$QETA
Quetta Acquisition Corp

2024 Q2 Form 10-Q Financial Statement

#000182912624003032 Filed on May 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $47.48K $46.20K $43.09K
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $197.7K $123.2K $121.1K
YoY Change
Operating Profit -$197.7K -$123.2K
YoY Change
Interest Expense $934.8K $926.0K $823.3K
YoY Change 126217.57%
% of Operating Profit
Other Income/Expense, Net $926.0K
YoY Change
Pretax Income $737.0K $802.8K $702.2K
YoY Change 99500.0%
Income Tax $192.6K $191.1K $170.7K
% Of Pretax Income 26.14% 23.8% 24.3%
Net Earnings $544.4K $611.7K $531.5K
YoY Change 73769.34%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.06 $0.07 $0.06
COMMON SHARES
Basic Shares Outstanding 8.947M shares 8.947M shares 8.947M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $334.3K $565.8K $610.2K
YoY Change
Cash & Equivalents $0.00 $0.00 $0.00
Short-Term Investments
Other Short-Term Assets $112.3K $84.86K $108.2K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $446.6K $650.7K $718.4K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $72.36M $71.43M $70.51M
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $72.36M $71.43M $70.51M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $446.6K $650.7K $718.4K
Total Long-Term Assets $72.36M $71.43M $70.51M
Total Assets $72.80M $72.08M $71.22M
YoY Change 17656.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $56.90K $35.65K $18.25K
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $653.7K $472.3K $232.0K
YoY Change 69.8%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.415M $2.415M $2.415M
YoY Change
Total Long-Term Liabilities $2.415M $2.415M $2.415M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $653.7K $472.3K $232.0K
Total Long-Term Liabilities $2.415M $2.415M $2.415M
Total Liabilities $3.069M $2.887M $2.647M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$2.020M -$1.843M -$1.744M
YoY Change
Common Stock $204.00 $204.00 $204.00
YoY Change 18.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.020M -$1.843M $68.58M
YoY Change
Total Liabilities & Shareholders Equity $72.80M $72.08M $71.22M
YoY Change 17656.78%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $544.4K $611.7K $531.5K
YoY Change 73769.34%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$231.5K -$44.37K -$161.2K
YoY Change -31508.41%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$69.69M
YoY Change
Cash From Investing Activities -$69.69M
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 70.20M
YoY Change
NET CHANGE
Cash From Operating Activities -231.5K -$44.37K -161.2K
Cash From Investing Activities -69.69M
Cash From Financing Activities 70.20M
Net Change In Cash -231.5K -$44.37K 347.5K
YoY Change -178.96%
FREE CASH FLOW
Cash From Operating Activities -$231.5K -$44.37K -$161.2K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2024Q1 dei Entity Filer Category
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CY2024Q1 dei Entity Small Business
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CY2024Q1 dei Entity Emerging Growth Company
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CY2024Q1 dei Entity Ex Transition Period
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CY2024Q1 dei Entity Shell Company
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CY2024Q2 dei Entity Common Stock Shares Outstanding
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CY2024Q1 us-gaap Assets Held In Trust
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CY2024Q1 QETAU Franchise Tax Payable
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CY2024Q1 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
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CY2024Q1 us-gaap Interest Income Operating
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CY2024Q1 QETAU Interest Earned On Marketable Securities Held In Trust Account
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CY2024Q1 us-gaap Nonoperating Income Expense
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CY2024Q1 QETAU Basic And Diluted Weighted Average Shares Outstanding Common Shares Subject To Possible Redemption
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CY2024Q1 us-gaap Profit Loss
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CY2024Q1 QETAU Interest Earned On Marketable Securities Held In Trust Account
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CY2024Q1 us-gaap Increase Decrease In Prepaid Expense
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CY2024Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2024Q1 us-gaap Increase Decrease In Income Taxes
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CY2024Q1 QETAU Increase Decrease In Franchises Tax Payable
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CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2024Q1 QETAU Percentage Of Amount Of Trust Assets Of Target Company Excluding Underwriting Commission Working Capital And Taxes
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CY2024Q1 QETAU Net Tangible Assets
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CY2024Q1 QETAU Percentage Of Public Shareholding To Be Redeemed In Case Of Non Occurrence Of Business Combination
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CY2024Q1 QETAU Aggregate Amount
AggregateAmount
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CY2024Q1 us-gaap Net Asset Value Per Share
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CY2024Q1 us-gaap Cash Equivalents At Carrying Value
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CY2024Q1 QETAU Working Capital Deficit
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CY2024Q1 QETAU Payment From Sponsor
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CY2024Q1 us-gaap Unsecured Debt
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CY2024Q1 us-gaap Use Of Estimates
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<p id="xdx_846_eus-gaap--UseOfEstimates_zEE7EFRJ9MMf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_864_z6chf2AsMDAl">Use of Estimates</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In preparing the financial statement in conformity with U.S. GAAP, the Company’s management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported expenses during the reporting period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
CY2024Q1 us-gaap Cash
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CY2024Q1 QETAU Basic And Diluted Weighted Average Shares Outstanding Common Shares Subject To Possible Redemption
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CY2024Q1 QETAU Basic And Diluted Net Income Per Share Redeemable Common Stock
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CY2024Q1 us-gaap Net Income Loss
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CY2024Q1 QETAU Net Income Attributable To Class Common Stock Subject To Possible Redemption
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CY2024Q1 QETAU Basic And Diluted Weighted Average Shares Outstanding Nonredeemable Common Stock
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CY2024Q1 us-gaap Concentration Risk Credit Risk
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<p id="xdx_844_eus-gaap--ConcentrationRiskCreditRisk_zHiyeVhUTfQ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_869_zuWlz4TRs7Xb">Concentration of Credit Risk</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $<span id="xdx_902_eus-gaap--FederalDepositInsuranceCorporationPremiumExpense_c20240101__20240331_pp0p0" title="Federal depository insurance coverage">250,000</span>. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
CY2024Q1 us-gaap Federal Deposit Insurance Corporation Premium Expense
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CY2023Q4 us-gaap Proceeds From Issuance Initial Public Offering
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CY2024Q1 us-gaap Stock Issued During Period Value Share Based Compensation Forfeited
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CY2024Q1 QETAU Founder Shares Issued
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CY2023Q4 QETAU Founder Shares Issued
FounderSharesIssued
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CY2024Q1 QETAU Promissory Note Related Party
PromissoryNoteRelatedParty
300000 usd
CY2024Q1 QETAU Related Party Due
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CY2023Q4 QETAU Related Party Due
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CY2024Q1 us-gaap Payments For Fees
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CY2024Q1 QETAU Due To Empire
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CY2023Q4 QETAU Due To Empire
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CY2024Q1 QETAU Over Allotment Option Vesting Period
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CY2024Q1 QETAU Deferred Fee Percentage
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CY2024Q1 us-gaap Common Stock Shares Authorized
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CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
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CY2024Q1 us-gaap Common Stock Shares Issued
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CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2023Q4 us-gaap Common Stock Shares Outstanding
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CY2024Q1 QETAU Schedule Of Assets That Are Measured At Fair Value
ScheduleOfAssetsThatAreMeasuredAtFairValue
<table cellpadding="0" cellspacing="0" id="xdx_894_ecustom--ScheduleOfAssetsThatAreMeasuredAtFairValue_zvIIc1ZEogoj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Fair Value Measurements (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span id="xdx_8B2_zPREQaivMPl" style="display: none">Schedule of fair value hierarchy of the valuation inputs</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31,<br/>2024</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Quoted<br/>Prices in<br/>Active Markets<br/>(Level 1)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Significant<br/>Other<br/>Observable<br/>Inputs<br/>(Level 2)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Significant<br/>Other<br/>Unobservable<br/>Inputs<br/>(Level 3)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; font-weight: bold; text-align: left">Assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Investments held in Trust Account</td> <td> </td> <td style="text-align: left">$</td> <td id="xdx_985_eus-gaap--AssetsFairValueDisclosure_c20240331_pp0p0" style="text-align: right" title="Investments held in Trust Account">71,426,230</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td id="xdx_98A_eus-gaap--AssetsFairValueDisclosure_c20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_pp0p0" style="text-align: right" title="Investments held in Trust Account">71,426,230</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_989_eus-gaap--AssetsFairValueDisclosure_c20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_pp0p0" style="text-align: right" title="Investments held in Trust Account"><span style="-sec-ix-hidden: xdx2ixbrl0477">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_988_eus-gaap--AssetsFairValueDisclosure_c20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_pp0p0" style="text-align: right" title="Investments held in Trust Account"><span style="-sec-ix-hidden: xdx2ixbrl0479">-</span></td> <td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<br/>2023</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Quoted<br/>Prices in<br/>Active Markets<br/>(Level 1)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Significant<br/>Other<br/>Observable<br/>Inputs<br/>(Level 2)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Significant<br/>Other<br/>Unobservable<br/>Inputs<br/>(Level 3)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 52%; font-weight: bold; text-align: left">Assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Investments held in Trust Account</td> <td> </td> <td style="text-align: left">$</td> <td id="xdx_987_eus-gaap--AssetsFairValueDisclosure_iI_pp0p0_c20231231_zm4Xa5EaNx76" style="text-align: right" title="Investments held in Trust Account">70,506,524</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td id="xdx_989_eus-gaap--AssetsFairValueDisclosure_iI_pp0p0_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zwvTyd3estDc" style="text-align: right" title="Investments held in Trust Account">70,506,524</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_984_eus-gaap--AssetsFairValueDisclosure_iI_pp0p0_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zTqkwdErlVO2" style="text-align: right" title="Investments held in Trust Account"><span style="-sec-ix-hidden: xdx2ixbrl0485">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--AssetsFairValueDisclosure_iI_pp0p0_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_ztToPZJ3Lqv4" style="text-align: right" title="Investments held in Trust Account"><span style="-sec-ix-hidden: xdx2ixbrl0487">-</span></td> <td style="text-align: left"> </td></tr> </table>
CY2024Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
71426230 usd
CY2023Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
70506524 usd

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