10-Q Filing

USA Rare Earth, Inc. CIK: 1970622 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0001213900-23-066381`
Period End Date	20230630
Filing Date	20230814
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	f10q0623_inflection2_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 25 Income Statement 6 Cash Flow Statement 26 Stockholders Equity 19

Balance Sheet 25 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$545.74K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$66.34K	USD	Point-in-time
Short-term prepaid insurance	`ShorttermPrepaidInsurance`	$466.23K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.08M	USD	Point-in-time
Marketable securities held in Trust Account	`MarketableSecuritiesNoncurrent`	$252.31M	USD	Point-in-time
Total Assets	`Assets`	$253.39M	USD	Point-in-time
Preferred shares, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$150.04K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$150.04K	USD	Point-in-time
Preferred shares, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Deferred underwriting fee payable	`DeferredUnderwritingFeesPayable`	$13.10M	USD	Point-in-time
Preferred shares, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred shares, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Total Liabilities	`Liabilities`	$13.25M	USD	Point-in-time
Commitments and Contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A ordinary shares subject to possible redemption, 25,000,000 shares at redemption value of $10.09 per share	`TemporaryEquityCarryingAmountAttributableToParent`	$252.31M	USD	Point-in-time
Preferred shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; none issued and outstanding (excluding 25,000,000 shares subject to possible redemption)	`CommonStockValue`	-	USD	Point-in-time
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 6,250,000 shares issued and outstanding	`CommonStockValue1`	$625.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.17M	USD	Point-in-time
Total Shareholders Deficit	`StockholdersEquity`	-	USD	Point-in-time
Total Shareholders Deficit	`StockholdersEquity`	$-12.17M	USD	Point-in-time
Total Shareholders Deficit	`StockholdersEquity`	$18.80K	USD	Point-in-time
Total Liabilities and Shareholders Deficit	`LiabilitiesAndStockholdersEquity`	$253.39M	USD	Point-in-time

Income Statement 6 line items

Line Item	Tag	Value	Unit	Period
Formation and operating costs	`OperatingCostsAndExpenses`	$228.65K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-228.65K	USD	1 Quarter
Interest earned on marketable securities held in Trust Account	`InterestIncomeSecuritiesOtherUSGovernment`	$1.06M	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$1.06M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$830.82K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$-6.20K	USD	Point-in-time

Cash Flow Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$830.82K	USD	1 Quarter
Net income	`NetIncomeLoss`	$-6.20K	USD	Point-in-time
Formation costs paid by Sponsor in exchange for issuance of Class B ordinary shares	`NoncashMergerRelatedCosts`	$5.84K	USD	1 Quarter
Interest earned on marketable securities held in Trust Account	`MarketableSecuritiesGainLoss`	$1.06M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpensesOther`	$57.73K	USD	1 Quarter
Short-term prepaid insurance	`IncreaseDecreaseInPrepaidInsurance`	$466.23K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$150.04K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-602.93K	USD	1 Quarter
Investment of cash into Trust Account	`PaymentsToAcquireInvestments`	$251.25M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-251.25M	USD	1 Quarter
Proceeds from sale of Units, net of underwriting discounts paid	`ProceedsFromOtherEquity`	$245.60M	USD	1 Quarter
Proceeds from sale of private placements warrants	`ProceedsFromIssuanceOfPrivatePlacement`	$7.65M	USD	1 Quarter
Repayment of promissory note - related party	`RepaymentsOfRelatedPartyDebt`	$179.66K	USD	1 Quarter
Payment of offering costs	`PaymentsOfStockIssuanceCosts`	$671.66K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$252.40M	USD	1 Quarter
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$545.74K	USD	1 Quarter
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$545.74K	USD	Point-in-time
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$545.74K	USD	Point-in-time
Cash End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Deferred offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares	`DeferredOfferingCostsPaidBySponsorInExchangeForIssuanceOfClassBOrdinaryShares`	$11.00K	USD	1 Quarter
Prepaid services contributed by Sponsor in exchange for issuance of Class B ordinary shares	`PrepaidServicesContributedBySponsorInExchangeForIssuanceOfClassBOrdinaryShares`	$8.61K	USD	1 Quarter
Deferred offering costs paid through promissory note related party	`DeferredOfferingCostsPaidThroughPromissoryNoteRelatedParty`	$179.21K	USD	1 Quarter
Accretion of Class A ordinary shares to redemption value	`StockRedeemedOrCalledDuringPeriodValue`	$-22.58M	USD	1 Quarter
Deferred underwriting fee payable	`DeferredUnderwritingFeePayable`	$13.10M	USD	1 Quarter
Forfeiture of Founder Shares	`ForfeitureOfFounderShares`	$8.00	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Sale of private placement warrants	`SaleOfPrivatePlacementWarrants`	7.65M	shares	1 Quarter
Balance	`StockholdersEquity`	-	USD	Point-in-time
Balance	`StockholdersEquity`	$-12.17M	USD	Point-in-time
Balance	`StockholdersEquity`	$18.80K	USD	Point-in-time
Class B ordinary shares issued to Sponsor	`StockIssuedDuringPeriodValueNewIssues`	$25.00K	USD	Point-in-time
Class B ordinary shares issued to Sponsor (in Shares)	`StockIssuedDuringPeriodSharesNewIssues`	575,000.00	shares	Point-in-time
Sale of Class A ordinary shares and over-allotment	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$250.00M	USD	1 Quarter
Class A ordinary shares subject to possible redemption	`TemporaryEquityStockIssuedDuringPeriodValueNewIssues`	$247.91M	USD	1 Quarter
Underwriters compensation	`UnderwritersCompensation`	$-17.50M	USD	1 Quarter
Offering costs	`OfferingCosts`	$-861.88K	USD	1 Quarter
Sale of 7,650,000 private placement warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$7.65M	USD	1 Quarter
Allocation of offering costs related to redeemable shares	`AllocatedValueOfTransactionCostsToClassAShares`	$18.18M	USD	1 Quarter
Forfeiture of founder shares	`StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures`	-	USD	1 Quarter
Accretion for redeemable shares to redemption value	`StockRedeemedOrCalledDuringPeriodValue`	$-22.58M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$830.82K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-6.20K	USD	Point-in-time
Balance	`StockholdersEquity`	-	USD	Point-in-time
Balance	`StockholdersEquity`	$-12.17M	USD	Point-in-time
Balance	`StockholdersEquity`	$18.80K	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.