREE CASH FLOW
Cash From Operating Activities		-$2.125M
Capital Expenditures
Free Cash Flow		-$2.125M
YoY Change

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2022Q4	us-gaap	Commitments And Contingencies CommitmentsAndContingencies		usd
CY2022Q4	us-gaap	Preferred Stock Value PreferredStockValue		usd
CY2022Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued		shares
CY2022Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding		shares
CY2023	dei	Document Type DocumentType	10-K
CY2023	dei	Document Annual Report DocumentAnnualReport	true
CY2023	dei	Document Period End Date DocumentPeriodEndDate	2023-12-31
CY2023	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
CY2023	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2023
CY2023	dei	Document Transition Report DocumentTransitionReport	false
CY2023	dei	Entity File Number EntityFileNumber	001-41607
CY2023	dei	Entity Registrant Name EntityRegistrantName	NEW HORIZON AIRCRAFT LTD.
CY2023	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	A1
CY2023	dei	Entity Address Address Line1 EntityAddressAddressLine1	3187 Highway 35
CY2023	dei	Entity Address City Or Town EntityAddressCityOrTown	Lindsay
CY2023	dei	Entity Address State Or Province EntityAddressStateOrProvince	ON
CY2023	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	K9V 4R1
CY2023	dei	City Area Code CityAreaCode	(613)
CY2023	dei	Local Phone Number LocalPhoneNumber	866-1935
CY2023	dei	Entity Well Known Seasoned Issuer EntityWellKnownSeasonedIssuer	No
CY2023	dei	Entity Voluntary Filers EntityVoluntaryFilers	No
CY2023	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2023	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
CY2023	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
CY2023	dei	Entity Small Business EntitySmallBusiness	true
CY2023	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	true
CY2023	dei	Entity Ex Transition Period EntityExTransitionPeriod	false
CY2023	dei	Icfr Auditor Attestation Flag IcfrAuditorAttestationFlag	false
CY2023	dei	Document Fin Stmt Error Correction Flag DocumentFinStmtErrorCorrectionFlag	false
CY2023	dei	Entity Shell Company EntityShellCompany	false
CY2023Q2	dei	Entity Public Float EntityPublicFloat	119715000	usd
CY2024Q1	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	18220436	shares
CY2023Q4	ecd	Non Rule10b51 Arr Trmntd Flag NonRule10b51ArrTrmntdFlag	false
CY2023Q4	ecd	Rule10b51 Arr Trmntd Flag Rule10b51ArrTrmntdFlag	false
CY2023Q4	ecd	Non Rule10b51 Arr Adopted Flag NonRule10b51ArrAdoptedFlag	false
CY2023Q4	ecd	Rule10b51 Arr Adopted Flag Rule10b51ArrAdoptedFlag	false
CY2023	dei	Auditor Firm AuditorFirmId	688
CY2023	dei	Auditor Name AuditorName	Marcum LLP
CY2023	dei	Auditor Location AuditorLocation	Boston, MA
CY2023Q4	us-gaap	Cash Cash	16138	usd
CY2022Q4	us-gaap	Cash Cash	88277	usd
CY2023Q4	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	71081	usd
CY2022Q4	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	1372	usd
CY2023Q4	pthr	Prepaid Income Taxes PrepaidIncomeTaxes	34552	usd
CY2023Q4	us-gaap	Assets Current AssetsCurrent	121771	usd
CY2022Q4	us-gaap	Assets Current AssetsCurrent	89649	usd
CY2022Q4	us-gaap	Deferred Costs DeferredCosts	368802	usd
CY2023Q4	us-gaap	Assets Held In Trust Noncurrent AssetsHeldInTrustNoncurrent	121961421	usd
CY2023Q4	us-gaap	Assets Assets	122083192	usd
CY2022Q4	us-gaap	Assets Assets	458451	usd
CY2023Q4	us-gaap	Accounts Payable Current AccountsPayableCurrent	685018	usd
CY2023Q4	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	46140	usd
CY2023Q4	pthr	Accrued Offering Costs AccruedOfferingCosts	70000	usd
CY2022Q4	pthr	Accrued Offering Costs AccruedOfferingCosts	142138	usd
CY2023Q4	us-gaap	Liabilities Current LiabilitiesCurrent	986158	usd
CY2022Q4	us-gaap	Liabilities Current LiabilitiesCurrent	442138	usd
CY2023Q4	pthr	Deferred Underwriting Fee Payable Noncurrent DeferredUnderwritingFeePayableNoncurrent	3450000	usd
CY2023Q4	us-gaap	Derivative Liabilities Noncurrent DerivativeLiabilitiesNoncurrent	2650000	usd
CY2023Q4	us-gaap	Liabilities Liabilities	7086158	usd
CY2022Q4	us-gaap	Liabilities Liabilities	442138	usd
CY2023Q4	us-gaap	Temporary Equity Carrying Amount Attributable To Parent TemporaryEquityCarryingAmountAttributableToParent	121861421	usd
CY2023Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2022Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2023Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	1000000	shares
CY2022Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	1000000	shares
CY2022Q4	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	24712	usd
CY2022Q4	us-gaap	Stockholders Equity Note Subscriptions Receivable StockholdersEquityNoteSubscriptionsReceivable	206	usd
CY2023Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-6864948	usd
CY2022Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-8687	usd
CY2023Q4	us-gaap	Stockholders Equity StockholdersEquity	-6864387	usd
CY2022Q4	us-gaap	Stockholders Equity StockholdersEquity	16313	usd
CY2023Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	122083192	usd
CY2022Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	458451	usd
CY2023	us-gaap	Operating Costs And Expenses OperatingCostsAndExpenses	1666371	usd
	us-gaap	Operating Costs And Expenses OperatingCostsAndExpenses	8687	usd
CY2023	us-gaap	Operating Income Loss OperatingIncomeLoss	-1666371	usd
	us-gaap	Operating Income Loss OperatingIncomeLoss	-8687	usd
CY2023	us-gaap	Investment Income Interest InvestmentIncomeInterest	5216421	usd
CY2023	us-gaap	Liabilities Fair Value Adjustment LiabilitiesFairValueAdjustment	6160000	usd
CY2023	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	11376421	usd
CY2023	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	9710050	usd
	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	-8687	usd
CY2023	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	1095448	usd
CY2023	us-gaap	Net Income Loss NetIncomeLoss	8614602	usd
	us-gaap	Net Income Loss NetIncomeLoss	-8687	usd
CY2022Q4	us-gaap	Stockholders Equity StockholdersEquity	16313	usd
CY2023	us-gaap	Stock Issued During Period Value Other StockIssuedDuringPeriodValueOther	5653750	usd
CY2023	us-gaap	Stock Issued During Period Value New Issues StockIssuedDuringPeriodValueNewIssues	132480	usd
CY2023	us-gaap	Adjustments To Additional Paid In Capital Warrant Issued AdjustmentsToAdditionalPaidInCapitalWarrantIssued	3392500	usd
CY2023	us-gaap	Adjustments To Additional Paid In Capital Stock Issued Issuance Costs AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts	206223	usd
CY2023	us-gaap	Temporary Equity Accretion To Redemption Value TemporaryEquityAccretionToRedemptionValue	15658015	usd
CY2023	pthr	Cash Received For Stock Subscription Receivable CashReceivedForStockSubscriptionReceivable	206	usd
CY2023	pthr	Stock Issued During Period Value Forward Purchase Options StockIssuedDuringPeriodValueForwardPurchaseOptions	8810000	usd
CY2023	us-gaap	Net Income Loss NetIncomeLoss	8614602	usd
CY2023Q4	us-gaap	Stockholders Equity StockholdersEquity	-6864387	usd
	us-gaap	Stock Issued During Period Value Share Based Compensation Forfeited StockIssuedDuringPeriodValueShareBasedCompensationForfeited	25000	usd
	us-gaap	Net Income Loss NetIncomeLoss	-8687	usd
CY2022Q4	us-gaap	Stockholders Equity StockholdersEquity	16313	usd
CY2023	us-gaap	Net Income Loss NetIncomeLoss	8614602	usd
	us-gaap	Net Income Loss NetIncomeLoss	-8687	usd
CY2023	us-gaap	Investment Income Interest InvestmentIncomeInterest	5216421	usd
CY2023	us-gaap	Liabilities Fair Value Adjustment LiabilitiesFairValueAdjustment	6160000	usd
CY2023	us-gaap	Increase Decrease In Prepaid Expense IncreaseDecreaseInPrepaidExpense	69709	usd
	us-gaap	Increase Decrease In Prepaid Expense IncreaseDecreaseInPrepaidExpense	1372	usd
CY2023	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	685018	usd
CY2023	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	46140	usd
CY2023	pthr	Increase Decrease In Accrued Expenses Related Party IncreaseDecreaseInAccruedExpensesRelatedParty	10000	usd
CY2023	pthr	Increase Decrease In Prepaid Income Taxes IncreaseDecreaseInPrepaidIncomeTaxes	34552	usd
CY2023	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-2124922	usd
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-10059	usd
CY2023	us-gaap	Payments To Invest In Decommissioning Fund PaymentsToInvestInDecommissioningFund	117875000	usd
CY2023	us-gaap	Proceeds From Decommissioning Fund ProceedsFromDecommissioningFund	1130000	usd
CY2023	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-116745000	usd
	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	25000	usd
	us-gaap	Proceeds From Related Party Debt ProceedsFromRelatedPartyDebt	300000	usd
	pthr	Advance From Sponsor For Payment Of Formation Costs AdvanceFromSponsorForPaymentOfFormationCosts	412	usd
	us-gaap	Payments Of Stock Issuance Costs PaymentsOfStockIssuanceCosts	412	usd
CY2023	us-gaap	Proceeds From Issuance Of Private Placement ProceedsFromIssuanceOfPrivatePlacement	5653750	usd
CY2023	us-gaap	Proceeds From Other Equity ProceedsFromOtherEquity	113735000	usd
CY2023	pthr	Proceeds From Stock Subscriptions Received ProceedsFromStockSubscriptionsReceived	206	usd
CY2023	us-gaap	Repayments Of Related Party Debt RepaymentsOfRelatedPartyDebt	300000	usd
CY2023	us-gaap	Proceeds From Repayments Of Related Party Debt ProceedsFromRepaymentsOfRelatedPartyDebt	175000	usd
CY2023	us-gaap	Payments Of Debt Issuance Costs PaymentsOfDebtIssuanceCosts	466173	usd
	us-gaap	Payments Of Debt Issuance Costs PaymentsOfDebtIssuanceCosts	226664	usd
CY2023	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	118797783	usd
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	98336	usd
CY2023	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect	-72139	usd
	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect	88277	usd
CY2022Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	88277	usd
CY2023Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	16138	usd
CY2022Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	88277	usd
CY2023	pthr	Initial Measurement Of Forward Purchase Options Liabilities InitialMeasurementOfForwardPurchaseOptionsLiabilities	8810000	usd
CY2023	pthr	Accretion Of Class Ordinary Shares Subject To Redemption Value AccretionOfClassOrdinarySharesSubjectToRedemptionValue	15658015	usd
CY2023	pthr	Valuation Of Representative Shares ValuationOfRepresentativeShares	132480	usd
CY2023	pthr	Deferred Offering Costs Included In Accrued Offering Costs DeferredOfferingCostsIncludedInAccruedOfferingCosts	70000	usd
	pthr	Deferred Offering Costs Included In Accrued Offering Costs DeferredOfferingCostsIncludedInAccruedOfferingCosts	142138	usd
CY2023	pthr	Deferred Underwriting Fee Payable DeferredUnderwritingFeePayable	3450000	usd
	pthr	Issuance Of Class B Ordinary Shares To Sponsor For Subscription Receivable IssuanceOfClassBOrdinarySharesToSponsorForSubscriptionReceivable	206	usd
CY2023	us-gaap	Income Taxes Paid IncomeTaxesPaid	1130000	usd
CY2023	us-gaap	Nature Of Operations NatureOfOperations	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 1. DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND LIQUIDITY</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">New Horizon Aircraft Ltd. f/k/a Pono Capital Three, Inc. (the “Company” or “Pono”) was a blank check company incorporated in Delaware on March 11, 2022 under the name “Pono Capital Three, Inc.” as a special purpose acquisition company, formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. On February 14, 2023, Pono consummated an initial public offering. On January 12, 2024, Pono completed a series of transactions that resulted in the combination (the “Business Combination”) of Pono with Robinson Aircraft, Ltd. d/b/a Horizon Aircraft (“Horizon”) pursuant to the previously announced Business Combination Agreement, dated as of August 15, 2023, (as amended by that certain Business Combination Agreement Waiver, dated as of December 27, 2023) by and among Pono, Pono Three Merger Acquisitions Corp., a British Columbia company and wholly-owned subsidiary of Pono (“Merger Sub”), and Horizon. On January 11, 2024, Pono was continued and de-registered from the Cayman Islands and redomesticated as a British Columbia company (the “SPAC Continuation”), and on January 12, 2024, Merger Sub and Horizon were amalgamated under the laws of British Columbia (the “Amalgamation”), and Pono changed its name to New Horizon Aircraft Ltd. (“New Horizon”). At this time, the business of the Horizon became the business of the Company. The Company was an emerging growth company and, as such, the Company was subject to all of the risks associated with emerging growth companies.</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">As of December 31, 2023, the Company had not commenced any operations. All activity from inception through December 31, 2023 related to the Company’s formation and initial public offering (“Initial Public Offering”), which is described below. The Company did not generate any operating revenues prior to the completion of a Business Combination. The Company generated non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. 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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registration statement for the Company’s Initial Public Offering was declared effective on February 9, 2023. On February 14, 2023, the Company consummated the Initial Public Offering of 11,500,000 units, (the “Units” and, with respect to the Class A ordinary shares included in the Units sold, the “Public Shares”), including 1,500,000 Units issued pursuant to the exercise of the underwriter’s over-allotment option in full, generating gross proceeds of $115,000,000, which is discussed in Note 3. Each Unit consisted of one Class A ordinary share and one redeemable warrant (“Public Warrant”). Each Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per whole share (see Note 7).</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">Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 565,375 units (the “Placement Units”) at a price of $10.00 per Placement Unit in a private placement to Mehana Capital LLC (the “Sponsor”), including 54,000 Placement Units issued pursuant to the exercise of the underwriter’s over-allotment option in full, generating gross proceeds of $5,653,750, which is described in Note 4.</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">Following the closing of the Initial Public Offering on February 14, 2023, an amount of $117,875,000 ($10.25 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Placement Units was placed in a trust account (the “Trust Account”), and invested only in U.S. government treasury obligations with maturities of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations, until the completion of a business combination.</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">Transaction costs related to the issuances described above amounted to $5,610,317, consisting of $1,265,000 of cash underwriting fees, $3,450,000 of deferred underwriting fees and $895,317 of other offering costs.</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">The Company’s management had broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Placement Units, although substantially all of the net proceeds were intended to be applied generally toward consummating a business combination. The Company completed the Business Combination with Horizon that together had an aggregate fair market value of at least 80% of the value of the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the agreement entered into with respect to the initial Business Combination. The Company completed a business combination as the post-transaction company owned or acquired 50% or more of the outstanding voting securities of the target or otherwise acquired a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”).</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">The Company provided its holders of the outstanding 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. In connection with the Business Combination, the Company sought shareholder approval of a Business Combination at a meeting called for such purpose at which stockholders may have sought to redeem their shares, regardless of whether they vote for or against a business combination. The Company would have proceeded with a business combination if the Company had net tangible assets of at least $5,000,001 upon consummation of such business combination and a majority of the shares voted were voted in favor of the business combination.</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">The Sponsor had agreed (a) to vote its Class B ordinary shares, the ordinary shares included in the Placement Units and the Public Shares purchased in the Initial Public Offering in favor of a Business Combination, (b) not to propose an amendment to the Amended and Restated Memorandum and Articles of Association with respect to the Company’s pre-Business Combination activities prior to the consummation of a Business Combination unless the Company provided dissenting Public Shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment; (c) not to redeem any shares (including the Class B ordinary shares) and Placement Units (including underlying securities) into the right to receive cash from the Trust Account in connection with a shareholder vote to approve a Business Combination (or to sell any shares in a tender offer in connection with a Business Combination if the Company did not seek shareholder approval in connection therewith) or a vote to amend the provisions of the Amended and Restated Memorandum and Articles of Association related to shareholders’ rights of pre-Business Combination activity and (d) that the Class B ordinary shares and Placement Units (including underlying securities) do not participate in any liquidating distributions upon winding up if a Business Combination was not consummated. However, the Sponsor was entitled to liquidating distributions from the Trust Account with respect to any Public Shares purchased in the Initial Public Offering if the Company failed to complete its Business Combination.</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">The Company had 12 months (or up to 18 months from the closing of the Initial Public Offering at the election of the Company pursuant to six one month extensions subject to satisfaction of certain conditions, including the deposit of up to $379,500 ($0.033 per unit) for such one month extension, into the Trust Account, or as extended by the Company’s shareholder in accordance with the Amended and Restated Memorandum and Articles of Association) from the closing of the Initial Public Offering to consummate a Business Combination (the “Combination Period”). If the Company was unable to complete a Business Combination within the Combination Period, the Company would have (i) ceased all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than five business days thereafter, redeem 100% of the outstanding Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned (net of taxes payable and less interest to pay dissolution expenses up to $100,000), divided by the number of then outstanding Public Shares, which redemption would have completely extinguish Public Shareholders’ rights as shareholder (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company’s board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations to provide for claims of creditors and the requirements of applicable law.</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">The Sponsor had agreed that it would have been liable to the Company, if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company had discussed entering into a transaction agreement, reduced the amounts in the Trust Account to below $10.25 per share, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriter of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor was not responsible to the extent of any liability for such third-party claims. The Company sought to reduce the possibility that the Sponsor would 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 accounting firm), prospective target businesses or other entities with which the Company did 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity</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">As of December 31, 2023 and December 31, 2022, the Company had $16,138 and $88,277 in cash, respectively, and a working capital deficit of $864,387 and $352,489, respectively. Prior to the completion of the Initial Public Offering, the Company lacked the liquidity it needed to sustain operations for a reasonable period of time, which is considered to be one year from the issuance date of the consolidated financial statements. The Company completed its Initial Public Offering at which time capital in excess of the funds deposited in the Trust Account and/or used in fund offering expenses was released to the Company for general working capital purposes. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor may provide us up to $1,500,000 under Working Capital Loans (see Note 5.)</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">The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which contemplates continuation of the Company as a going concern and the realization of assets and the satisfaction of liabilities in the normal course of business. The Company incurred significant costs in pursuit of the Company’s financing and acquisition plans. In connection with the Company’s assessment of going concern considerations in accordance with FASB’s ASC Subtopic 205-40, Presentation of Financial Statements — Going Concern, management has determined that liquidity conditions and the mandatory business combination deadline conditions raised substantial doubt about the Company’s ability to continue as a going concern within the earlier of the Combination Period, which ended on February 14, 2024, or one year after the date that the consolidated financial statements are issued had the Business Combination not been consummated. The closing of the Business Combination on January 12, 2024 alleviated the above mentioned conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks and Uncertainties</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">On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023 (the “Excise Tax”). The Excise Tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the Excise Tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the Excise Tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the Excise Tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the Excise Tax.</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">Any redemption or other repurchase that occurs on or after January 1, 2023, in connection with a business combination, votes relating to certain amendments to the Company’s Amended and Restated Certificate of Incorporation or otherwise, may be subject to the Excise Tax. Whether and to what extent the Company would be subject to the Excise Tax in connection with a business combination, votes relating to certain amendments to the Company’s Amended and Restated Certificate of Incorporation or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the business combination, extension or otherwise, (ii) the structure of a business combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a business combination (or otherwise issued not in connection with a business combination but issued within the same taxable year of a business combination) and (iv) the content of regulations and other guidance from the Treasury. The mechanics of any required payment of the Excise Tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a business combination and in the Company’s ability to effect an extension of the time in which the Company must complete a business combination or complete a business combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Business Combination</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">On August 15, 2023, Pono entered into a Business Combination Agreement (the “Business Combination Agreement”), by and among Pono, the Merger Sub and Horizon. Horizon is an innovative aerospace company building an operationally ready eVTOL (hybrid-electric Vertical Takeoff and Landing) aircraft.</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">On December 27, 2023, Pono and Horizon entered into a Business Combination Agreement Waiver (the “Business Combination Agreement Waiver”) to waive the Equity Financing closing condition set forth in the Business Combination Agreement. Pono entered into a subscription agreement (the “Subscription Agreement”), pursuant to which Pono obtained a commitment from a certain investor (the “Subscriber”) to purchase Pono’s Class A ordinary shares (such shares, collectively, “Subscription Shares”) in an aggregate value of $2,000,000 (as of the date thereof), representing 200,000 Subscription Shares at a price of $10.00 per share. The purpose of the sale of the Subscription Shares was to raise additional capital for use in connection with the Business Combination. The closing of the sale of the Subscription Shares pursuant to the Subscription Agreement was contingent upon, among other customary closing conditions, the substantially concurrent consummation of the Business Combination. Pono entered into a letter agreement (the “Letter Agreement”) with Horizon, pursuant to which, as an inducement for the Subscriber to enter into the Subscription Agreement, Horizon agreed to transfer or cause to be transferred an aggregate of 330,000 Incentive Shares (as defined in the Business Combination Agreement) to the Subscriber and an additional 470,000 Incentive Shares to the Subscriber’s designees.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Business Combination Agreement, at the closing of the transactions contemplated by the Business Combination Agreement, which occurred on January 12, 2024 (the “Closing”), Merger Sub and Horizon were amalgamated under the laws of British Columbia, with Horizon continuing as the surviving corporation (the “Surviving Corporation”). Pono changed its name to New Horizon Aircraft Ltd. (“New Horizon”)</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">As consideration for the Business Combination, the holders of Horizon common shares collectively were entitled to receive from Pono, in the aggregate, a number of Pono Class A ordinary shares equal to (the “Exchange Consideration”) the quotient derived from dividing (a) the difference of (i) Ninety-six Million Dollars ($96,000,000) minus (ii) the Closing Net Indebtedness, by (b) the Redemption Price (as defined in the Business Combination Agreement), with each Horizon shareholder receiving, for each Horizon share held, a number of Pono Class A ordinary shares equal to such shareholder’s pro rata portion of the Exchange Consideration. Each outstanding option to purchase Horizon common stock was cancelled or exercised prior to the Closing.</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">The Exchange Consideration otherwise payable to Horizon stockholders was subject to the withholding of a number of shares of the Company common stock equal to three percent (3.0%) of the Exchange Consideration to be placed in escrow for post-closing adjustments (if any) to the Exchange Consideration.</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">The Exchange Consideration was subject to adjustment after the Closing based on confirmed amounts of the Closing Net Indebtedness as of the Closing Date. If the adjustment was a negative adjustment in favor of the Company, the escrow agent shall distribute to the Company a number of Company Class A ordinary shares with a value equal to the absolute value of the adjustment amount. If the adjustment was a positive adjustment in favor of Horizon, the Company will issue to the Horizon shareholders an additional number of Company Class A ordinary shares with a value equal to the adjustment amount.</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">In connection with the Business Combination, the Company and Horizon entered into an agreement with (i) Meteora Capital Partners, LP (“MCP”), (ii) Meteora Select Trading Opportunities Master, LP (“MSTO”) and (iii) Meteora Strategic Capital, LLC (“MSC”) (with MCP, MSTO and MSC collectively referred to as the “Seller” or “Meteora”) (the “Forward Purchase Agreement” or “Confirmation”) for OTC Equity Prepaid Forward Transactions. Pursuant to the terms of the Forward Purchase Agreement, the Seller intends, but is not obligated, to purchase up to 9.9% of the total Company Class A ordinary shares, par value $0.0001 per share, of the Company outstanding following the closing of the Business Combination concurrently with the Closing pursuant to the Seller’s FPA Funding Amount PIPE Subscription Agreement (as defined below), less the number of Pono Class A ordinary shares purchased by the Seller separately from third parties through a broker in the open market (“Recycled Shares”). The Forward Purchase Agreement is within the scope of ASC 480-10 due to the obligation to repurchase the Company’s equity shares and transfer cash. Accordingly, the initial fair value will be recorded as a liability with any changes in value recognized in earnings in the period of remeasurement.</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; text-align: justify; margin: 0pt 0">On August 15, 2023, the Company entered into a subscription agreement (the “FPA Funding Amount Subscription Agreement”) with Seller. Pursuant to the FPA Funding Subscription Agreement, Seller agreed to subscribe for and purchase, and the Company agreed to issue and sell to Seller, on the Closing Date at a price of $10.00 per share, an aggregate of up to the Maximum Amount, less the Recycled Shares in connection with the Forward Purchase Agreements.</p>
CY2023	pthr	Percentage Of Fair Market Value Of Business Acquisition To Trust Account Balance PercentageOfFairMarketValueOfBusinessAcquisitionToTrustAccountBalance	0.80	pure
CY2023	us-gaap	Debt Instrument Redemption Price Percentage Of Principal Amount Redeemed DebtInstrumentRedemptionPricePercentageOfPrincipalAmountRedeemed	1	pure
CY2023Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	16138	usd
CY2022Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	88277	usd
CY2023Q4	pthr	Workings Capital Deficit WorkingsCapitalDeficit	864387	usd
CY2022Q4	pthr	Workings Capital Deficit WorkingsCapitalDeficit	352489	usd
CY2023Q4	pthr	Working Capital Loans WorkingCapitalLoans	1500000	usd
CY2022Q3	pthr	Exercise Price Percentage ExercisePricePercentage	0.01	pure
CY2023Q4	us-gaap	Additional Collateral Aggregate Fair Value AdditionalCollateralAggregateFairValue	2000000	usd
CY2023Q4	pthr	Share Subscribed ShareSubscribed	200000	shares
CY2023Q4	pthr	Subscription Shares Price Per Share SubscriptionSharesPricePerShare	10
CY2023Q4	pthr	Aggregate Incentive Shares AggregateIncentiveShares	330000	shares
CY2023Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Other Share Increase Decrease ShareBasedCompensationArrangementByShareBasedPaymentAwardOtherShareIncreaseDecrease	470000	shares
CY2023	pthr	Percentage Of Exchange Rate Consideration PercentageOfExchangeRateConsideration	0.03	pure
CY2023Q4	us-gaap	Investment Sold Not Yet Purchased Percent Of Net Assets InvestmentSoldNotYetPurchasedPercentOfNetAssets	0.099	pure
CY2023Q3	pthr	Agreed Price Per Share AgreedPricePerShare	10
CY2023	us-gaap	Use Of Estimates UseOfEstimates	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the consolidated financial statements in conformity with GAAP requires the Company’s 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 expenses during the reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the consolidated 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 from those estimates. Items which involve management to exercise significant judgment include determining the fair value of forward purchase options, warrants, and the allocation of offering cost.</p>
CY2023Q4	us-gaap	Assets Held In Trust AssetsHeldInTrust	121961421	usd
CY2022Q4	us-gaap	Assets Held In Trust AssetsHeldInTrust	0	usd
CY2023	pthr	Redemption Of Net Tangible Assets RedemptionOfNetTangibleAssets	5000001	usd
CY2023	us-gaap	Proceeds From Issuance Initial Public Offering ProceedsFromIssuanceInitialPublicOffering	115000000	usd
CY2023	us-gaap	Adjustments To Additional Paid In Capital Warrant Issued AdjustmentsToAdditionalPaidInCapitalWarrantIssued	3392500	usd
CY2023	pthr	Temperory Equity Issuance Costs TemperoryEquityIssuanceCosts	-5404094	usd
CY2023	pthr	Accretion Of Class Ordinary Shares Subject To Redemption Value AccretionOfClassOrdinarySharesSubjectToRedemptionValue	15658015	usd
CY2023Q4	us-gaap	Temporary Equity Carrying Amount Attributable To Parent TemporaryEquityCarryingAmountAttributableToParent	121861421	usd
CY2023Q4	us-gaap	Deferred Offering Costs DeferredOfferingCosts	5404094	usd
CY2023Q4	us-gaap	Derivative Liabilities Noncurrent DerivativeLiabilitiesNoncurrent	2650000	usd
CY2023	us-gaap	Concentration Risk Credit Risk ConcentrationRiskCreditRisk	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Concentration of Credit Risk</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</p>
CY2023Q4	us-gaap	Cash Fdic Insured Amount CashFDICInsuredAmount	250000	usd
CY2023	us-gaap	Stock Issued During Period Shares Other StockIssuedDuringPeriodSharesOther	565375	shares
CY2023	us-gaap	Proceeds From Issuance Of Private Placement ProceedsFromIssuanceOfPrivatePlacement	5653750	usd
CY2023Q4	us-gaap	Other Borrowings OtherBorrowings	175000	usd
CY2022Q4	us-gaap	Other Borrowings OtherBorrowings	0	usd
CY2023	pthr	Deferred Underwriting Fee DeferredUnderwritingFee	2345000	usd
CY2023	us-gaap	Deferred Compensation Arrangement With Individual Shares Issued DeferredCompensationArrangementWithIndividualSharesIssued	103500	shares
CY2023	us-gaap	Other Underwriting Expense OtherUnderwritingExpense	1105000	usd
CY2023	pthr	Outstanding Commission OutstandingCommission	70000	usd
CY2023Q4	us-gaap	Shares Issued Price Per Share SharesIssuedPricePerShare	1.28
CY2023	pthr	Offering Cost OfferingCost	132480	usd
CY2023Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	1000000	shares
CY2023Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2023	us-gaap	Class Of Warrant Or Right Reason For Issuing To Nonemployees ClassOfWarrantOrRightReasonForIssuingToNonemployees	●in whole and not in part; ●at a price of $0.01 per Public Warrant, ●upon not less than 30 days’ prior written notice of redemption given after the Public Warrants become exercisable (the “30-day redemption period”) to each Public Warrant holder; and ●if, and only if, the reported last sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing once the Public Warrants become exercisable and ending three business days before the Company sends the notice of redemption to the Public Warrant holders.
CY2023Q4	us-gaap	Assets Held In Trust Noncurrent AssetsHeldInTrustNoncurrent	121961421	usd
CY2023Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding		shares
CY2023Q4	us-gaap	Additional Paid In Capital AdditionalPaidInCapital		usd
CY2023Q4	us-gaap	Stockholders Equity Note Subscriptions Receivable StockholdersEquityNoteSubscriptionsReceivable		usd
	us-gaap	Investment Income Interest InvestmentIncomeInterest		usd
	us-gaap	Liabilities Fair Value Adjustment LiabilitiesFairValueAdjustment		usd
	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense		usd
CY2022Q4	us-gaap	Fair Value Net Asset Liability FairValueNetAssetLiability	8810000	usd
CY2023	us-gaap	Increase Decrease In Derivative Liabilities IncreaseDecreaseInDerivativeLiabilities	-6160000	usd
CY2023Q4	us-gaap	Fair Value Net Asset Liability FairValueNetAssetLiability	2650000	usd
CY2023Q4	us-gaap	Dividend And Interest Receivable DividendAndInterestReceivable	0	usd
CY2023Q4	us-gaap	Deferred Costs And Other Assets DeferredCostsAndOtherAssets	185213	usd
CY2022Q4	us-gaap	Deferred Costs And Other Assets DeferredCostsAndOtherAssets	20335	usd
CY2023Q4	us-gaap	Deferred Tax Assets Gross DeferredTaxAssetsGross	185213	usd
CY2022Q4	us-gaap	Deferred Tax Assets Gross DeferredTaxAssetsGross	20335	usd
CY2023Q4	us-gaap	Deferred Tax Assets Valuation Allowance DeferredTaxAssetsValuationAllowance	185213	usd
CY2022Q4	us-gaap	Deferred Tax Assets Valuation Allowance DeferredTaxAssetsValuationAllowance	20335	usd
CY2023	us-gaap	Current Federal Tax Expense Benefit CurrentFederalTaxExpenseBenefit	1095448	usd
CY2023	us-gaap	Deferred Federal Income Tax Expense Benefit DeferredFederalIncomeTaxExpenseBenefit	-132884	usd
	us-gaap	Deferred Federal Income Tax Expense Benefit DeferredFederalIncomeTaxExpenseBenefit	-16389	usd
CY2023	us-gaap	Deferred State And Local Income Tax Expense Benefit DeferredStateAndLocalIncomeTaxExpenseBenefit	-31993	usd
	us-gaap	Deferred State And Local Income Tax Expense Benefit DeferredStateAndLocalIncomeTaxExpenseBenefit	-3946	usd
CY2023	us-gaap	Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance	164878	usd
	us-gaap	Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance	20335	usd
CY2023	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	1095448	usd
CY2023	us-gaap	Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance	164878	usd
	us-gaap	Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance	20335	usd
	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit		usd
CY2022Q1	us-gaap	Stockholders Equity StockholdersEquity		usd
	us-gaap	Investment Income Interest InvestmentIncomeInterest		usd
CY2023	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.21	pure
CY2022	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.21	pure
CY2023	us-gaap	Effective Income Tax Rate Reconciliation State And Local Income Taxes EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes	-0.0033	pure
CY2022	us-gaap	Effective Income Tax Rate Reconciliation State And Local Income Taxes EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes	0	pure
CY2023	us-gaap	Effective Income Tax Rate Reconciliation Prior Year Income Taxes EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes	-0.1332	pure
CY2023	us-gaap	Effective Income Tax Rate Reconciliation Nondeductible Expense EffectiveIncomeTaxRateReconciliationNondeductibleExpense	0.0223	pure
CY2023	us-gaap	Effective Income Tax Rate Reconciliation Other Reconciling Items Percent EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent	0.0001	pure
CY2023	us-gaap	Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance	0.017	pure
CY2022	us-gaap	Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance	-0.21	pure
CY2023	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.1128	pure
CY2023Q4	us-gaap	Product Liability Contingency Accrual Discount Rate ProductLiabilityContingencyAccrualDiscountRate	0.05	pure
CY2023	us-gaap	Prepayment Fees On Advances Net PrepaymentFeesOnAdvancesNet	5000000	usd
CY2023	us-gaap	Selling Expense SellingExpense	250000	usd
CY2023	us-gaap	Subsequent Event Description SubsequentEventDescription	(i) Seller has recovered 120% of the prior Additional Shortfall Request, if any, via Shortfall Sales as further described in the Section titled “Prepayment Shortfall Consideration” and (ii) the VWAP Price over the ten (10) trading days prior to an Additional Shortfall Request multiplied by the then current Number of Shares (excluding unregistered shares) held by Seller less Shortfall Sale Shares be at least seven (7) times greater than the Additional Shortfall Request ((i) and (ii) collectively as the “Equity Conditions”). Notwithstanding the foregoing, Seller, in its sole discretion, may waive the Equity Conditions for each Additional Shortfall Request, if applicable, in writing to the Company.
CY2023	pthr	Prepayment Shortfall Rate PrepaymentShortfallRate	1.20	pure
CY2023	pthr	Fpa Amendment Description FPAAmendmentDescription	(a) the fifth Local Business Day following the Shortfall Sales Date and (b) the first Payment Date after the Shortfall Sales Date, specifying the quantity of the Shortfall Sale Shares and the allocation of the Shortfall Sale Proceeds. Seller shall not have any Early Termination Obligation in connection with any Shortfall Sales. Without Seller’s prior written consent, the Company covenants and agrees from the date of the FPA Amendment until the Valuation Date not to issue, sell or offer or agree to sell any Shares, or securities or debt that is convertible, exercisable or exchangeable into Shares, including under any existing or future equity line of credit, until the Shortfall Sales equal the total potential Prepayment Shortfall, including all Additional Shortfall Requests, whether requested by the Company or otherwise
CY2023	pthr	Lockup Agreement Description LockupAgreementDescription	(i) six months after the Closing, (ii) the date on which the closing sale price of New Horizon Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations and the like) for any twenty (20) trading days within any thirty (30) trading day period commencing at least one hundred and fifty (150) days after the Closing, and (iii) the date after the Closing on which New Horizon consummates a liquidation, merger, share exchange or other similar transaction with an unaffiliated third party that results in all of New Horizon’s shareholders having the right to exchange their New Horizon Class A ordinary shares for cash, securities or other property.
CY2023	us-gaap	Stock Issued During Period Shares Restricted Stock Award Gross StockIssuedDuringPeriodSharesRestrictedStockAwardGross	1690000	shares
CY2022Q4	pthr	Prepaid Income Taxes PrepaidIncomeTaxes		usd
CY2023Q4	us-gaap	Deferred Costs DeferredCosts		usd
CY2022Q4	us-gaap	Assets Held In Trust Noncurrent AssetsHeldInTrustNoncurrent		usd
CY2022Q4	us-gaap	Accounts Payable Current AccountsPayableCurrent		usd
CY2022Q4	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent		usd
CY2022Q4	pthr	Deferred Underwriting Fee Payable Noncurrent DeferredUnderwritingFeePayableNoncurrent		usd
CY2022Q4	us-gaap	Derivative Liabilities Noncurrent DerivativeLiabilitiesNoncurrent		usd
CY2023Q4	us-gaap	Commitments And Contingencies CommitmentsAndContingencies		usd
CY2022Q4	us-gaap	Temporary Equity Carrying Amount Attributable To Parent TemporaryEquityCarryingAmountAttributableToParent		usd
CY2023Q4	us-gaap	Preferred Stock Value PreferredStockValue		usd
CY2023Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued		shares
	us-gaap	Liabilities Fair Value Adjustment LiabilitiesFairValueAdjustment		usd
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	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities		usd
	pthr	Increase Decrease In Accrued Expenses Related Party IncreaseDecreaseInAccruedExpensesRelatedParty		usd
	pthr	Increase Decrease In Prepaid Income Taxes IncreaseDecreaseInPrepaidIncomeTaxes		usd
	us-gaap	Payments To Invest In Decommissioning Fund PaymentsToInvestInDecommissioningFund		usd
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities		usd
CY2023	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock		usd
CY2023	us-gaap	Proceeds From Related Party Debt ProceedsFromRelatedPartyDebt		usd
CY2023	pthr	Advance From Sponsor For Payment Of Formation Costs AdvanceFromSponsorForPaymentOfFormationCosts		usd
CY2023	us-gaap	Payments Of Stock Issuance Costs PaymentsOfStockIssuanceCosts		usd
	us-gaap	Proceeds From Issuance Of Private Placement ProceedsFromIssuanceOfPrivatePlacement		usd
	us-gaap	Proceeds From Other Equity ProceedsFromOtherEquity		usd
	pthr	Proceeds From Stock Subscriptions Received ProceedsFromStockSubscriptionsReceived		usd
	us-gaap	Repayments Of Related Party Debt RepaymentsOfRelatedPartyDebt		usd
	us-gaap	Proceeds From Repayments Of Related Party Debt ProceedsFromRepaymentsOfRelatedPartyDebt		usd
CY2022Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents		usd
	pthr	Initial Measurement Of Forward Purchase Options Liabilities InitialMeasurementOfForwardPurchaseOptionsLiabilities		usd
	pthr	Accretion Of Class Ordinary Shares Subject To Redemption Value AccretionOfClassOrdinarySharesSubjectToRedemptionValue		usd
	pthr	Valuation Of Representative Shares ValuationOfRepresentativeShares		usd
	pthr	Deferred Underwriting Fee Payable DeferredUnderwritingFeePayable		usd
CY2023	pthr	Issuance Of Class B Ordinary Shares To Sponsor For Subscription Receivable IssuanceOfClassBOrdinarySharesToSponsorForSubscriptionReceivable		usd
	us-gaap	Income Taxes Paid IncomeTaxesPaid		usd
CY2023Q4	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits		usd
CY2022Q4	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits		usd
CY2023Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued		shares
CY2023Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding		shares
CY2022Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued		shares
CY2022Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding		shares
CY2023Q4	us-gaap	Class Of Warrant Or Right Outstanding ClassOfWarrantOrRightOutstanding		shares
CY2023Q4	us-gaap	Deferred Tax Assets Net DeferredTaxAssetsNet		usd
CY2022Q4	us-gaap	Deferred Tax Assets Net DeferredTaxAssetsNet		usd
	us-gaap	Current Federal Tax Expense Benefit CurrentFederalTaxExpenseBenefit		usd
CY2023	us-gaap	Current State And Local Tax Expense Benefit CurrentStateAndLocalTaxExpenseBenefit		usd
	us-gaap	Current State And Local Tax Expense Benefit CurrentStateAndLocalTaxExpenseBenefit		usd
	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit		usd
CY2022	us-gaap	Effective Income Tax Rate Reconciliation Prior Year Income Taxes EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes		pure
CY2022	us-gaap	Effective Income Tax Rate Reconciliation Nondeductible Expense EffectiveIncomeTaxRateReconciliationNondeductibleExpense		pure
CY2022	us-gaap	Effective Income Tax Rate Reconciliation Other Reconciling Items Percent EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent		pure
CY2022	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations		pure
CY2023	dei	Amendment Flag AmendmentFlag	false
CY2023	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	FY
CY2023	dei	Entity Central Index Key EntityCentralIndexKey	0001930021

Files In Submission

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0001213900-24-027309-index.html	Edgar Link	pending
0001213900-24-027309.txt	Edgar Link	pending
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ea0201280ex32-2_newhorizon.htm	Edgar Link	pending
ea0201280ex4-2_newhorizon.htm	Edgar Link	pending
ea0201280ex97_newhorizon.htm	Edgar Link	pending
Financial_Report.xlsx	Edgar Link	pending
image_001.jpg	Edgar Link	pending
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pthr-20231231.xsd	Edgar Link	pending
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R8.htm	Edgar Link	pending
R9.htm	Edgar Link	pending
report.css	Edgar Link	pending
Show.js	Edgar Link	pending
FilingSummary.xml	Edgar Link	unprocessable

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$HOVR
New Horizon Aircraft Ltd. Stock $hovr

2023 Q4 Form 10-K Financial Statement

#000121390024027309 Filed on March 28, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$HOVR New Horizon Aircraft Ltd. Stock $hovr

2023 Q4 Form 10-K Financial Statement

#000121390024027309 Filed on March 28, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$HOVR
New Horizon Aircraft Ltd. Stock $hovr