3 results
20-F
2024 FY
HPAI
Helport AI Limited Ordinary Shares
8 Aug 24
Annual report (foreign)
6:16pm
CONDENSED BALANCE SHEETS
March 31, 2024 | December 31, 2023 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash | $ | 223,969 | $ | 436,317 | ||||
Prepaid expenses | 221,547 | 217,255 | ||||||
Total current assets | 445,516 | 653,572 | ||||||
Cash held in trust account | 116,806,805 | 115,166,848 | ||||||
TOTAL ASSETS | $ | 117,252,321 | $ | 115,820,420 | ||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | $ | 728,006 | $ | 238,824 | ||||
Accrued expenses | 32,520 | 379,242 | ||||||
Total current liabilities | 760,526 | 618,066 | ||||||
LONG TERM LIABILITIES: | ||||||||
Promissory notes - related parties | 2,500,000 | 2,000,000 | ||||||
Derivative warrant liabilities | 1,319,150 | 376,900 | ||||||
Total long term liabilities | 3,819,150 | 2,376,900 | ||||||
Total liabilities | 4,579,676 | 2,994,966 | ||||||
Commitments and contingencies | ||||||||
Class A ordinary shares subject to possible redemption, 10,608,802 at $11.01 and $10.86 redemption value as of March 31, 2024 and December 31, 2023, respectively | 116,804,313 | 115,164,356 | ||||||
Shareholders’ deficit: | ||||||||
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | - | - | ||||||
Class A ordinary shares, $0.0001 par value; 90,000,000 shares authorized; no shares issued and outstanding | - | - | ||||||
Class B ordinary shares, $0.0001 par value; 10,000,000 shares authorized; 5,750,000 shares issued and outstanding | 575 | 575 | ||||||
Additional paid-in capital | 1,855,733 | 3,495,690 | ||||||
Accumulated deficit | (5,987,976) | (5,835,167) | ||||||
Total shareholders’ deficit | (4,131,668) | (2,338,902) | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT | $ | 117,252,321 | $ | 115,820,420 |
20-F
2024 FY
HPAI
Helport AI Limited Ordinary Shares
8 Aug 24
Annual report (foreign)
6:16pm
December 31,
2023 | 2022 | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash | $ | 436,317 | $ | 587,546 | ||||
Prepaid expenses | 217,255 | 258,535 | ||||||
Total current assets | 653,572 | 846,081 | ||||||
Cash and Investments held in trust account | 115,166,848 | 235,933,496 | ||||||
TOTAL ASSETS | $ | 115,820,420 | $ | 236,779,577 | ||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | $ | 238,824 | $ | 99,514 | ||||
Accrued expenses | 379,242 | 198,580 | ||||||
Total current liabilities | 618,066 | 298,094 | ||||||
LONGTERM LIABILITIES: | ||||||||
Promissory notes - related parties | 2,000,000 | - | ||||||
Derivative warrant liabilities | 376,900 | 565,350 | ||||||
Deferred underwriting fee payable | - | 10,350,000 | ||||||
Total long term liabilities | 2,376,900 | 10,915,350 | ||||||
Total liabilities | 2,994,966 | 11,213,444 | ||||||
Commitments and contingencies | ||||||||
Class A ordinary shares subject to possible redemption, 10,608,802 at $10.86 and 23,000,000 at $10.26 redemption value as of December 31, 2023 and 2022, respectively | 115,164,356 | 235,931,005 | ||||||
Shareholders’ deficit: | ||||||||
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | - | - | ||||||
Class A ordinary shares, $0.0001 par value; 90,000,000 shares authorized; no shares issued and outstanding | - | - | ||||||
Class B ordinary shares, $0.0001 par value; 10,000,000 shares authorized; 5,750,000 shares issued and outstanding | 575 | 575 | ||||||
Additional paid-in capital | 3,495,690 | - | ||||||
Accumulated deficit | (5,835,167) | (10,365,447) | ||||||
Total shareholders’ deficit | (2,338,902) | (10,364,872) | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT | $ | 115,820,420 | $ | 236,779,577 |
20-F
2024 FY
HPAI
Helport AI Limited Ordinary Shares
8 Aug 24
Annual report (foreign)
6:16pm
The following table sets forth the capitalization of the Company on an unaudited pro forma condensed combined basis as of December 31, 2023, after giving effect to the Business Combination and the PIPE transactions.
As of December 31, 2023 | Pro Forma Combined | |||
Cash and cash equivalents | $ | 3,273,946 | ||
Ordinary shares | 3,713 | |||
Subscription receivable | (156) | |||
Additional paid-in capital | 2,197,276 | |||
Retained earnings | 11,619,985 | |||
Total Equity | 13,820,818 | |||
Debt: | ||||
Long term payables | 461,550 | |||
Total capitalization | $ | 13,359,268 |
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