10-Q Filing

USA Rare Earth, Inc. CIK: 1970622 Q3 2023

Filing Information

Form Type	10-Q
Accession Number	`0001213900-23-086978`
Period End Date	20230930
Filing Date	20231114
Fiscal Year	2023
Fiscal Period	Q3
XBRL Instance	f10q0923_inflection2_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 24 Income Statement 14 Cash Flow Statement 31 Stockholders Equity 25

Balance Sheet 24 line items

Line Item	Tag	Value	Unit	Period
Preferred shares, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$337.59K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$39.33K	USD	Point-in-time
Preferred shares, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Prepaid insurance	`PrepaidExpenseAndOtherAssetsCurrent`	$335.92K	USD	Point-in-time
Preferred shares, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred shares, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$712.84K	USD	Point-in-time
Marketable securities held in Trust Account	`MarketableSecuritiesNoncurrent`	$255.58M	USD	Point-in-time
Total Assets	`Assets`	$256.29M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$197.69K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$197.69K	USD	Point-in-time
Deferred underwriting fee payable	`DeferredUnderwritingFeesPayable`	$13.10M	USD	Point-in-time
Total Liabilities	`Liabilities`	$13.30M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A ordinary shares subject to possible redemption, 25,000,000 shares at redemption value of $10.22 per share	`TemporaryEquityCarryingAmountAttributableToParent`	$255.58M	USD	Point-in-time
Preferred shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.59M	USD	Point-in-time
Total Shareholders Deficit	`StockholdersEquity`	$18.80K	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`	$-12.58M	USD	Point-in-time
Total Liabilities and Shareholders Deficit	`LiabilitiesAndStockholdersEquity`	$256.29M	USD	Point-in-time

Income Statement 14 line items

Line Item	Tag	Value	Unit	Period
Formation and operating costs	`OperatingCostsAndExpenses`	$420.84K	USD	1 Quarter
Formation and operating costs	`OperatingCostsAndExpenses`	$655.69K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-655.69K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-420.84K	USD	1 Quarter
Interest income from bank	`InterestIncomeOther`	$7.71K	USD	1 Quarter
Interest income from bank	`InterestIncomeOther`	$7.71K	USD	2 Qtrs
Interest earned on marketable securities held in Trust Account	`InvestmentIncomeInterest`	$3.27M	USD	1 Quarter
Interest earned on marketable securities held in Trust Account	`InvestmentIncomeInterest`	$4.33M	USD	2 Qtrs
Total other income	`NonoperatingIncomeExpense`	$4.34M	USD	2 Qtrs
Total other income	`NonoperatingIncomeExpense`	$3.28M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$3.68M	USD	2 Qtrs
NET INCOME	`NetIncomeLoss`	$-6.20K	USD	Point-in-time
NET INCOME	`NetIncomeLoss`	$2.86M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$830.82K	USD	1 Quarter

Cash Flow Statement 31 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$3.68M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$-6.20K	USD	Point-in-time
Net income	`NetIncomeLoss`	$2.86M	USD	1 Quarter
Net income	`NetIncomeLoss`	$830.82K	USD	1 Quarter
Formation costs paid by Sponsor in exchange for issuance of Class B ordinary shares	`NoncashMergerRelatedCosts`	$5.84K	USD	2 Qtrs
Interest earned on marketable securities held in Trust Account	`InvestmentIncomeInterest`	$3.27M	USD	1 Quarter
Interest earned on marketable securities held in Trust Account	`InvestmentIncomeInterest`	$4.33M	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpensesOther`	$30.72K	USD	2 Qtrs
Prepaid insurance	`IncreaseDecreaseInPrepaidInsurance`	$335.92K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$197.69K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-811.08K	USD	2 Qtrs
Investment of cash into Trust Account	`PaymentsToAcquireInvestments`	$251.25M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-251.25M	USD	2 Qtrs
Proceeds from sale of Units, net of underwriting discounts paid	`ProceedsFromIssuanceOfCommonStock`	$245.60M	USD	2 Qtrs
Proceeds from sale of private placements warrants	`ProceedsFromIssuanceOfWarrants`	$7.65M	USD	2 Qtrs
Repayment of promissory note - related party	`RepaymentsOfRelatedPartyDebt`	$179.66K	USD	2 Qtrs
Payment of offering costs	`PaymentsOfStockIssuanceCosts`	$671.66K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$252.40M	USD	2 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$337.59K	USD	2 Qtrs
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$337.59K	USD	Point-in-time
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$337.59K	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	2 Qtrs
Prepaid services contributed by Sponsor in exchange for issuance of Class B ordinary shares	`PrepaidServicesContributedBySponsorInExchangeForIssuanceOfClassBOrdinaryShares`	$8.61K	USD	2 Qtrs
Deferred offering costs paid through promissory note related party	`DeferredOfferingCostsPaidThroughPromissoryNoteRelatedParty`	$179.21K	USD	2 Qtrs
Accretion of Class A ordinary shares to redemption value	`AccretionOfClassAOrdinarySharesToRedemptionValue`	$25.85M	USD	2 Qtrs
Deferred underwriting fee payable	`DeferredUnderwritingFeePayable`	$13.10M	USD	2 Qtrs
Forfeiture of Founder Shares	`ForfeitureOfFounderShares`	$8.00	USD	2 Qtrs
Forfeiture of Founder Shares	`ForfeitureOfFounderShares`	-	USD	1 Quarter
Formation costs paid by Sponsor in exchange for issuance of Class B ordinary shares	`FormationCostsPaidBySponsorInExchangeForIssuancesOfClassBOrdinaryShares`	$5.84B	USD	2 Qtrs

Stockholders Equity 25 line items

Line Item	Tag	Value	Unit	Period
Sale of private placement warrants	`SaleOfPrivatePlacementWarrants`	7.65M	shares	1 Quarter
Balance	`StockholdersEquity`	$18.80K	USD	Point-in-time
Balance	`StockholdersEquity`	-	USD	Point-in-time
Balance	`StockholdersEquity`	$-12.17M	USD	Point-in-time
Balance	`StockholdersEquity`	$-12.58M	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	`StockIssuedDuringPeriodValueOther`	$250.00M	USD	1 Quarter
Class A ordinary shares subject to possible redemption	`ClassAOrdinarySharesSubjectToPossibleRedemption`	$247.91M	USD	1 Quarter
Underwriters compensation	`UnderwritersCompensation`	$-17.50M	USD	1 Quarter
Offering costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$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	`ForfeitureOfFounderShares`	$8.00	USD	2 Qtrs
Forfeiture of founder shares	`ForfeitureOfFounderShares`	-	USD	1 Quarter
Accretion for redeemable shares to redemption value	`AccretionForRedeemableSharesToRedemptionValue`	$3.27M	USD	1 Quarter
Accretion for redeemable shares to redemption value	`AccretionForRedeemableSharesToRedemptionValue`	$22.58M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.68M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-6.20K	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$2.86M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$830.82K	USD	1 Quarter
Balance	`StockholdersEquity`	$18.80K	USD	Point-in-time
Balance	`StockholdersEquity`	-	USD	Point-in-time
Balance	`StockholdersEquity`	$-12.17M	USD	Point-in-time
Balance	`StockholdersEquity`	$-12.58M	USD	Point-in-time

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