$HOVR
New Horizon Aircraft Ltd.

2024 Q2 Form 10-Q Financial Statement

#000121390024034689 Filed on April 22, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $270.0K
YoY Change 95.65%
% of Gross Profit
Depreciation & Amortization $21.00K
YoY Change 23.53%
% of Gross Profit
Operating Expenses $1.259M $627.8K
YoY Change 866.46% 6178.2%
Operating Profit -$1.259M
YoY Change 866.46%
Interest Expense $15.00K $7.852M
YoY Change -97.62%
% of Operating Profit
Other Income/Expense, Net -$4.047M
YoY Change -16962.5%
Pretax Income -$5.306M $7.224M
YoY Change -1161.2% -72337.9%
Income Tax $338.4K
% Of Pretax Income 4.69%
Net Earnings -$5.306M -$740.0K
YoY Change -1162.45% 7300.0%
Net Earnings / Revenue
Basic Earnings Per Share -$0.45
Diluted Earnings Per Share -$0.45 $0.40
COMMON SHARES
Basic Shares Outstanding 18.22M shares 11.70M shares
Diluted Shares Outstanding 11.70M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.14K
YoY Change -83.86%
Cash & Equivalents 1.816M cads $4.415M $16.14K
Short-Term Investments
Other Short-Term Assets $105.6K
YoY Change
Inventory
Prepaid Expenses 2.431M cads $2.019M $71.08K
Receivables 417.0K cads $127.0K
Other Receivables 417.0K cads
Total Short-Term Assets 4.664M cads $6.561M $121.8K
YoY Change 828.71% 741.56% 35.83%
LONG-TERM ASSETS
Property, Plant & Equipment 205.0K cads $169.0K
YoY Change 294.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $122.0M
YoY Change
Other Assets $0.00
YoY Change -100.0%
Total Long-Term Assets 280.0K cads $257.0K $122.0M
YoY Change -99.77% -99.78% 32969.62%
TOTAL ASSETS
Total Short-Term Assets 4.664M cads $6.561M $121.8K
Total Long-Term Assets 280.0K cads $257.0K $122.0M
Total Assets 4.944M cads $6.818M $122.1M
YoY Change -95.89% -94.28% 26529.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable 715.0K cads $1.446M $685.0K
YoY Change 1138.2% 8525.11%
Accrued Expenses 574.0K cads $804.0K $46.14K
YoY Change 474.0% 704.0% -67.54%
Deferred Revenue
YoY Change
Short-Term Debt $175.0K
YoY Change -41.67%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities 1.333M cads $2.303M $986.2K
YoY Change 728.69% 1684.83% 123.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $6.100M
YoY Change
Total Long-Term Liabilities $6.100M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities 1.333M cads $2.303M $986.2K
Total Long-Term Liabilities $6.100M
Total Liabilities 22.88M cads $22.96M $7.086M
YoY Change 533.56% 541.51% 1502.7%
SHAREHOLDERS EQUITY
Retained Earnings -14.70M cads -$13.00M -$6.865M
YoY Change 388.5% 379.1% 78925.53%
Common Stock -3.250M cads $72.35M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -17.93M cads -$16.14M -$999.0K
YoY Change
Total Liabilities & Shareholders Equity 4.944M cads $6.818M $122.1M
YoY Change -95.89% -94.28% 26529.5%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$5.306M -$740.0K
YoY Change -1162.45% 7300.0%
Depreciation, Depletion And Amortization $21.00K
YoY Change 23.53%
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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DocumentType
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dei Document Quarterly Report
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dei Document Period End Date
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2024-02-29
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dei Document Transition Report
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dei Entity File Number
EntityFileNumber
001-41607
dei Entity Registrant Name
EntityRegistrantName
NEW HORIZON AIRCRAFT LTD.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
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dei Entity Address Address Line1
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3187 Highway 35
dei Entity Address City Or Town
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 1. Organization and Nature of Business</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"><b>Organization and Nature of Business</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. (the “Company”, “Horizon”, “we,” “us” or “our”), a British Columbia corporation, with our headquarters located in Lindsay, Ontario, is an aerospace company. The Company is a former blank check company incorporated on March 11, 2022 under the name Pono Capital Three, Inc., (“Pono”) as a Delaware corporation, subsequently redomiciled in the Cayman Islands on October 14, 2022, and 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.</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 objective is to significantly advance the benefits of sustainable air mobility. In connection with this objective, we have designed and developed a hybrid-electric vertical takeoff and landing (“eVTOL”) prototype aircraft for use in future regional air mobility (“RAM”) networks.</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"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 14, 2023, we consummated an initial public offering (“IPO”). On January 12, 2024 (the “Closing date”), we consummated a merger (the “Merger”) with Pono Three Merger Acquisitions Corp., a British Columbia company (“Merger Sub”) and wholly-owned subsidiary of Pono, with and into Robinson Aircraft Ltd. (“Robinson”) pursuant to an agreement and plan of merger, dated as of August 15, 2023, (as amended by a Business Combination Agreement Waiver, dated as of December 27, 2023) by and among Pono, Merger Sub, Horizon, and Robinson.</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 Merger and other transactions contemplated thereby (collectively, the “Business Combination”) closed on January 12, 2024, when, pursuant to the Business Combination Agreement, Merger Sub merged with and into Robinson Aircraft Ltd., surviving the Merger as a wholly owned subsidiary of Pono. Pono changed its name to “New Horizon Aircraft Ltd” and the business of Robinson became the business of New Horizon Aircraft Ltd.</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 Business Combination was accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, Pono was treated as the acquired company and Robinson was treated as the acquirer for financial statement reporting purposes.</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 financial statements included in this report reflect (i) the historical operating results of Robinson prior to the Business Combination (“Legacy Horizon”); (ii) the combined results of Pono and Legacy Horizon following the closing of the Business Combination; (iii) the assets and liabilities of Legacy Horizon at their historical cost; and (iv) the Company’s equity structure for all periods presented.</p>
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0001213900-24-034689.txt Edgar Link pending
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