Financial reports / New Providence Acquisition Corp. II | Tables in SEC filings

NPAB New Providence Acquisition Corp. II

Quarterly report

CONDENSED BALANCE SHEETS

	September 30,		December 31,
	2024		2023
	(unaudited)
ASSETS
Current Assets
Cash	$	3,400	$	56,867
Prepaid expenses		21,917		13,080
Prepaid income taxes		10,226		—
Total Current Assets		35,543		69,947

Cash and marketable securities held in Trust Account		7,504,714		56,981,202
TOTAL ASSETS	$	7,540,257	$	57,051,149

LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS’ DEFICIT
Current liabilities
Accounts payable and accrued expenses	$	1,795,191	$	1,295,810
Income taxes payable		—		209,997
Excise taxes payable		2,554,283		2,054,788
Promissory Notes - related party		790,000		290,000
Advance from related parties		5,692		—
Total Current Liabilities		5,145,166		3,850,595

Deferred underwriting payable		8,750,000		8,750,000
Total Liabilities		13,895,166		12,600,595

Commitments and Contingencies (Note 6)

Class A Common Stock subject to possible redemption, $0.0001 par value; 682,524 and 5,267,875 shares issued and outstanding at $10.99 and $10.75 per share redemption value at September 30, 2024 and December 31, 2023, respectively		7,500,540		56,621,690

Stockholders’ Deficit
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding		—		—
Class A Common Stock, $0.0001 par value; 400,000,000 shares authorized; 6,249,999 and 3,000,000 shares issued and outstanding (excluding 682,524 and 5,267,875 shares subject to possible redemption) at September 30, 2024 and December 31, 2023, respectively		625		300
Class B Common Stock, $0.0001 par value; 10,000,000 shares authorized; one share and 3,250,000 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively		—		325
Additional paid-in capital		—		—
Accumulated deficit		(13,856,074)		(12,171,761)
Total Stockholders’ Deficit		(13,855,449)		(12,171,136)
TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS’ DEFICIT	$	7,540,257	$	57,051,149

Common Stock subject to possible redemption, December 31, 2023	$	56,621,690
Plus:
Remeasurement of carrying value to redemption value		543,275
Common Stock subject to possible redemption, March 31, 2024	$	57,164,965
Less:
Redemption of Class A Common Stock subject to redemption		(49,949,579)
Plus:
Remeasurement of carrying value to redemption value		257,252
Common Stock subject to possible redemption, June 30, 2024	$	7,472,638
Plus:
Remeasurement of carrying value to redemption value		27,902
Common Stock subject to possible redemption, September 30, 2024	$	7,500,540

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Operating costs	$	368,515	$	355,345	$	1,330,422	$	1,145,809
Loss from operations		(368,515)		(355,345)		(1,330,422)		(1,145,809)

Other income:
Interest earned on cash and marketable securities held in Trust Account		84,888		722,208		1,197,306		5,138,865
Other income		84,888		722,208		1,197,306		5,138,865

(Loss) Income before provision for income taxes		(283,627)		366,863		(133,116)		3,993,056
Provision for income taxes		(8,985)		(141,164)		(223,273)		(1,047,662)
Net (loss) income	$	(292,612)	$	225,699	$	(356,389)	$	2,945,394

Weighted average shares outstanding, Redeemable Class A Common Stock		682,524		5,267,875		2,941,730		14,808,683

Basic and diluted net (loss) income per share, Redeemable Class A Common Stock	$	(0.04)	$	0.02	$	(0.04)	$	0.14

Weighted average shares outstanding, Non-Redeemable Class A Common Stock		5,225,543		3,000,000		3,747,263		1,637,363

Basic and diluted net (loss) income per share, Non-Redeemable Class A Common Stock	$	(0.04)	$	0.02	$	(0.04)	$	0.14

Weighted average shares outstanding, Class B Common Stock		1,024,457		3,250,000		2,502,737		4,612,637

Basic and diluted net (loss) income per share, Class B Common Stock	$	(0.04)	$	0.02	$	(0.04)	$	0.14

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