10-Q Filing

New Horizon Aircraft Ltd. CIK: 1930021 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0001493152-23-027611`
Period End Date	20230630
Filing Date	20230810
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 16 Cash Flow Statement 60 Stockholders Equity 27

Balance Sheet 54 line items

Line Item	Tag	Value	Unit	Period
Redemption value per share	`TemporaryEquityRedemptionPricePerShare`	$10.42	USD	Point-in-time
Redemption value per share	`TemporaryEquityRedemptionPricePerShare`	$10.42	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`	$283.10K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cash	`Cash`	$88.28K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.37K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$219.10K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$502.20K	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`	$119.92M	USD	Point-in-time
Marketable Securities held in Trust Account	`AssetsHeldInTrustNoncurrent`	-	USD	Point-in-time
Total Assets	`Assets`	$458.45K	USD	Point-in-time
Total Assets	`Assets`	$120.42M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	-	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$57.74K	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`	$160.86K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$442.14K	USD	Point-in-time
Deferred underwriting fee payable	`DeferredRevenueNoncurrent`	-	USD	Point-in-time
Deferred underwriting fee payable	`DeferredRevenueNoncurrent`	$3.45M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.61M	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 $10.42 and $0 per share as of June 30, 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 shares at redemption value of $10.42 and $0 per share as of June 30, 2023 and December 31, 2022, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$119.82M	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
Common stock value	`CommonStockValue`	-	USD	Point-in-time
Common stock value	`CommonStockValue`	-	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`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.01M	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`	$-338.00	USD	Point-in-time
Total Shareholders Equity (Deficit)	`StockholdersEquity`	$23.57K	USD	Point-in-time
Total Shareholders Equity (Deficit)	`StockholdersEquity`	$-2.71M	USD	Point-in-time
Total Shareholders Equity (Deficit)	`StockholdersEquity`	$-3.01M	USD	Point-in-time
Total Shareholders Equity (Deficit)	`StockholdersEquity`	-	USD	Point-in-time
Total Liabilities and Shareholders Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$458.45K	USD	Point-in-time
Total Liabilities and Shareholders Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$120.42M	USD	Point-in-time

Income Statement 16 line items

Line Item	Tag	Value	Unit	Period
Operating and formation costs	`OperatingExpenses`	$1.09K	USD	1 Quarter
Operating and formation costs	`OperatingExpenses`	$426.09K	USD	2 Qtrs
Operating and formation costs	`OperatingExpenses`	$295.82K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-426.09K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-295.82K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.09K	USD	1 Quarter
Interest income on investments held in Trust Account	`InvestmentIncomeInterest`	$1.41M	USD	1 Quarter
Interest income on investments held in Trust Account	`InvestmentIncomeInterest`	$2.04M	USD	2 Qtrs
Interest income on investments held in Trust Account	`InvestmentIncomeInterest`	-	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-338.00	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$1.12M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.62M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$499.41K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-1.09K	USD	1 Quarter
Basic net income per share, ordinary shares	`EarningsPerShareBasic`	-	USD	1 Quarter
Diluted net income per share, ordinary shares	`EarningsPerShareDiluted`	-	USD	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-338.00	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$1.12M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.62M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$499.41K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-1.09K	USD	1 Quarter
Interest income on investments held in Trust Account	`InvestmentIncomeInterest`	$1.41M	USD	1 Quarter
Interest income on investments held in Trust Account	`InvestmentIncomeInterest`	$2.04M	USD	2 Qtrs
Interest income on investments held in Trust Account	`InvestmentIncomeInterest`	-	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$4.14K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$217.73K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInNotesPayableCurrent`	-	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInNotesPayableCurrent`	$57.74K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$28.11K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	-	USD	1 Quarter
Accrued expenses - related party	`IncreaseDecreaseInAccruedLiabilitiesRelatedParty`	$5.00K	USD	2 Qtrs
Accrued expenses - related party	`IncreaseDecreaseInAccruedLiabilitiesRelatedParty`	-	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-552.96K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.57K	USD	1 Quarter
Investment of cash in Trust Account	`PaymentsToInvestInDecommissioningFund`	$117.88M	USD	2 Qtrs
Investment of cash in Trust Account	`PaymentsToInvestInDecommissioningFund`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-117.88M	USD	2 Qtrs
Proceeds from issuance of Class B ordinary shares to Sponsor	`ProceedsFromIssuanceOfCommonStock`	$25.00K	USD	1 Quarter
Proceeds from issuance of Class B ordinary shares to Sponsor	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Proceeds from promissory note - related party	`ProceedsFromRelatedPartyDebt`	$300.00K	USD	1 Quarter
Proceeds from promissory note - related party	`ProceedsFromRelatedPartyDebt`	-	USD	2 Qtrs
Advance from Sponsor for payment of formation costs	`AdvanceFromSponsorForPaymentOfFormationCosts`	$412.00	USD	1 Quarter
Advance from Sponsor for payment of formation costs	`AdvanceFromSponsorForPaymentOfFormationCosts`	-	USD	2 Qtrs
Repayment to Sponsor for payment of formation costs	`PaymentsOfStockIssuanceCosts`	$412.00	USD	1 Quarter
Repayment to Sponsor for payment of formation costs	`PaymentsOfStockIssuanceCosts`	-	USD	2 Qtrs
Proceeds from sale of Placement Units	`ProceedsFromIssuanceOfPrivatePlacement`	-	USD	1 Quarter
Proceeds from sale of Placement Units	`ProceedsFromIssuanceOfPrivatePlacement`	$5.65M	USD	2 Qtrs
Proceeds from sale of Units, net of underwriting discount paid	`ProceedsFromOtherEquity`	-	USD	1 Quarter
Proceeds from sale of Units, net of underwriting discount paid	`ProceedsFromOtherEquity`	$113.73M	USD	2 Qtrs
Proceeds from stock subscriptions received	`ProceedsFromStockSubscriptionsReceived`	$206.00	USD	2 Qtrs
Proceeds from stock subscriptions received	`ProceedsFromStockSubscriptionsReceived`	-	USD	1 Quarter
Repayment of Promissory note - related party	`RepaymentsOfRelatedPartyDebt`	-	USD	1 Quarter
Repayment of Promissory note - related party	`RepaymentsOfRelatedPartyDebt`	$300.00K	USD	2 Qtrs
Payment of offering costs	`PaymentsOfFinancingCosts`	$85.60K	USD	1 Quarter
Payment of offering costs	`PaymentsOfFinancingCosts`	$466.17K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$118.62M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$239.40K	USD	1 Quarter
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$233.83K	USD	1 Quarter
Net Change in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$194.82K	USD	2 Qtrs
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$88.28K	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$283.10K	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$233.83K	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	-	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$88.28K	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$283.10K	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$233.83K	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	-	USD	Point-in-time
Accretion of Class A ordinary shares subject to redemption value	`AccretionOfClassOrdinarySharesSubjectToRedemptionValue`	-	USD	1 Quarter
Accretion of Class A ordinary shares subject to redemption value	`AccretionOfClassOrdinarySharesSubjectToRedemptionValue`	$13.61M	USD	2 Qtrs
Valuation of Representative Shares	`ValuationOfRepresentativeShares`	$132.48K	USD	2 Qtrs
Valuation of Representative Shares	`ValuationOfRepresentativeShares`	-	USD	1 Quarter
Offering costs included in Accrued offering costs	`DeferredOfferingCostsIncludedInAccruedOfferingCosts`	-	USD	1 Quarter
Offering costs included in Accrued offering costs	`DeferredOfferingCostsIncludedInAccruedOfferingCosts`	$70.00K	USD	2 Qtrs
Deferred underwriting fee payable	`DeferredUnderwritingFeePayable`	$3.45M	USD	2 Qtrs
Deferred underwriting fee payable	`DeferredUnderwritingFeePayable`	-	USD	1 Quarter

Stockholders Equity 27 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$16.31K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-338.00	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$23.57K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-2.71M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-3.01M	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	2 Qtrs
Issuance of Representative Shares	`StockIssuedDuringPeriodValueRepresentativeShares`	$132.48K	USD	1 Quarter
Issuance of Representative shares, shares	`StockIssuedDuringPeriodSharesRepresentativeShares`	103,500.00	shares	2 Qtrs
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`	$1.41M	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`	$1.12M	USD	1 Quarter
Net Income (loss)	`NetIncomeLoss`	$1.62M	USD	2 Qtrs
Net Income (loss)	`NetIncomeLoss`	$499.41K	USD	1 Quarter
Net Income (loss)	`NetIncomeLoss`	$-1.09K	USD	1 Quarter
Cash received for stock subscription receivable	`CashReceivedForStockSubscriptionReceivable`	$206.00	USD	1 Quarter
Issuance of Class B ordinary shares to Sponsor	`StockIssuedDuringPeriodValueNewIssues`	$25.00K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$16.31K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-338.00	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$23.57K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-2.71M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-3.01M	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.