Ownership / Kernel Group Holdings Inc - Ordinary Shares | Tables in SEC filings

KRNL Kernel Group Holdings Inc - Ordinary Shares

Quarterly report

	2024		2023
	For the Three Months Ended March 31,
	2024		2023
Cash Flows from Operating Activities:
Net loss	$	(820,553)	$	(2,728,281)
Adjustments to reconcile net loss to net cash used in operating activities:
Income from cash and investments held in Trust Account		(321,077)		(959,464)
Interest expense - amortization of debt discount		204,028		32,404
Unrealized loss from change in fair value of warrant liabilities		479,750		2,704,146
Changes in operating assets and liabilities:
Prepaid expenses		(64,561)		(255,774)
Due from sponsor		—		(281,691)
Accounts payable		202,098		2,211,294
Accrued expenses and other current liabilities		(16,945)		(1,589,700)
Accrued expenses - related party		30,000		30,000
Net cash used in operating activities		(307,260)		(837,066)

Cash Flows from Investing Activities:
Advances to Trust Account		(150,000)		(600,000)
Proceeds from Trust Account for payment to redeeming shareholders		62,727,099		232,542,916
Net cash provided by investing activities		62,577,099		231,942,916

Cash Flows from Financing Activities:
Proceeds from promissory notes - related party		207,260		750,000
Proceeds from convertible promissory notes		250,000		600,000
Payment to redeeming shareholders		(62,727,099)		(232,542,916)
Net cash used in financing activities		(62,269,839)		(231,192,916)

Net Change in Cash		—		(87,066)
Cash - Beginning of the period		804		93,095
Cash - End of the period	$	804	$	6,029

	Shares		Amount		Shares		Amount		Capital		Deficit		Deficit
	THREE MONTHS ENDED MARCH 31, 2024
	Ordinary Shares
	Class A				Class B				Additional Paid-in		Accumulated		Total Shareholders’
	Shares		Amount		Shares		Amount		Capital		Deficit		Deficit
Balance at January 1, 2024		—	$	—		7,618,750	$	762	$	—	$	(8,202,751)	$	(8,201,989)
Proceeds allocated to Share Rights of convertible promissory notes		—		—		—		—		228,795		—		228,795
Remeasurement of Class A ordinary shares to redemption amount		—		—		—		—		(228,795)		(242,282)		(471,077)
Net loss		—		—		—		—		—		(820,553)		(820,553)
Balance at March 31, 2024 (unaudited)		—	$	—		7,618,750	$	762	$	—	$	(9,265,586)	$	(9,264,824)

	For the Three Months Ended March 31, 2024				For the Three Months Ended March 31, 2023
	Class A		Class B		Class A		Class B
Numerator:
Allocation of net loss - basic and diluted	$	(205,843)	$	(614,710)	$	(1,909,942)	$	(818,339)

Denominator:
Weighted average ordinary shares outstanding, basic and diluted		2,551,225		7,618,750		17,781,598		7,618,750

Basic and diluted net loss per ordinary share	$	(0.08)	$	(0.08)	$	(0.11)	$	(0.11)

Gross proceeds received from Initial Public Offering	$	304,750,000
Less:
Fair value of Public Warrants at issuance		(23,922,875)
Offering costs allocated to Class A ordinary shares		(16,172,159)
Plus:
Accretion on Class A ordinary shares to redemption value		44,479,800
Class A ordinary shares subject to possible redemption as of December 31, 2022		309,134,766
Redemption of shares		(246,225,327)
Derecognition of deferred underwriting fee payable allocated to Class A ordinary shares		9,910,904
Accretion on Class A ordinary shares subject to possible redemption		(5,100,681)
Class A ordinary shares subject to possible redemption as of December 31, 2023		67,719,662
Redemption of shares		(62,727,099)
Accretion on Class A ordinary shares subject to possible redemption		471,077
Class A ordinary shares subject to possible redemption as of March 31, 2024	$	5,463,640

Description	Amount at Fair Value		Level 1		Level 2		Level 3
December 31, 2023
Assets
Investments held in Trust Account:
Cash or demand deposit account	$	67,819,662	$	67,819,662	$	—	$	—
Liabilities
Warrant liability – Public Warrants	$	304,750	$	—	$	304,750	$	—
Warrant liability – Private Placement Warrants	$	175,000	$	—	$	175,000	$	—
Warrant liability	$	175,000	$	—	$	175,000	$	—

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