$HOVR
New Horizon Aircraft Ltd. Stock $hovr

$hovr Overview Financials Valuation SEC Filings Company Website

2024 Q3 Form 10-K Financial Statement

#000121390024069692 Filed on August 15, 2024

Income Statement

Concept	2024 Q3	2024 Q2	2024
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development	297.0K cads		880.0K cads
YoY Change	104.83%		30.18%
% of Gross Profit
Depreciation & Amortization	30.00K cads		56.00K cads
YoY Change	400.0%		107.41%
% of Gross Profit
Operating Expenses	2.705M cads		4.624M cads
YoY Change	341.65%		177.49%
Operating Profit	-2.705M cads		-4.624M cads
YoY Change	341.66%		177.49%
Interest Expense	11.00K cads		-163.0K cads
YoY Change	-99.26%		-101.43%
% of Operating Profit
Other Income/Expense, Net	-206.0K cads		-3.536M cads
YoY Change	-113.9%		-131.08%
Pretax Income	-2.911M cads		-8.160M cads
YoY Change	-434.72%		-184.04%
Income Tax
% Of Pretax Income
Net Earnings	-2.911M cads		-8.160M cads
YoY Change	-2683.83%		-194.72%
Net Earnings / Revenue
Basic Earnings Per Share	-$0.15		-$0.76
Diluted Earnings Per Share	-$0.15		-$0.76
COMMON SHARES
Basic Shares Outstanding	18.61M shares	18.22M shares	10.72M shares
Diluted Shares Outstanding	19.25M shares		10.72M shares

Balance Sheet

Concept	2024 Q3	2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents	3.822M cads	1.816M cads
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses	2.118M cads	2.431M cads
Receivables	59.00K cads	417.0K cads
Other Receivables		417.0K cads
Total Short-Term Assets	5.999M cads	4.664M cads
YoY Change	2594.44%	828.71%
LONG-TERM ASSETS
Property, Plant & Equipment	175.0K cads	205.0K cads
YoY Change		294.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets	238.0K cads	280.0K cads
YoY Change	-99.8%	-99.77%
TOTAL ASSETS
Total Short-Term Assets	5.999M cads	4.664M cads
Total Long-Term Assets	238.0K cads	280.0K cads
Total Assets	6.237M cads	4.944M cads
YoY Change	-94.88%	-95.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	1.235M cads	715.0K cads
YoY Change	248.38%	1138.2%
Accrued Expenses	212.0K cads	574.0K cads
YoY Change	257.69%	474.0%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	1.483M cads	1.333M cads
YoY Change	18.57%	728.69%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities	1.483M cads	1.333M cads
Total Long-Term Liabilities
Total Liabilities	28.37M cads	22.88M cads
YoY Change	108.74%	533.56%
SHAREHOLDERS EQUITY
Retained Earnings	-17.60M cads	-14.70M cads
YoY Change	40.67%	388.5%
Common Stock	-4.539M cads	-3.250M cads
YoY Change	-6774726.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	-22.13M cads	-17.93M cads
YoY Change
Total Liabilities & Shareholders Equity	6.237M cads	4.944M cads
YoY Change	-94.88%	-95.89%

Cashflow Statement

Concept	2024 Q3	2024
OPERATING ACTIVITIES
Net Income	-2.911M cads	-8.160M cads
YoY Change	-2683.83%	-194.72%
Depreciation, Depletion And Amortization	30.00K cads	56.00K cads
YoY Change	400.0%	107.41%
Cash From Operating Activities	-1.475M cads	-3.308M cads
YoY Change	264.2%	55.68%
INVESTING ACTIVITIES
Capital Expenditures		209.0K cads
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities		-209.0K cads
YoY Change		-99.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	3.481M cads	5.105M cads
YoY Change	1072.05%	-95.7%
NET CHANGE
Cash From Operating Activities	-1.475M cads	-3.308M cads
Cash From Investing Activities		-209.0K cads
Cash From Financing Activities	3.481M cads	5.105M cads
Net Change In Cash	2.006M cads	1.588M cads
YoY Change	-1717.74%	-2301.31%
FREE CASH FLOW
Cash From Operating Activities	-1.475M cads	-3.308M cads
Capital Expenditures		209.0K cads
Free Cash Flow	-1.475M cads	-3.517M cads
YoY Change	250.36%	65.51%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2024	dei	Document Type DocumentType	10-K
CY2024	dei	Document Annual Report DocumentAnnualReport	true
CY2024	dei	Document Period End Date DocumentPeriodEndDate	2024-05-31
CY2024	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--05-31
CY2024	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2024
CY2024	dei	Document Transition Report DocumentTransitionReport	false
CY2024	dei	Entity File Number EntityFileNumber	001-41607
CY2024	dei	Entity Registrant Name EntityRegistrantName	NEW HORIZON AIRCRAFT LTD.
CY2024	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	A1
CY2024	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	98-1786743
CY2024	dei	Entity Address Address Line1 EntityAddressAddressLine1	3187 Highway 35
CY2024	dei	Entity Address City Or Town EntityAddressCityOrTown	Lindsay
CY2024	dei	Entity Address State Or Province EntityAddressStateOrProvince	ON
CY2024	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	K9V 4R1
CY2024	dei	City Area Code CityAreaCode	(613)
CY2024	dei	Local Phone Number LocalPhoneNumber	866-1935
CY2024	dei	Entity Well Known Seasoned Issuer EntityWellKnownSeasonedIssuer	No
CY2024	dei	Entity Voluntary Filers EntityVoluntaryFilers	No
CY2024	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2024	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
CY2024	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
CY2024	dei	Entity Small Business EntitySmallBusiness	true
CY2024	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	true
CY2024	dei	Entity Ex Transition Period EntityExTransitionPeriod	false
CY2024	dei	Icfr Auditor Attestation Flag IcfrAuditorAttestationFlag	false
CY2024	dei	Document Fin Stmt Error Correction Flag DocumentFinStmtErrorCorrectionFlag	true
CY2024	dei	Document Fin Stmt Restatement Recovery Analysis Flag DocumentFinStmtRestatementRecoveryAnalysisFlag	false
CY2024	dei	Entity Shell Company EntityShellCompany	false
CY2023Q4	dei	Entity Public Float EntityPublicFloat	121670000	usd
CY2024Q3	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	18607931	shares
CY2024Q2	ecd	Non Rule10b51 Arr Adopted Flag NonRule10b51ArrAdoptedFlag	false
CY2024Q2	ecd	Rule10b51 Arr Adopted Flag Rule10b51ArrAdoptedFlag	false
CY2024Q2	ecd	Non Rule10b51 Arr Trmntd Flag NonRule10b51ArrTrmntdFlag	false
CY2024Q2	ecd	Rule10b51 Arr Trmntd Flag Rule10b51ArrTrmntdFlag	false
CY2024	dei	Auditor Firm AuditorFirmId	1930
CY2024	dei	Auditor Name AuditorName	MNP LLP
CY2024	dei	Auditor Location AuditorLocation	Mississauga, Canada
CY2024Q2	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	1816000	cad
CY2023Q2	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	228000	cad
CY2024Q2	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	2431000	cad
CY2023Q2	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	3000	cad
CY2024Q2	us-gaap	Other Receivables Net Current OtherReceivablesNetCurrent	417000	cad
CY2023Q2	us-gaap	Other Receivables Net Current OtherReceivablesNetCurrent	15000	cad
CY2024Q2	us-gaap	Assets Current AssetsCurrent	4664000	cad
CY2023Q2	us-gaap	Assets Current AssetsCurrent	246000	cad
CY2023Q2	us-gaap	Finance Lease Right Of Use Asset FinanceLeaseRightOfUseAsset	21000	cad
CY2024Q2	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	75000	cad
CY2023Q2	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	121000	cad
CY2024Q2	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	205000	cad
CY2023Q2	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	52000	cad
CY2024Q2	us-gaap	Assets Assets	4944000	cad
CY2023Q2	us-gaap	Assets Assets	440000	cad
CY2024Q2	us-gaap	Accounts Payable Current AccountsPayableCurrent	715000	cad
CY2023Q2	us-gaap	Accounts Payable Current AccountsPayableCurrent	172000	cad
CY2024Q2	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	574000	cad
CY2023Q2	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	48000	cad
CY2023Q2	us-gaap	Finance Lease Liability Current FinanceLeaseLiabilityCurrent	3000	cad
CY2024Q2	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	44000	cad
CY2023Q2	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	46000	cad
CY2023Q2	us-gaap	Short Term Borrowings ShortTermBorrowings	40000	cad
CY2023Q2	us-gaap	Notes Payable Current NotesPayableCurrent	37000	cad
CY2023Q2	us-gaap	Convertible Debt Current ConvertibleDebtCurrent	1142000	cad
CY2024Q2	us-gaap	Liabilities Current LiabilitiesCurrent	1333000	cad
CY2023Q2	us-gaap	Liabilities Current LiabilitiesCurrent	1488000	cad
CY2024Q2	us-gaap	Warrants And Rights Outstanding WarrantsAndRightsOutstanding	576000	cad
CY2023Q2	us-gaap	Long Term Notes Payable LongTermNotesPayable	263000	cad
CY2024Q2	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	30000	cad
CY2023Q2	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	74000	cad
CY2024Q2	us-gaap	Liabilities Liabilities	22877000	cad
CY2023Q2	us-gaap	Liabilities Liabilities	1825000	cad
CY2024Q2	us-gaap	Common Stock Value CommonStockValue	74406000	cad
CY2023Q2	us-gaap	Common Stock Value CommonStockValue	5083000	cad
CY2024Q2	us-gaap	Additional Paid In Capital Common Stock AdditionalPaidInCapitalCommonStock	-77656000	cad
CY2023Q2	us-gaap	Additional Paid In Capital Common Stock AdditionalPaidInCapitalCommonStock	55000	cad
CY2024Q2	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-14683000	cad
CY2023Q2	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-6523000	cad
CY2024Q2	us-gaap	Stockholders Equity StockholdersEquity	-17933000	cad
CY2023Q2	us-gaap	Stockholders Equity StockholdersEquity	-1385000	cad
CY2024Q2	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	4944000	cad
CY2023Q2	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	440000	cad
CY2024	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	880000	cad
CY2023	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	676000	cad
CY2024	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	3744000	cad
CY2023	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	787000	cad
CY2024	us-gaap	Operating Expenses OperatingExpenses	4624000	cad
CY2023	us-gaap	Operating Expenses OperatingExpenses	1463000	cad
CY2024	us-gaap	Operating Income Loss OperatingIncomeLoss	-4624000	cad
CY2023	us-gaap	Operating Income Loss OperatingIncomeLoss	-1463000	cad
CY2024	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	575000	cad
CY2023	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	290000	cad
CY2024	us-gaap	Interest Income Expense Nonoperating Net InterestIncomeExpenseNonoperatingNet	-163000	cad
CY2023	us-gaap	Interest Income Expense Nonoperating Net InterestIncomeExpenseNonoperatingNet	-74000	cad
CY2024	us-gaap	Fair Value Adjustment Of Warrants FairValueAdjustmentOfWarrants	-394000	cad
CY2024	hovr	Change In Fair Value Of Forward Purchase Agreement ChangeInFairValueOfForwardPurchaseAgreement	4342000	cad
CY2024	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-3536000	cad
CY2023	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	216000	cad
CY2024	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	-8160000	cad
CY2023	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	-1247000	cad
CY2024	us-gaap	Net Income Loss NetIncomeLoss	-8160000	cad
CY2023	us-gaap	Net Income Loss NetIncomeLoss	-1247000	cad
CY2024	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	10717378	shares
CY2023	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	7326310	shares
CY2024	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.76
CY2023	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.17
CY2023Q2	us-gaap	Stockholders Equity StockholdersEquity	-1385000	cad
CY2024	us-gaap	Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition	66000	cad
CY2024	us-gaap	Net Income Loss NetIncomeLoss	-8160000	cad
CY2024	us-gaap	Stock Issued During Period Value Conversion Of Convertible Securities StockIssuedDuringPeriodValueConversionOfConvertibleSecurities	1496000	cad
CY2024	us-gaap	Stock Issued During Period Value Conversion Of Units StockIssuedDuringPeriodValueConversionOfUnits	6843000	cad
CY2024	us-gaap	Stock Issued During Period Value Issued For Services StockIssuedDuringPeriodValueIssuedForServices	1558000	cad
CY2024	hovr	Stock Issued During Period Value New Horizon Shares On Effective Date StockIssuedDuringPeriodValueNewHorizonSharesOnEffectiveDate	-20087000	cad
CY2024	us-gaap	Adjustments To Additional Paid In Capital Warrant Issued AdjustmentsToAdditionalPaidInCapitalWarrantIssued	970000	cad
CY2024	hovr	Stock Issued During Period Value Capital Markets Advisory Shares StockIssuedDuringPeriodValueCapitalMarketsAdvisoryShares	2706000	cad
CY2024Q2	us-gaap	Stockholders Equity StockholdersEquity	-17933000	cad
CY2022Q2	us-gaap	Stockholders Equity StockholdersEquity	-2172000	cad
CY2023	hovr	Stock Issued During Period Value Settlement Of Shareholder Advances StockIssuedDuringPeriodValueSettlementOfShareholderAdvances	1979000	cad
CY2023	us-gaap	Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition	55000	cad
CY2023	us-gaap	Net Income Loss NetIncomeLoss	-1247000	cad
CY2023Q2	us-gaap	Stockholders Equity StockholdersEquity	-1385000	cad
CY2024	us-gaap	Net Income Loss NetIncomeLoss	-8160000	cad
CY2023	us-gaap	Net Income Loss NetIncomeLoss	-1247000	cad
CY2024	us-gaap	Depreciation And Amortization DepreciationAndAmortization	56000	cad
CY2023	us-gaap	Depreciation And Amortization DepreciationAndAmortization	27000	cad
CY2023	us-gaap	Other Noncash Expense OtherNoncashExpense	56000	cad
CY2024	us-gaap	Share Based Compensation ShareBasedCompensation	66000	cad
CY2023	us-gaap	Share Based Compensation ShareBasedCompensation	55000	cad
CY2024	hovr	Noncash Interest NoncashInterest	196000	cad
CY2023	hovr	Noncash Interest NoncashInterest	57000	cad
CY2024	hovr	Change In Fair Value Of Forward Purchase Agreement ChangeInFairValueOfForwardPurchaseAgreement	4342000	cad
CY2024	us-gaap	Fair Value Adjustment Of Warrants FairValueAdjustmentOfWarrants	-394000	cad
CY2024	us-gaap	Increase Decrease In Prepaid Expense IncreaseDecreaseInPrepaidExpense	-278000	cad
CY2024	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	402000	cad
CY2023	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	15000	cad
CY2024	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	184000	cad
CY2023	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	36000	cad
CY2024	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	526000	cad
CY2023	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	-2000	cad
CY2023	us-gaap	Increase Decrease In Operating Lease Liability IncreaseDecreaseInOperatingLeaseLiability	-54000	cad
CY2024	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-3308000	cad
CY2023	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-1087000	cad
CY2024	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	209000	cad
CY2024	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-209000	cad
CY2024	hovr	Finance Lease Payment FinanceLeasePayment	-18000	cad
CY2023	hovr	Finance Lease Payment FinanceLeasePayment	19000	cad
CY2024	us-gaap	Proceeds From Convertible Debt ProceedsFromConvertibleDebt	6700000	cad
CY2023	us-gaap	Proceeds From Convertible Debt ProceedsFromConvertibleDebt	1035000	cad
CY2024	hovr	Outflow From Business Combination OutflowFromBusinessCombination	1573000	cad
CY2023	us-gaap	Proceeds From Notes Payable ProceedsFromNotesPayable	300000	cad
CY2023	us-gaap	Repayments Of Short Term Debt RepaymentsOfShortTermDebt	5000	cad
CY2024	us-gaap	Repayments Of Bank Debt RepaymentsOfBankDebt	40000	cad
CY2024	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	5105000	cad
CY2023	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	1311000	cad
CY2024	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect	1588000	cad
CY2023	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect	224000	cad
CY2023Q2	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	228000	cad
CY2022Q2	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	4000	cad
CY2024Q2	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	1816000	cad
CY2023Q2	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	228000	cad
CY2024	us-gaap	Conversion Of Stock Amount Converted1 ConversionOfStockAmountConverted1	1496000	cad
CY2024	us-gaap	Interest Paid Net InterestPaidNet	23000	cad
CY2023	us-gaap	Interest Paid Net InterestPaidNet	14000	cad
CY2023	hovr	Settlement Of Shareholder Advances SettlementOfShareholderAdvances	1979000	cad
CY2024	us-gaap	Nature Of Operations NatureOfOperations	<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 cost-effective and energy efficient 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, 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 consolidated 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>
CY2024	dei	Entity Incorporation Date Of Incorporation EntityIncorporationDateOfIncorporation	2022-03-11
CY2024Q2	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-14700000	cad
CY2024	us-gaap	Proceeds From Other Equity ProceedsFromOtherEquity	4	cad
CY2024	hovr	Reimbursements Expenses ReimbursementsExpenses	4500000	cad
CY2024	hovr	Payment For Reimbursement PaymentForReimbursement	2700000	cad
CY2024Q2	hovr	Transaction Costs TransactionCosts	3100000	cad
CY2024Q2	hovr	Deferred Underwritings Fees DeferredUnderwritingsFees	400000	cad
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Files In Submission

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$HOVR
New Horizon Aircraft Ltd. Stock $hovr

2024 Q3 Form 10-K Financial Statement

#000121390024069692 Filed on August 15, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$HOVR New Horizon Aircraft Ltd. Stock $hovr

2024 Q3 Form 10-K Financial Statement

#000121390024069692 Filed on August 15, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$HOVR
New Horizon Aircraft Ltd. Stock $hovr