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

KRNL Kernel Group Holdings Inc - Ordinary Shares

Quarterly report

	March 31, 2024		December 31, 2023
		(Unaudited)
Assets
Current assets:
Cash	$	804	$	804
Prepaid expenses		91,709		27,148
Total current assets		92,513		27,952
Cash and investments held in Trust Account		5,563,640		67,819,662
Total Assets	$	5,656,153	$	67,847,614

Liabilities and Shareholders’ Deficit:
Current liabilities:
Accounts payable	$	3,931,193	$	3,729,095
Accrued expenses and other current liabilities		33,670		50,615
Accrued expenses - related party		320,000		290,000
Promissory notes - related party		2,422,628		2,215,368
Convertible promissory notes, net of discount		1,790,346		1,565,113
Total current liabilities		8,497,837		7,850,191
Warrant liabilities		959,500		479,750
Total Liabilities		9,457,337		8,329,941

Commitments and Contingencies		-		-
Class A ordinary shares subject to possible redemption, $0.0001 par value; 509,341 and 6,315,949 shares issued and outstanding at approximately $10.73 and $10.72 per share redemption value as of March 31, 2024 and December 31, 2023, respectively		5,463,640		67,719,662

Shareholders’ Deficit:
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding as of March 31, 2024 and December 31, 2023		—		—
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; no non-redeemable shares issued or outstanding as of March 31, 2024 and December 31, 2023		—		—
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 7,618,750 shares issued and outstanding as of March 31, 2024 and December 31, 2023		762		762
Ordinary shares		762		762
Additional paid-in capital		—		—
Accumulated deficit		(9,265,586)		(8,202,751)
Total Shareholders’ Deficit		(9,264,824)		(8,201,989)
Total Liabilities and Shareholders’ Deficit	$	5,656,153	$	67,847,614

	2024		2023
	Three Months Ended March 31,
	2024		2023
General and administrative expenses	$	427,852	$	919,365
Administrative fees - related party		30,000		30,000
Loss from operations		(457,852)		(949,365)
Other income (expense):
Unrealized loss from change in fair value of warrant liabilities		(479,750)		(2,704,146)
Income from cash and investments held in Trust Account		321,077		959,464
Interest expense - amortization of debt discount		(204,028)		(32,404)
Interest expense		—		(1,830)
Total other income (expense), net		(362,701)		(1,778,916)
Net loss	$	(820,553)	$	(2,728,281)

Basic and diluted weighted average shares outstanding, Class A ordinary shares		2,551,225		17,781,598
Basic and diluted net loss per share, Class A ordinary shares	$	(0.08)	$	(0.11)
Basic and diluted weighted average shares outstanding, Class B ordinary shares		7,618,750		7,618,750
Basic and diluted net loss per share, Class B ordinary shares	$	(0.08)	$	(0.11)

Description	Amount at Fair Value		Level 1		Level 2		Level 3
March 31, 2024
Liabilities
Warrant liability – Public Warrants	$	609,500	$	—	$	609,500	$	—
Warrant liability – Private Placement Warrants	$	350,000	$	—	$	350,000	$	—


Principal value	$	1,950,000
Debt discount		(159,654)
Carrying value	$	1,790,346

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