Ownership / Integrated Wellness Acquisition Corp | Tables in SEC filings

WELUF Integrated Wellness Acquisition Corp

Quarterly report


	September 30,		December 31,
	2024		2023
	(unaudited)
ASSETS
Current assets
Cash	$	5,329	$	7,567
Prepaid expenses		41,250		—
Due from related party		1,153		—
Total Current Assets		47,732		7,567
Non-current assets:
Cash held in Trust Account		50,297,550		47,466,611
Total Non-current Assets		50,297,550		47,466,611
TOTAL ASSETS	$	50,345,282	$	47,474,178

LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT
Current liabilities
Accrued expenses	$	1,871,171	$	1,179,943
Accounts payable		404,968		348,345
Due to related party		233,229		233,229
Due to Suntone		—		556,390
Promissory note – Suntone		2,489,623		—
Promissory note – related party		1,790,000		1,790,000
Total Current Liabilities		6,788,991		4,107,907
Non-current liabilities:
Deferred underwriter’s fee payable		4,025,000		4,025,000
Total Noncurrent Liabilities		4,025,000		4,025,000
Total Liabilities		10,813,991		8,132,907

Commitments and Contingencies (Note 5)
Class A ordinary shares subject to possible redemption, $0.0001 par value; 4,255,117 shares issued and outstanding at redemption value		50,297,550		47,466,611

Shareholders’ Deficit
Preference shares, $0.0001 par value, 1,000,000 shares authorized; none issued and outstanding		—		—
Class A ordinary shares subject to possible redemption, $0.0001 par value; 479,000,000 shares authorized; no shares issued and outstanding (excluding 4,255,117 shares subject to possible redemption)		—		—
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 2,875,000 shares issued and outstanding		288		288
Additional paid-in capital		—		—
Accumulated deficit		(10,766,547)		(8,125,628)
Total Shareholders’ Deficit		(10,766,259)		(8,125,340)
TOTAL LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT	$	50,345,282	$	47,474,178

Name of Person		Class B ordinary shares				Private Placement Warrants
Jiang Hui Bao			2,000,000				4,795,000

	Class A Ordinary Shares					Class B Ordinary Shares (2)					Approximate
	Number of					Number of					Percentage
	Shares		Approximate			Shares		Approximate			of Outstanding
	Beneficially		Percentage			Beneficially		Percentage			Ordinary
Name and Address of Beneficial Owner (1)	Owned		of Class			Owned		of Class			Shares
Suntone Investment Pty Ltd (Sponsor)(3)		—		—			2,000,000		69.6	%		28.1	%
Suren Ajjarapu		—		—			12,500		*			*
Matthew Malriat		—		—			—		—			—
Binson Lau		—		—			—		—			—
John Zhong Chen		—		—			—		—			—
Yueh Eric Seto		—		—			—		—			—
Donald Fell		—		—			—		—			—
Michael Peterson		—		—			—		—			—
All directors and executive officers as a group (7 individuals)		—		—			2,012,500		70	%		28.2	%

Other 5% Shareholders
IWH Sponsor LP (4)							862,500		30	%		12.1	%

First Trust Capital Management L.P. (5)		432,354		10.2	%		—		—			6.1	%
Alberta Investment Management Corporation (6)		300,000		7.05	%		—		—			4.2	%
Westchester Capital Management, LLC (7)		423,090		9.94	%		—		—			5.9	%
Wolverine Asset Management, LLC (8)		399,685		9.39	%		—		—			5.6	%
Shaolin Capital Management LLC (9)		232,200		5.46	%		—		—			3.3	%
Polar Asset Management Partners Inc.(10)		250,000		5.88	%		—		—			3.51	%
Fir Tree Capital Management LP (11)		337,750		7.94	%							4.74	%
Meteora Capital, LLC (12)		218,289		5.13	%							3.06	%
Mizuho Financial Group, Inc. (13)		325,821		7.66	%							4.57	%


	For the Three Months Ended
	September 30, 2023
Net income	$	344,075
Accretion of temporary equity to redemption value		(1,236,133)
Net loss including accretion of temporary equity to redemption value	$	(892,058)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Formation and operating costs	$	13,746	$	93,992	$	87,715	$	338,141
Accounting and legal expenses		443,204		201,383		1,127,079		1,338,932
Listing fees		21,250		21,250		63,750		63,750
Insurance expense		50,000		88,555		93,850		320,545
Advertising and marketing		—		6,668		18,369		161,656
Administrative expenses – related party		30,000		—		330,000		—
Administrative expenses		—		210		156		522
Total operating expenses		558,200		412,058		1,720,919		2,223,546
Loss from operations		(558,200)		(412,058)		(1,720,919)		(2,223,546)

Other income:
Interest earned on cash held in Trust Account		533,728		—		1,580,939		—
Earnings on marketable securities held in the Trust Account		—		797,857		—		3,002,579
Unrealized (loss) gain on marketable securities held in Trust Account		—		(41,724)		—		251,339
Total other income		533,728		756,133		1,580,939		3,253,918
Net (loss) income	$	(24,472)	$	344,075	$	(139,980)	$	1,030,372

Basic and diluted weighted average shares outstanding of redeemable Class A ordinary shares		4,255,117		5,391,272		4,255,117		8,814,845
Basic and diluted net income per share, redeemable Class A ordinary shares	$	0.08	$	0.12	$	0.25	$	0.23

Basic and diluted weighted average shares outstanding of non-redeemable Class B ordinary shares		2,875,000		2,875,000		2,875,000		2,875,000
Basic and diluted net loss per share, non-redeemable Class B ordinary shares	$	(0.13)	$	(0.11)	$	(0.42)	$	(0.34)

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