10-K Filing

New Horizon Aircraft Ltd. CIK: 1930021 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0001213900-24-027309`
Period End Date	20231231
Filing Date	20240328
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	ea0201280-10k_newhorizon_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 53 Income Statement 16 Cash Flow Statement 67 Stockholders Equity 17

Balance Sheet 53 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash	`Cash`	$88.28K	USD	Point-in-time
Cash	`Cash`	$16.14K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$71.08K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.37K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Prepaid income taxes	`PrepaidIncomeTaxes`	$34.55K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Prepaid income taxes	`PrepaidIncomeTaxes`	-	USD	Point-in-time
Total current assets	`AssetsCurrent`	$121.77K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$89.65K	USD	Point-in-time
Deferred offering costs	`DeferredCosts`	-	USD	Point-in-time
Deferred offering costs	`DeferredCosts`	$368.80K	USD	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	-	USD	Point-in-time
Investments held in Trust Account	`AssetsHeldInTrustNoncurrent`	$121.96M	USD	Point-in-time
Total Assets	`Assets`	$458.45K	USD	Point-in-time
Total Assets	`Assets`	$122.08M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	-	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$685.02K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	-	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$46.14K	USD	Point-in-time
Accrued offering costs	`AccruedOfferingCosts`	$142.14K	USD	Point-in-time
Accrued offering costs	`AccruedOfferingCosts`	$70.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$986.16K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$442.14K	USD	Point-in-time
Deferred underwriting fee payable	`DeferredUnderwritingFeePayableNoncurrent`	-	USD	Point-in-time
Deferred underwriting fee payable	`DeferredUnderwritingFeePayableNoncurrent`	$3.45M	USD	Point-in-time
Forward Purchase Agreement	`DerivativeLiabilitiesNoncurrent`	$2.65M	USD	Point-in-time
Forward Purchase Agreement	`DerivativeLiabilitiesNoncurrent`	-	USD	Point-in-time
Total Liabilities	`Liabilities`	$7.09M	USD	Point-in-time
Total Liabilities	`Liabilities`	$442.14K	USD	Point-in-time
Commitments and Contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Class A ordinary shares subject to possible redemption, $0.0001 par value, 11,500,000 and 0 shares at redemption value of $10.60 and $0 per share as of December 31, 2023 and December 31, 2022, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	-	USD	Point-in-time
Class A ordinary shares subject to possible redemption, $0.0001 par value, 11,500,000 and 0 shares at redemption value of $10.60 and $0 per share as of December 31, 2023 and December 31, 2022, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$121.86M	USD	Point-in-time
Preference shares, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preference shares, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$24.71K	USD	Point-in-time
Subscription receivable	`StockholdersEquityNoteSubscriptionsReceivable`	$206.00	USD	Point-in-time
Subscription receivable	`StockholdersEquityNoteSubscriptionsReceivable`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.86M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.69K	USD	Point-in-time
Total Shareholders Equity (Deficit)	`StockholdersEquity`	$16.31K	USD	Point-in-time
Total Shareholders Equity (Deficit)	`StockholdersEquity`	-	USD	Point-in-time
Total Shareholders Equity (Deficit)	`StockholdersEquity`	$-6.86M	USD	Point-in-time
Total Liabilities and Shareholders Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$122.08M	USD	Point-in-time
Total Liabilities and Shareholders Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$458.45K	USD	Point-in-time

Income Statement 16 line items

Line Item	Tag	Value	Unit	Period
Operating and formation costs	`OperatingCostsAndExpenses`	$8.69K	USD	3 Qtrs
Operating and formation costs	`OperatingCostsAndExpenses`	$1.67M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-8.69K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.67M	USD	Annual
Interest income on investments held in Trust Account	`InvestmentIncomeInterest`	$5.22M	USD	Annual
Interest income on investments held in Trust Account	`InvestmentIncomeInterest`	-	USD	3 Qtrs
Change in fair value of Forward Purchase Agreement	`LiabilitiesFairValueAdjustment`	$6.16M	USD	Annual
Change in fair value of Forward Purchase Agreement	`LiabilitiesFairValueAdjustment`	-	USD	3 Qtrs
Total other income	`NonoperatingIncomeExpense`	$11.38M	USD	Annual
Total other income	`NonoperatingIncomeExpense`	-	USD	3 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-8.69K	USD	3 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$9.71M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$1.10M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$8.61M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-8.69K	USD	3 Qtrs

Cash Flow Statement 67 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$8.61M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-8.69K	USD	3 Qtrs
Interest income on investments held in Trust Account	`InvestmentIncomeInterest`	$5.22M	USD	Annual
Interest income on investments held in Trust Account	`InvestmentIncomeInterest`	-	USD	3 Qtrs
Change in fair value of Forward Purchase Agreement	`LiabilitiesFairValueAdjustment`	$6.16M	USD	Annual
Change in fair value of Forward Purchase Agreement	`LiabilitiesFairValueAdjustment`	-	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$1.37K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$69.71K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$685.02K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	-	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$46.14K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	-	USD	3 Qtrs
Accrued expenses -related party	`IncreaseDecreaseInAccruedExpensesRelatedParty`	-	USD	3 Qtrs
Accrued expenses -related party	`IncreaseDecreaseInAccruedExpensesRelatedParty`	$10.00K	USD	Annual
Prepaid income taxes	`IncreaseDecreaseInPrepaidIncomeTaxes`	-	USD	3 Qtrs
Prepaid income taxes	`IncreaseDecreaseInPrepaidIncomeTaxes`	$34.55K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-10.06K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.12M	USD	Annual
Investment of cash in Trust Account	`PaymentsToInvestInDecommissioningFund`	-	USD	3 Qtrs
Investment of cash in Trust Account	`PaymentsToInvestInDecommissioningFund`	$117.88M	USD	Annual
Proceeds from Trust Account to pay taxes	`ProceedsFromDecommissioningFund`	$1.13M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-116.75M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	3 Qtrs
Proceeds from issuance of Class B ordinary shares to Sponsor	`ProceedsFromIssuanceOfCommonStock`	$25.00K	USD	3 Qtrs
Proceeds from issuance of Class B ordinary shares to Sponsor	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Proceeds from promissory note - related party	`ProceedsFromRelatedPartyDebt`	-	USD	Annual
Proceeds from promissory note - related party	`ProceedsFromRelatedPartyDebt`	$300.00K	USD	3 Qtrs
Advance from Sponsor for payment of formation costs	`AdvanceFromSponsorForPaymentOfFormationCosts`	-	USD	Annual
Advance from Sponsor for payment of formation costs	`AdvanceFromSponsorForPaymentOfFormationCosts`	$412.00	USD	3 Qtrs
Repayment to Sponsor for payment of formation costs	`PaymentsOfStockIssuanceCosts`	-	USD	Annual
Repayment to Sponsor for payment of formation costs	`PaymentsOfStockIssuanceCosts`	$412.00	USD	3 Qtrs
Proceeds from sale of Placement Units	`ProceedsFromIssuanceOfPrivatePlacement`	-	USD	3 Qtrs
Proceeds from sale of Placement Units	`ProceedsFromIssuanceOfPrivatePlacement`	$5.65M	USD	Annual
Proceeds from sale of Units, net of underwriting discount paid	`ProceedsFromOtherEquity`	$113.73M	USD	Annual
Proceeds from sale of Units, net of underwriting discount paid	`ProceedsFromOtherEquity`	-	USD	3 Qtrs
Proceeds from stock subscriptions received	`ProceedsFromStockSubscriptionsReceived`	-	USD	3 Qtrs
Proceeds from stock subscriptions received	`ProceedsFromStockSubscriptionsReceived`	$206.00	USD	Annual
Repayment of Promissory note - related party	`RepaymentsOfRelatedPartyDebt`	-	USD	3 Qtrs
Repayment of Promissory note - related party	`RepaymentsOfRelatedPartyDebt`	$300.00K	USD	Annual
Proceeds of Promissory note - related party	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$175.00K	USD	Annual
Proceeds of Promissory note - related party	`ProceedsFromRepaymentsOfRelatedPartyDebt`	-	USD	3 Qtrs
Payment of offering costs	`PaymentsOfDebtIssuanceCosts`	$466.17K	USD	Annual
Payment of offering costs	`PaymentsOfDebtIssuanceCosts`	$226.66K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$118.80M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$98.34K	USD	3 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-72.14K	USD	Annual
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$88.28K	USD	3 Qtrs
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$16.14K	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$88.28K	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$16.14K	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$88.28K	USD	Point-in-time
Initial measurement of forward purchase options liabilities	`InitialMeasurementOfForwardPurchaseOptionsLiabilities`	-	USD	3 Qtrs
Initial measurement of forward purchase options liabilities	`InitialMeasurementOfForwardPurchaseOptionsLiabilities`	$8.81M	USD	Annual
Accretion of Class A ordinary shares subject to redemption value	`AccretionOfClassOrdinarySharesSubjectToRedemptionValue`	-	USD	3 Qtrs
Accretion of Class A ordinary shares subject to redemption value	`AccretionOfClassOrdinarySharesSubjectToRedemptionValue`	$15.66M	USD	Annual
Valuation of Representative Shares	`ValuationOfRepresentativeShares`	-	USD	3 Qtrs
Valuation of Representative Shares	`ValuationOfRepresentativeShares`	$132.48K	USD	Annual
Offering costs included in Accrued offering costs	`DeferredOfferingCostsIncludedInAccruedOfferingCosts`	$142.14K	USD	3 Qtrs
Offering costs included in Accrued offering costs	`DeferredOfferingCostsIncludedInAccruedOfferingCosts`	$70.00K	USD	Annual
Deferred underwriting fee payable	`DeferredUnderwritingFeePayable`	-	USD	3 Qtrs
Deferred underwriting fee payable	`DeferredUnderwritingFeePayable`	$3.45M	USD	Annual
Issuance of Class B ordinary shares to Sponsor for subscription receivable	`IssuanceOfClassBOrdinarySharesToSponsorForSubscriptionReceivable`	$206.00	USD	3 Qtrs
Issuance of Class B ordinary shares to Sponsor for subscription receivable	`IssuanceOfClassBOrdinarySharesToSponsorForSubscriptionReceivable`	-	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	$1.13M	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$16.31K	USD	Point-in-time
Balance	`StockholdersEquity`	-	USD	Point-in-time
Balance	`StockholdersEquity`	$-6.86M	USD	Point-in-time
Issuance of Placement Units	`StockIssuedDuringPeriodValueOther`	$5.65M	USD	Annual
Issuance of Placement Units (in Shares)	`StockIssuedDuringPeriodSharesOther`	565,375.00	shares	Annual
Issuance of Representative Shares	`StockIssuedDuringPeriodValueNewIssues`	$132.48K	USD	Annual
Proceeds allocated to Public Warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$3.39M	USD	Annual
Allocation of Issuance Costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$206.22K	USD	Annual
Accretion Redemption Value of Class A Ordinary Shares	`TemporaryEquityAccretionToRedemptionValue`	$15.66M	USD	Annual
Cash received for stock subscription receivable	`CashReceivedForStockSubscriptionReceivable`	$206.00	USD	Annual
Forward Purchase Agreement	`StockIssuedDuringPeriodValueForwardPurchaseOptions`	$8.81M	USD	Annual
Issuance of Class B ordinary shares to Sponsor	`StockIssuedDuringPeriodValueShareBasedCompensationForfeited`	$25.00K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$8.61M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-8.69K	USD	3 Qtrs
Balance	`StockholdersEquity`	$16.31K	USD	Point-in-time
Balance	`StockholdersEquity`	-	USD	Point-in-time
Balance	`StockholdersEquity`	$-6.86M	USD	Point-in-time

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