10-K Filing

USA Rare Earth, Inc. CIK: 1970622 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0001213900-24-029041`
Period End Date	20231231
Filing Date	20240402
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	ea0202401-10k_infle2_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 46 Income Statement 12 Cash Flow Statement 54 Stockholders Equity 32

Balance Sheet 46 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$275.67K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$275.67K	USD	Point-in-time
Preferred shares, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred shares, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses	`OtherPrepaidExpenseCurrent`	$18.39K	USD	Point-in-time
Prepaid expenses	`OtherPrepaidExpenseCurrent`	$18.39K	USD	Point-in-time
Preferred shares, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred shares, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Prepaid insurance	`PrepaidInsurance`	$205.60K	USD	Point-in-time
Prepaid insurance	`PrepaidInsurance`	$205.60K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$499.66K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$499.66K	USD	Point-in-time
Preferred shares, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred shares, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Marketable securities held in Trust Account	`MarketableSecuritiesNoncurrent`	$258.97M	USD	Point-in-time
Marketable securities held in Trust Account	`MarketableSecuritiesNoncurrent`	$258.97M	USD	Point-in-time
Preferred shares, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred shares, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Total Assets	`Assets`	$259.47M	USD	Point-in-time
Total Assets	`Assets`	$259.47M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$234.99K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$234.99K	USD	Point-in-time
Accrued offering costs	`AccruedOfferingCosts`	$75.00K	USD	Point-in-time
Accrued offering costs	`AccruedOfferingCosts`	$75.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$309.99K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$309.99K	USD	Point-in-time
Deferred underwriting fee payable	`DeferredUnderwritingFeesPayable`	$13.10M	USD	Point-in-time
Deferred underwriting fee payable	`DeferredUnderwritingFeesPayable`	$13.10M	USD	Point-in-time
Total Liabilities	`Liabilities`	$13.41M	USD	Point-in-time
Total Liabilities	`Liabilities`	$13.41M	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, 25,000,000 shares at redemption value of $10.36 per share	`TemporaryEquityCarryingAmountAttributableToParent`	$258.97M	USD	Point-in-time
Class A ordinary shares subject to possible redemption, 25,000,000 shares at redemption value of $10.36 per share	`TemporaryEquityCarryingAmountAttributableToParent`	$258.97M	USD	Point-in-time
Preferred shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	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
Additional paid-in capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.91M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.91M	USD	Point-in-time
Total Shareholders Deficit	`StockholdersEquity`	$-12.91M	USD	Point-in-time
Total Shareholders Deficit	`StockholdersEquity`	$-12.91M	USD	Point-in-time
Total Shareholders Deficit	`StockholdersEquity`	-	USD	Point-in-time
Total Shareholders Deficit	`StockholdersEquity`	-	USD	Point-in-time
Total Liabilities and Shareholders Deficit	`LiabilitiesAndStockholdersEquity`	$259.47M	USD	Point-in-time
Total Liabilities and Shareholders Deficit	`LiabilitiesAndStockholdersEquity`	$259.47M	USD	Point-in-time

Income Statement 12 line items

Line Item	Tag	Value	Unit	Period
Formation and operating costs	`OperatingCostsAndExpenses`	$985.21K	USD	3 Qtrs
Formation and operating costs	`OperatingCostsAndExpenses`	$985.21K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-985.21K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-985.21K	USD	3 Qtrs
Interest income from bank	`InterestIncomeDepositsWithFinancialInstitutions`	$11.76K	USD	3 Qtrs
Interest income from bank	`InterestIncomeDepositsWithFinancialInstitutions`	$11.76K	USD	3 Qtrs
Dividend income earned on marketable securities held in Trust Account	`InterestIncomeSecuritiesOtherUSGovernment`	$7.72M	USD	3 Qtrs
Dividend income earned on marketable securities held in Trust Account	`InterestIncomeSecuritiesOtherUSGovernment`	$7.72M	USD	3 Qtrs
Total other income	`NonoperatingIncomeExpense`	$7.73M	USD	3 Qtrs
Total other income	`NonoperatingIncomeExpense`	$7.73M	USD	3 Qtrs
NET INCOME	`NetIncomeLoss`	$6.75M	USD	3 Qtrs
NET INCOME	`NetIncomeLoss`	$6.75M	USD	3 Qtrs

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$6.75M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$6.75M	USD	3 Qtrs
Formation costs paid by Sponsor in exchange for issuance of Class B ordinary shares	`FormationCosPaidBySponsorInExchangeForssuanceOfClassBordinaryShares`	$5.84K	USD	3 Qtrs
Formation costs paid by Sponsor in exchange for issuance of Class B ordinary shares	`FormationCosPaidBySponsorInExchangeForssuanceOfClassBordinaryShares`	$5.84K	USD	3 Qtrs
Dividend income earned on marketable securities held in Trust Account	`InvestmentIncomeInterest`	$7.72M	USD	3 Qtrs
Dividend income earned on marketable securities held in Trust Account	`InvestmentIncomeInterest`	$7.72M	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpensesOther`	$9.78K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpensesOther`	$9.78K	USD	3 Qtrs
Prepaid insurance	`IncreaseDecreaseInPrepaidInsurance`	$205.60K	USD	3 Qtrs
Prepaid insurance	`IncreaseDecreaseInPrepaidInsurance`	$205.60K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$234.99K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$234.99K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-948.01K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-948.01K	USD	3 Qtrs
Investment of cash into Trust Account	`PaymentsToAcquireTrustPreferredInvestments`	$251.25M	USD	3 Qtrs
Investment of cash into Trust Account	`PaymentsToAcquireTrustPreferredInvestments`	$251.25M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-251.25M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-251.25M	USD	3 Qtrs
Proceeds from sale of Units, net of underwriting discounts paid	`ProceedsFromIssuanceOfCommonStock`	$245.60M	USD	3 Qtrs
Proceeds from sale of Units, net of underwriting discounts paid	`ProceedsFromIssuanceOfCommonStock`	$245.60M	USD	3 Qtrs
Proceeds from sale of private placements warrants	`ProceedsFromIssuanceOfPrivatePlacement`	$7.65M	USD	3 Qtrs
Proceeds from sale of private placements warrants	`ProceedsFromIssuanceOfPrivatePlacement`	$7.65M	USD	3 Qtrs
Repayment of promissory note related party	`RepaymentsOfRelatedPartyDebt`	$179.66K	USD	3 Qtrs
Repayment of promissory note related party	`RepaymentsOfRelatedPartyDebt`	$179.66K	USD	3 Qtrs
Refund of offering costs included in accrued offering costs	`RefundOfOfferingCostsIncludedInAccruedOfferingCosts`	$-75.00K	USD	3 Qtrs
Refund of offering costs included in accrued offering costs	`RefundOfOfferingCostsIncludedInAccruedOfferingCosts`	$-75.00K	USD	3 Qtrs
Payment of offering costs	`PaymentsOfStockIssuanceCosts`	$671.66K	USD	3 Qtrs
Payment of offering costs	`PaymentsOfStockIssuanceCosts`	$671.66K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$252.47M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$252.47M	USD	3 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$275.67K	USD	3 Qtrs
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$275.67K	USD	3 Qtrs
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$275.67K	USD	Point-in-time
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$275.67K	USD	Point-in-time
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$275.67K	USD	Point-in-time
Cash End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$275.67K	USD	Point-in-time
Cash End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	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	3 Qtrs
Deferred offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares	`DeferredOfferingCostsPaidBySponsorInExchangeForIssuanceOfClassBOrdinaryShares`	$11.00K	USD	3 Qtrs
Prepaid services contributed by Sponsor in exchange for issuance of Class B ordinary shares	`PrepaidServicesContributedBySponsorInExchangeForIssuanceOfClassBOrdinaryShares`	$8.15K	USD	3 Qtrs
Prepaid services contributed by Sponsor in exchange for issuance of Class B ordinary shares	`PrepaidServicesContributedBySponsorInExchangeForIssuanceOfClassBOrdinaryShares`	$8.15K	USD	3 Qtrs
Deferred offering costs paid through promissory note related party	`DeferredOfferingCostsPaidThroughPromissoryNoteRelatedParty`	$179.21K	USD	3 Qtrs
Deferred offering costs paid through promissory note related party	`DeferredOfferingCostsPaidThroughPromissoryNoteRelatedParty`	$179.21K	USD	3 Qtrs
Accretion of Class A ordinary shares to redemption value	`AccretionOfClassAOrdinarySharesToRedemptionValue`	$29.24M	USD	3 Qtrs
Accretion of Class A ordinary shares to redemption value	`AccretionOfClassAOrdinarySharesToRedemptionValue`	$29.24M	USD	3 Qtrs
Deferred underwriting fee payable	`DeferredUnderwritingFeePayable`	$13.10M	USD	3 Qtrs
Deferred underwriting fee payable	`DeferredUnderwritingFeePayable`	$13.10M	USD	3 Qtrs
Forfeiture of Founder Shares	`ForfeitureOfFounderShares`	$8.00	USD	3 Qtrs
Forfeiture of Founder Shares	`ForfeitureOfFounderShares`	$8.00	USD	3 Qtrs
Formation costs paid by Sponsor in exchange for issuance of Class B ordinary shares	`FormationCostsPaidBySponsorInExchangeForIssuancesOfClassBOrdinaryShares`	$5.84K	USD	3 Qtrs
Formation costs paid by Sponsor in exchange for issuance of Class B ordinary shares	`FormationCostsPaidBySponsorInExchangeForIssuancesOfClassBOrdinaryShares`	$5.84K	USD	3 Qtrs

Stockholders Equity 32 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-12.91M	USD	Point-in-time
Balance	`StockholdersEquity`	$-12.91M	USD	Point-in-time
Balance	`StockholdersEquity`	-	USD	Point-in-time
Balance	`StockholdersEquity`	-	USD	Point-in-time
Issuance of ordinary shares	`StockIssuedDuringPeriodValueNewIssues`	$25.00K	USD	3 Qtrs
Issuance of ordinary shares	`StockIssuedDuringPeriodValueNewIssues`	$25.00K	USD	3 Qtrs
Issuance of ordinary shares (in Shares)	`StockIssuedDuringPeriodSharesNewIssues`	575,000.00	shares	Point-in-time
Issuance of ordinary shares (in Shares)	`StockIssuedDuringPeriodSharesNewIssues`	575,000.00	shares	Point-in-time
Sale of Class A ordinary shares and over-allotment	`StockIssuedDuringPeriodValueOther`	$250.00M	USD	3 Qtrs
Sale of Class A ordinary shares and over-allotment	`StockIssuedDuringPeriodValueOther`	$250.00M	USD	3 Qtrs
Class A ordinary shares subject to possible redemption	`TemporaryEquityStockIssuedDuringPeriodValueClassAordinarySharesSubjectToPossibleRedemption`	$247.91M	USD	3 Qtrs
Class A ordinary shares subject to possible redemption	`TemporaryEquityStockIssuedDuringPeriodValueClassAordinarySharesSubjectToPossibleRedemption`	$247.91M	USD	3 Qtrs
Underwriters compensation	`UnderwritersCompensation`	$-17.50M	USD	3 Qtrs
Underwriters compensation	`UnderwritersCompensation`	$-17.50M	USD	3 Qtrs
Offering costs	`AdjustmentsToAdditionalPaidInCapitalUnderwritersBasedCompensation`	$861.88K	USD	3 Qtrs
Offering costs	`AdjustmentsToAdditionalPaidInCapitalUnderwritersBasedCompensation`	$861.88K	USD	3 Qtrs
Sale of 7,650,000 private placement warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$7.65M	USD	3 Qtrs
Sale of 7,650,000 private placement warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$7.65M	USD	3 Qtrs
Allocation of offering costs related to redeemable shares	`AdjustmentsToAdditionalPaidInCapitalAllocationOfOfferingCostsRelatedToRedeemableShares`	$18.18M	USD	3 Qtrs
Allocation of offering costs related to redeemable shares	`AdjustmentsToAdditionalPaidInCapitalAllocationOfOfferingCostsRelatedToRedeemableShares`	$18.18M	USD	3 Qtrs
Forfeiture of Founder Shares	`StockIssuedDuringPeriodValueShareBasedCompensationForfeited`	-	USD	3 Qtrs
Forfeiture of Founder Shares	`StockIssuedDuringPeriodValueShareBasedCompensationForfeited`	-	USD	3 Qtrs
Forfeiture of Founder Shares (in Shares)	`StockIssuedDuringPeriodSharesShareBasedCompensationForfeited`	75,000.00	shares	Point-in-time
Forfeiture of Founder Shares (in Shares)	`StockIssuedDuringPeriodSharesShareBasedCompensationForfeited`	75,000.00	shares	Point-in-time
Accretion for redeemable shares to redemption value	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$29.24M	USD	3 Qtrs
Accretion for redeemable shares to redemption value	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$29.24M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$6.75M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$6.75M	USD	3 Qtrs
Balance	`StockholdersEquity`	$-12.91M	USD	Point-in-time
Balance	`StockholdersEquity`	$-12.91M	USD	Point-in-time
Balance	`StockholdersEquity`	-	USD	Point-in-time
Balance	`StockholdersEquity`	-	USD	Point-in-time

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