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SEPA SEP Acquisition Corp - Ordinary Shares

Quarterly report


	Three Months Ended March 31,
	2024		2023
Formation and operating costs	$	1,173,007	$	246,748
Franchise tax		37,320		43,300
Loss from operations		(1,210,327)		(290,048)

Other (expense) income
Interest expense on promissory notes - related party	$	(245,365)	$	(14,202)
Change in fair value of derivative liabilities		(97,080)		—
Earnings on trading securities		—		1,761
Dividend and interest income on investments held in Trust Account		172,738		141,323
Change in fair value of warrant liabilities		(1,618,153)		170,333
Total other (expense) income, net		(1,787,860)		299,215

Net (loss) income before income taxes	$	(2,998,187)	$	9,167
Income tax benefit (expense)		(45,873)		—
Net (loss) income	$	(3,044,060)	$	9,167

Weighted average shares outstanding, Class A common stock subject to possible redemption		1,304,259		1,304,259
Basic and diluted net (loss) income per share, Class A common stock subject to possible redemption	$	(0.49)	$	0.09

Weighted average shares outstanding, Class A and Class B common stock		4,448,525		4,510,375
Basic and diluted net loss per share, Class A and Class B common stock	$	(0.54)	$	(0.02)

	For the three months ended March 31, 2024		For the three months ended March 31, 2023
Net (loss) income	$	(3,044,060)	$	9,167
Accretion of Class A common stock to redemption amount		(60,902)		(141,323)
Net (loss) including accretion of temporary equity to redemption value	$	(3,104,962)	$	(132,156)

Description	Amount at Fair Value		Level 1		Level 2		Level 3
March 31, 2024
Assets
Restricted Cash	$	8,771,580	$	8,771,580	$	—	$	—
Liabilities
Warrant liability – Public Warrants	$	1,533,526	$	1,533,526	$	—	$	—
Warrant liability – Private Placement Warrants	$	1,362,117	$	—	$	1,362,117	$	—
Derivative liabilities	$	322,635	$	—	$	—	$	322,635

Description	Amount at Fair Value		Level 1		Level 2		Level 3
December 31, 2023
Assets
U.S. government treasury obligations	$	13,655,752	$	13,655,752	$	—	$	—
Liabilities
Warrant liability – Public Warrants	$	676,556	$	676,556	$	—	$	—
Warrant liability – Private Placement Warrants	$	600,934	$	—	$	600,934	$	—
Derivative liability	$	79,027	$	—	$	—	$	79,027


	For the three months ended March 31, 2023
	Class A Common Stock				Class B Common Stock				Additional Paid-in Capital		Accumulated Deficit		Total Stockholders' Deficit
	Shares		Amount		Shares		Amount		Additional Paid-in Capital		Accumulated Deficit		Total Stockholders' Deficit
Balance as of December 31, 2022		—	$	—		4,510,375	$	451	$	—	$	(7,251,894)	$	(7,251,443)
Accretion of Class A common stock subject to redemption to redemption amount as of March 31, 2023		—		—		—		—		—		(141,323)		(141,323)
Net income		—		—		—		—		—		9,167		9,167
Balance as of March 31, 2023		—	$	—		4,510,375	$	451	$	—	$	(7,384,050)	$	(7,383,599)

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