$HOVR
New Horizon Aircraft Ltd.

2024 Q4 Form 10-Q Financial Statement

#000121390024086732 Filed on October 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2024 Q2
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
YoY Change 104.83%
% of Gross Profit
Depreciation & Amortization 30.00K cads
YoY Change 400.0%
% of Gross Profit
Operating Expenses 2.705M cads
YoY Change 341.65%
Operating Profit -2.705M cads
YoY Change 341.66%
Interest Expense 11.00K cads
YoY Change -99.26%
% of Operating Profit
Other Income/Expense, Net -206.0K cads
YoY Change -113.9%
Pretax Income -2.911M cads
YoY Change -434.72%
Income Tax
% Of Pretax Income
Net Earnings -2.911M cads
YoY Change -2683.83%
Net Earnings / Revenue
Basic Earnings Per Share -$0.15
Diluted Earnings Per Share -$0.15
COMMON SHARES
Basic Shares Outstanding 24.57M shares 18.61M shares 18.22M shares
Diluted Shares Outstanding 19.25M shares

Balance Sheet

Concept 2024 Q4 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 Q4 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -2.911M cads
YoY Change -2683.83%
Depreciation, Depletion And Amortization 30.00K cads
YoY Change 400.0%
Cash From Operating Activities -1.475M cads
YoY Change 264.2%
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 3.481M cads
YoY Change 1072.05%
NET CHANGE
Cash From Operating Activities -1.475M cads
Cash From Investing Activities
Cash From Financing Activities 3.481M cads
Net Change In Cash 2.006M cads
YoY Change -1717.74%
FREE CASH FLOW
Cash From Operating Activities -1.475M cads
Capital Expenditures
Free Cash Flow -1.475M cads
YoY Change 250.36%

Facts In Submission

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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 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 unaudited condensed interim consolidated financial statements 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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<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 these unaudited condensed interim 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 unaudited condensed interim 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 unaudited condensed interim 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.</p>On an ongoing basis, management evaluates its estimates and believes significant estimates for the period include those related to Financial Instruments, Business Combinations, Going Concern, Warrant Liabilities, and Stock-based compensation. These estimates include the (i) realization of deferred tax assets and estimates of tax liabilities, (ii) fair value of share-based payments, (iii) valuation of leased assets and liabilities, (iv) volatility, (v) future cash flows, and (vi) estimated useful lives of long-lived assets. These estimates are based on historical data and experience, as well as various other factors that management believes to be appropriate under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Such estimates often require the selection of appropriate valuation methodologies and models and may involve significant judgment in evaluating ranges of assumptions and financial inputs. Actual results may differ from those estimates under different assumptions, financial inputs, or circumstances
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CY2024Q3 us-gaap Property Plant And Equipment Net
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CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
205000 cad
CY2024Q3 us-gaap Depreciation
Depreciation
30000 cad
CY2023Q3 us-gaap Depreciation
Depreciation
6000 cad
CY2024Q3 us-gaap Prepaid Insurance
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377000 cad
CY2024Q2 us-gaap Prepaid Insurance
PrepaidInsurance
482000 cad
CY2024Q3 us-gaap Prepaid Rent
PrepaidRent
1000 cad
CY2024Q2 us-gaap Prepaid Rent
PrepaidRent
1000 cad
CY2024Q3 hovr Prepaid Software
PrepaidSoftware
7000 cad
CY2024Q2 hovr Prepaid Software
PrepaidSoftware
10000 cad
CY2024Q3 hovr Prepaid Capital Market Services
PrepaidCapitalMarketServices
1733000 cad
CY2024Q2 hovr Prepaid Capital Market Services
PrepaidCapitalMarketServices
1938000 cad
CY2024Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2118000 cad
CY2024Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2431000 cad
CY2024Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
92000 cad
CY2024Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
406000 cad
CY2024Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
8000 cad
CY2024Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
84000 cad
CY2024Q3 us-gaap Other Accrued Liabilities Current
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112000 cad
CY2024Q2 us-gaap Other Accrued Liabilities Current
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84000 cad
CY2024Q3 us-gaap Accrued Liabilities Current
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212000 cad
CY2024Q2 us-gaap Accrued Liabilities Current
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574000 cad
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.10 pure
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P2Y
CY2024Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
14000 usd
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
14000 usd
CY2024Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1000 usd
CY2023Q3 us-gaap Short Term Lease Cost
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2000 usd
CY2024Q3 us-gaap Lease Cost
LeaseCost
15000 usd
CY2023Q3 us-gaap Lease Cost
LeaseCost
16000 usd
CY2024Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y
CY2024Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.10 pure
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
37000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
24000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
8000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
69000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
7000 usd
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
62000 usd
CY2024Q3 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
2000000 cad
CY2023 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
1035000 cad
CY2022 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
50000 cad
CY2024 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
300000 cad
CY2023Q3 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
30000 cad
CY2023Q4 us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
517532 shares
CY2024Q3 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
26862000 cad
CY2024Q2 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
21514000 cad
CY2024Q3 us-gaap Common Stock Voting Rights
CommonStockVotingRights
one
CY2024Q3 hovr Pre Funded Warrants
PreFundedWarrants
3000000 shares
CY2024Q3 us-gaap Cost Direct Labor
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510000 usd
CY2024Q3 hovr Proceeds Received From Common Stock
ProceedsReceivedFromCommonStock
3481000 usd
CY2024Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
5755000 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
12065375 shares
CY2024Q2 hovr Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice
11.5
CY2024Q2 hovr Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageRemainingContractualTerm
P4Y7M6D
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Period Increase Decrease
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsPeriodIncreaseDecrease
8800000 shares
CY2024Q3 hovr Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Issue Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsIssueWeightedAverageExercisePrice
0.49
CY2024Q3 hovr Issued August212024 Weighted Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Issued Weighted Average Remaining Contractual Term Average Remaining Contractual Life
IssuedAugust212024WeightedShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsIssuedWeightedAverageRemainingContractualTermAverageRemainingContractualLife
P5Y
CY2024Q3 hovr Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedIntrinsicValue
4274000000 usd
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
45000 shares
CY2024Q3 hovr Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisedWeightedAverageExercisePrice
0.75
CY2024Q3 hovr Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisedWeightedAverageRemainingContractualTerm
P5Y
CY2024Q3 hovr Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisedIntrinsicValue
10000000 usd
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
20820375 shares
CY2024Q3 hovr Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice
6.86
CY2024Q3 hovr Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageRemainingContractualTerm
P4Y8M12D
CY2024Q3 hovr Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingIntrinsicValue
4284000000 usd
CY2024Q3 us-gaap Share Price
SharePrice
0.57
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.036 pure
CY2024Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.76 pure
CY2024Q3 hovr Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0 pure
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
685230 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.6
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y9M18D
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
139 usd
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
150000 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
0.57
CY2024Q3 hovr Sharebased Compensation Arrangement By Sharebased Payment Award Options Issued Weighted Average Remaining Contractual Term
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsIssuedWeightedAverageRemainingContractualTerm
P9Y10M24D
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue
63
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
835230 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.6
CY2024Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y1M6D
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
327 usd
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
391396 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.56
CY2024Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y
CY2024Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
168 usd
CY2024Q3 us-gaap Share Based Compensation
ShareBasedCompensation
100 usd
CY2023Q3 us-gaap Share Based Compensation
ShareBasedCompensation
13000 cad
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-2911000 cad
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-416000 cad
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19246089 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5075420 shares
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.15
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2024Q3 hovr Additinal Funding Amount
AdditinalFundingAmount
75000 cad
CY2023 us-gaap Fee Income
FeeIncome
366000 cad
CY2024Q3 us-gaap Grants Receivable
GrantsReceivable
235000 cad
CY2023 hovr Credits Received From Government
CreditsReceivedFromGovernment
229000 cad
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2025
CY2023Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
cad
CY2023Q3 hovr Change In Fair Value Of Forward Purchase Agreement
ChangeInFairValueOfForwardPurchaseAgreement
cad
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
cad
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
cad
CY2024Q3 us-gaap Other Noncash Expense
OtherNoncashExpense
cad
CY2024Q3 hovr Noncash Interest
NoncashInterest
cad
CY2023Q3 hovr Registered Share Offering Costsin Dollars
RegisteredShareOfferingCostsinDollars
cad
CY2023Q3 hovr Change In Fair Value Of Forward Purchase Agreement
ChangeInFairValueOfForwardPurchaseAgreement
cad
CY2023Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
cad
CY2023Q3 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
cad
CY2023Q3 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
cad
CY2024Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
cad
CY2024Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
cad
CY2024Q3 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
cad
CY2024Q3 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
cad
CY2023Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
cad
CY2023Q3 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
cad
CY2023Q3 hovr Proceed From Issuanceof Incentive Shares
ProceedFromIssuanceofIncentiveShares
cad
CY2024Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
cad
CY2023Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
cad
CY2023Q3 us-gaap Interest Paid Net
InterestPaidNet
cad
CY2024Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
75800000 usd
CY2024Q2 hovr Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingIntrinsicValue
usd
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures
shares
CY2024Q3 hovr Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresWeightedAverageExercisePrice
CY2024Q3 hovr Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresWeightedAverageRemainingContractualTerm
CY2024Q3 hovr Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresIntrinsicValue
usd
CY2024Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
shares
CY2024Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
shares
CY2024Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
CY2024Q3 dei Amendment Flag
AmendmentFlag
false
CY2024Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--05-31
CY2024Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2024Q3 dei Entity Central Index Key
EntityCentralIndexKey
0001930021

Files In Submission

Name View Source Status
hovr-20240831_lab.xml Edgar Link unprocessable
0001213900-24-086732-index-headers.html Edgar Link pending
0001213900-24-086732-index.html Edgar Link pending
0001213900-24-086732.txt Edgar Link pending
0001213900-24-086732-xbrl.zip Edgar Link pending
ea0214441-10q_newhorizon.htm Edgar Link pending
ea021444101ex31-1_newhorizon.htm Edgar Link pending
ea021444101ex31-2_newhorizon.htm Edgar Link pending
ea021444101ex32-1_newhorizon.htm Edgar Link pending
ea021444101ex32-2_newhorizon.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
hovr-20240831.xsd Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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R11.htm Edgar Link pending
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hovr-20240831_cal.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
ea0214441-10q_newhorizon_htm.xml Edgar Link completed
R24.htm Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
hovr-20240831_def.xml Edgar Link unprocessable
hovr-20240831_pre.xml Edgar Link unprocessable