10-Q Filing

New Horizon Aircraft Ltd. CIK: 1930021 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001493152-23-017275`
Period End Date	20230331
Filing Date	20230515
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 8 Cash Flow Statement 47 Stockholders Equity 16

Balance Sheet 55 line items

Line Item	Tag	Value	Unit	Period
Redemption value per share	`TemporaryEquityRedemptionPricePerShare`	$10.25	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cash	`Cash`	$88.28K	USD	Point-in-time
Cash	`Cash`	$521.60K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.37K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$244.19K	USD	Point-in-time
Dividends receivable	`ReceivablesNetCurrent`	-	USD	Point-in-time
Dividends receivable	`ReceivablesNetCurrent`	$13.64K	USD	Point-in-time
Due from sponsor	`DueFromSponsor`	$206.00	USD	Point-in-time
Due from sponsor	`DueFromSponsor`	-	USD	Point-in-time
Total current assets	`AssetsCurrent`	$779.63K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$89.65K	USD	Point-in-time
Deferred offering costs	`DeferredCosts`	$368.80K	USD	Point-in-time
Deferred offering costs	`DeferredCosts`	-	USD	Point-in-time
Marketable Securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	$118.49M	USD	Point-in-time
Marketable Securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	-	USD	Point-in-time
Total Assets	`Assets`	$119.27M	USD	Point-in-time
Total Assets	`Assets`	$458.45K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	-	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$16.77K	USD	Point-in-time
Accrued offering costs	`AccruedOfferingCosts`	$70.00K	USD	Point-in-time
Accrued offering costs	`AccruedOfferingCosts`	$142.14K	USD	Point-in-time
Promissory note - related party	`OtherLiabilitiesCurrent`	$300.00K	USD	Point-in-time
Promissory note - related party	`OtherLiabilitiesCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$129.03K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$442.14K	USD	Point-in-time
Deferred underwriting fee payable	`DeferredRevenueNoncurrent`	$3.45M	USD	Point-in-time
Deferred underwriting fee payable	`DeferredRevenueNoncurrent`	-	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.58M	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 shares at redemption value of $10.30 and $0 per share as of March 31, 2023 and December 31, 2022, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$118.40M	USD	Point-in-time
Class A ordinary shares subject to possible redemption, $0.0001 par value, 11,500,000 shares at redemption value of $10.30 and $0 per share as of March 31, 2023 and December 31, 2022, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	-	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	`SubscriptionReceivable`	$-206.00	USD	Point-in-time
Subscription receivable	`SubscriptionReceivable`	$-206.00	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.69K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.71M	USD	Point-in-time
Total Shareholders Equity (Deficit)	`StockholdersEquity`	$-338.00	USD	Point-in-time
Total Shareholders Equity (Deficit)	`StockholdersEquity`	$16.31K	USD	Point-in-time
Total Shareholders Equity (Deficit)	`StockholdersEquity`	$-2.71M	USD	Point-in-time
Total Shareholders Equity (Deficit)	`StockholdersEquity`	-	USD	Point-in-time
Total Liabilities and Shareholders Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$119.27M	USD	Point-in-time
Total Liabilities and Shareholders Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$458.45K	USD	Point-in-time

Income Statement 8 line items

Line Item	Tag	Value	Unit	Period
Operating and formation costs	`OperatingExpenses`	$130.27K	USD	1 Quarter
Operating and formation costs	`OperatingExpenses`	$338.00	USD	Point-in-time
Loss from operations	`OperatingIncomeLoss`	$-130.27K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-338.00	USD	Point-in-time
Interest income on investments held in Trust Account	`InvestmentIncomeInterest`	-	USD	Point-in-time
Interest income on investments held in Trust Account	`InvestmentIncomeInterest`	$629.68K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-338.00	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$499.41K	USD	1 Quarter

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-338.00	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$499.41K	USD	1 Quarter
Interest and dividend income on investments held in Trust Account	`InvestmentIncomeInterest`	-	USD	Point-in-time
Interest and dividend income on investments held in Trust Account	`InvestmentIncomeInterest`	$629.68K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	-	USD	Point-in-time
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$242.81K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInNotesPayableCurrent`	$338.00	USD	Point-in-time
Accounts payable	`IncreaseDecreaseInNotesPayableCurrent`	$16.77K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	-	USD	Point-in-time
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$27.27K	USD	1 Quarter
Accrued expenses - related party	`IncreaseDecreaseInAccruedLiabilitiesRelatedParty`	$15.00K	USD	1 Quarter
Accrued expenses - related party	`IncreaseDecreaseInAccruedLiabilitiesRelatedParty`	-	USD	Point-in-time
Due from sponsor	`IncreaseDecreaseInDueFromSponsor`	-	USD	Point-in-time
Due from sponsor	`IncreaseDecreaseInDueFromSponsor`	$206.00	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-314.25K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	-	USD	Point-in-time
Investment of cash in Trust Account	`PaymentsToInvestInDecommissioningFund`	$117.88M	USD	1 Quarter
Investment of cash in Trust Account	`PaymentsToInvestInDecommissioningFund`	-	USD	Point-in-time
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-117.88M	USD	1 Quarter
Proceeds from sale of Placement Units	`ProceedsFromIssuanceOfPrivatePlacement`	$5.65M	USD	1 Quarter
Proceeds from sale of Placement Units	`ProceedsFromIssuanceOfPrivatePlacement`	-	USD	Point-in-time
Proceeds from sale of Units, net of underwriting discount paid	`ProceedsFromOtherEquity`	-	USD	Point-in-time
Proceeds from sale of Units, net of underwriting discount paid	`ProceedsFromOtherEquity`	$113.73M	USD	1 Quarter
Repayment of Promissory note - related party	`RepaymentsOfRelatedPartyDebt`	$300.00K	USD	1 Quarter
Repayment of Promissory note - related party	`RepaymentsOfRelatedPartyDebt`	-	USD	Point-in-time
Payment of offering costs	`PaymentsOfFinancingCosts`	$466.17K	USD	1 Quarter
Payment of offering costs	`PaymentsOfFinancingCosts`	-	USD	Point-in-time
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	Point-in-time
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$118.62M	USD	1 Quarter
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$433.32K	USD	1 Quarter
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	-	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	-	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$521.60K	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	-	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$88.28K	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	-	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$521.60K	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	-	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$88.28K	USD	Point-in-time
Accretion of Class A ordinary shares subject to redemption value	`AccretionOfClassOrdinarySharesSubjectToRedemptionValue`	$12.20M	USD	1 Quarter
Accretion of Class A ordinary shares subject to redemption value	`AccretionOfClassOrdinarySharesSubjectToRedemptionValue`	-	USD	Point-in-time
Valuation of Representative Shares	`ValuationOfRepresentativeShares`	-	USD	Point-in-time
Valuation of Representative Shares	`ValuationOfRepresentativeShares`	$132.48K	USD	1 Quarter
Offering costs included in Accrued offering costs	`DeferredOfferingCostsIncludedInAccruedOfferingCosts`	-	USD	Point-in-time
Offering costs included in Accrued offering costs	`DeferredOfferingCostsIncludedInAccruedOfferingCosts`	$70.00K	USD	1 Quarter
Deferred underwriting fee payable	`DeferredUnderwritingFeePayable`	$3.45M	USD	1 Quarter
Deferred underwriting fee payable	`DeferredUnderwritingFeePayable`	-	USD	Point-in-time

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$-338.00	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$16.31K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-2.71M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	-	USD	Point-in-time
Issuance of Placement Units	`StockIssuedDuringPeriodValueOther`	$5.65M	USD	1 Quarter
Issuance of Representative shares	`StockIssuedDuringPeriodValueRepresentativeShares`	$132.48K	USD	1 Quarter
Issuance of Representative shares, shares	`StockIssuedDuringPeriodSharesRepresentativeShares`	103,500.00	shares	1 Quarter
Proceeds allocated to Public Warrants	`AdjustmentsToAdditionalPaidInCapitalPublicWarrantIssued`	$3.39M	USD	1 Quarter
Allocation of issuance costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$206.22K	USD	1 Quarter
Accretion redemption value of Class A ordinary shares	`AdjustmentsToAdditionalPaidInCapitalAccretionOfCommonStockSubjectToRedemptionToRedemptionAmount`	$12.20M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-338.00	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$499.41K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$-338.00	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$16.31K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-2.71M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	-	USD	Point-in-time

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