Ownership / Welsbach Technology Metals Acquisition Corp. | Tables in SEC filings

WTMA Welsbach Technology Metals Acquisition Corp.

Quarterly report

	For the Nine Months Ended September 30,
	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(246,129)	$	(39,380)
Adjustments to reconcile net loss to net cash used in operating activities:
Income on investments held in Trust Account		(699,861)		(1,855,102)
Changes in operating assets and liabilities:
Prepaid expenses and other assets		(19,417)		(17,121)
Due to affiliates		90,000		58,000
Accounts payable and accrued expenses		(73,624)		973,107
Franchise tax payable		(51,573)		172,771
Income taxes payable		70,828		7,489
Net cash used in operating activities		(929,776)		(700,236)

CASH FLOWS FROM INVESTING ACTIVITIES
Cash deposited to Trust Account		—		(750,000)
Notes receivable - related party		—		(124,166)
Repayment of notes receivable - related party		—		124,166
Cash withdrawn from Trust Account in connection with redemption		12,219,791		42,636,600
Cash withdrawn from Trust Account to pay franchise and income taxes		19,173		—
Net cash provided by investing activities		12,238,964		41,886,600

CASH FLOWS FROM FINANCING ACTIVITIES
Redemption of common stock - due to stockholders		(12,219,791)		(42,636,600)
Proceeds from convertible promissory note – related party		—		1,234,934
Proceeds from working capital loans – related party		743,579		—
Net cash used in financing activities		(11,476,212)		(41,401,666)

NET CHANGE IN CASH AND RESTRICTED CASH		(167,024)		(215,302)
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD		168,209		523,063
CASH AND RESTRICTED CASH, END OF PERIOD	$	1,185	$	307,761

CASH AND RESTRICTED CASH, END OF PERIOD
Cash	$	1,185	$	94,579
Restricted cash		—		213,182
CASH AND RESTRICTED CASH, END OF PERIOD	$	1,185	$	307,761

Supplemental Cash Flow Information:
Cash paid during the year for:
Income taxes	$	12,610	$	—
Franchise taxes	$	168,785	$	—

Supplemental disclosure on noncash activities:
Accretion for redeemable common stock to redemption value	$	499,211	$	2,424,842
Excise tax on redemption of Class A common stock	$	122,198	$	583,520
Due to stockholders for redemption of Common Stock	$	—	$	15,715,387

	September 30, 2024		December 31, 2023
	(Unaudited)
ASSETS
Current assets
Cash	$	1,185	$	6,760
Prepaid expenses and other assets		20,250		833
Total current assets		21,435		7,593
Restricted cash		—		161,449
Cash and investment held in Trust Account		12,230,126		23,769,229
TOTAL ASSETS	$	12,251,561	$	23,938,271

LIABILITIES, REDEEMABLE COMMON STOCK, AND STOCKHOLDERS’ DEFICIT
Current liabilities
Accounts payable and accrued expenses	$	2,772,502	$	2,846,126
Due to affiliates		383,663		293,663
Franchise tax payable		28,427		80,000
Income taxes payable		70,828		—
Excise tax payable		705,718		583,520
Convertible promissory notes – related party		2,296,371		2,296,371
Working capital loans – related party		1,292,679		549,100
Total current liabilities		7,550,188		6,648,780
Deferred underwriting fee payable		2,704,690		2,704,690
TOTAL LIABILITIES		10,254,878		9,353,470

COMMITMENTS AND CONTINGENCIES (NOTE 6)
REDEEMABLE COMMON STOCK
Common Stock subject to possible redemption, $0.0001 par value, 1,082,789 shares at redemption value of $11.20 per share at September 30, 2024 and 2,172,851 shares at redemption value of $10.98 at December 31, 2023, respectively		12,130,098		23,850,678

STOCKHOLDERS’ DEFICIT
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding at September 30, 2024 and December 31, 2023		—		—
Common stock; $0.0001 par value; 100,000,000 shares authorized; 2,283,976 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively (excluding 1,082,789 shares at September 30, 2024 and 2,172,851 shares at December 31, 2023 subject to redemption)		228		228
Additional Paid in Capital		—		—
Accumulated deficit		(10,133,643)		(9,266,105)
TOTAL STOCKHOLDERS’ DEFICIT		(10,133,415)		(9,265,877)
TOTAL LIABILITIES, REDEEMABLE COMMON STOCK, AND STOCKHOLDERS’ DEFICIT	$	12,251,561	$	23,938,271

Redeemable ordinary shares subject to possible redemption at December 31, 2023	$	23,850,678
Less:
Redemption of Common Stock		(12,219,791)
Plus:
Accretion of carrying value to redemption value		499,211
Redeemable ordinary shares subject to possible redemption at September 30, 2024	$	12,130,098

	Common stock				Additional paid-in		Accumulated		Total Stockholders’
	Shares		Amount		capital		deficit		Deficit
Balance, January 1, 2024		2,283,976	$	228	$	—	$	(9,266,105)	$	(9,265,877)
Accretion of redeemable common stock to redemption value		—		—		—		(189,223)		(189,223)
Net loss		—		—		—		(70,160)		(70,160)
Balance, March 31, 2024		2,283,976		228		—		(9,525,488)		(9,525,260)
Accretion of redeemable common stock to redemption value		—		—		—		(175,577)		(175,577)
Excise tax on redemption of Class A common stock		—		—		—		(122,198)		(122,198)
Net loss		—		—		—		(95,272)		(95,272)
Balance, June 30, 2024		2,283,976		228		—		(9,918,535)		(9,918,307)
Accretion of redeemable common stock to redemption value		—		—		—		(134,411)		(134,411)
Net loss		—		—		—		(80,697)		(80,697)
Balance, September 30, 2024		2,283,976	$	228	$	—	$	(10,133,643)	$	(10,133,415)

	Common stock				Additional paid-in		Accumulated		Total Stockholders’
	Shares		Amount		capital		deficit		Deficit
Balance, January 1, 2023		2,283,976	$	228	$	—	$	(5,939,864)	$	(5,939,636)
Accretion of redeemable common stock to redemption value		—		—		—		(750,670)		(750,670)
Net loss		—		—		—		(230,201)		(230,201)
Balance, March 31, 2023		2,283,976		228		—		(6,920,735)		(6,920,507)
Accretion of redeemable common stock to redemption value		—		—		—		(722,985)		(722,985)
Net income		—		—		—		26,528		26,528
Balance, June 30, 2023		2,283,976		228		—		(7,617,192)		(7,616,964)
Accretion of redeemable common stock to redemption value		—		—		—		(951,187)		(951,187)
Excise tax on redemption of Class A common stock								(583,520)		(583,520)
Net income		—		—		—		164,293		164,293
Balance, September 30, 2023		2,283,976	$	228	$	—	$	(8,987,606)	$	(8,987,378)

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