Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Summary of Significant Accounting Policies [Abstract] |
|
| Schedule of Consolidated Statement of Stockholders’ Deficit |
The effect of the contingent
sponsor shares revision on the Common Stock amounts on each of the impacted financial statement line items within the Company’s
unaudited condensed consolidated statement of changes in stockholders’ deficit for the three and six months ended June 30, 2024
was as follows:
| | |
Six Months Ended June 30, 2024 | |
| | |
As
Previously
Reported | | |
Adjustments | | |
As
Revised | |
| Balance at December 31, 2023 | |
| 19,599,982 | | |
| (1,000,000 | ) | |
| 18,599,982 | |
| Balance at June 30, 2024 | |
| 19,599,982 | | |
| (1,000,000 | ) | |
| 18,599,982 | |
| | |
Three Months Ended June 30, 2024 | |
| | |
As
Previously
Reported | | |
Adjustments | | |
As
Revised | |
| Balance at March 31, 2024 | |
| 19,599,982 | | |
| (1,000,000 | ) | |
| 18,599,982 | |
| Balance at June 30, 2024 | |
| 19,599,982 | | |
| (1,000,000 | ) | |
| 18,599,982 | |
The effect of the financing
of prepaid insurance revision on the accumulated deficit amounts on each of the impacted financial statement line items within the Company’s
unaudited condensed consolidated statement of changes in stockholders’ deficit for the three and six months ended June 30, 2024
was as follows:
| | |
Six Months Ended June 30, 2024 | |
| | |
As
Previously
Reported | | |
Adjustments | | |
As
Revised | |
| Balance at December 31, 2023 | |
$ | (257,242 | ) | |
$ | (14 | ) | |
$ | (257,256 | ) |
| Balance at June 30, 2024 | |
| (270,189 | ) | |
| (14 | ) | |
| (270,203 | ) |
| | |
Three Months Ended June 30, 2024 | |
| | |
As
Previously
Reported | | |
Adjustments | | |
As
Revised | |
| Balance at March 31, 2024 | |
$ | (264,877 | ) | |
$ | (14 | ) | |
$ | (264,891 | ) |
| Balance at June 30, 2024 | |
| (270,189 | ) | |
| (14 | ) | |
| (270,203 | ) |
|
| Schedule of Consolidated Balance Sheet |
The effect of the classification of prepaid insurance expense and accrued
interest (related party) revisions on each of the impacted financial statement line items within the Company’s audited consolidated
balance sheet as of December 31, 2024 was as follows:
| | |
December 31, 2024 | |
| | |
As
Previously
Reported | | |
Adjustments | | |
As
Revised | |
| Prepaid expenses and other assets, current | |
$ | 1,375 | | |
$ | (488 | ) | |
$ | 887 | |
| Total current assets | |
| 9,384 | | |
| (488 | ) | |
| 8,896 | |
| Prepaid expenses and other assets | |
| — | | |
| 488 | | |
| 488 | |
| Accrued expenses | |
| 4,416 | | |
| (703 | ) | |
| 3,713 | |
| Accrued interest (related party) | |
| — | | |
| 703 | | |
| 703 | |
|
| Schedule of Consolidated Statement of Operations and Comprehensive Loss |
The effect of the contingent
sponsor shares and financing of prepaid insurance revisions on each of the impacted financial statement line items within the Company’s
unaudited condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2024 was
as follows:
| | |
Six Months Ended June 30, 2024 | |
| | |
As
Previously
Reported | | |
Adjustments | | |
As
Revised | |
| General and administrative | |
$ | 3,714 | | |
$ | (23 | ) | |
$ | 3,691 | |
| Total costs and operating expenses | |
| 9,885 | | |
| (23 | ) | |
| 9,862 | |
| Operating loss | |
| (9,758 | ) | |
| 23 | | |
| (9,735 | ) |
| | |
| | | |
| | | |
| | |
| Other expense, net | |
| — | | |
| (23 | ) | |
| (23 | ) |
| Total other income (expense), net | |
| (459 | ) | |
| (23 | ) | |
| (482 | ) |
| | |
| | | |
| | | |
| | |
| Net loss per share attributable to common stockholders, basic and diluted | |
$ | (0.66 | ) | |
$ | (0.04 | ) | |
$ | (0.70 | ) |
| Weighted-average Class A Common Stock outstanding, basic and diluted | |
| 19,599,982 | | |
| (1,000,000 | ) | |
| 18,599,982 | |
| | |
Three Months Ended June 30, 2024 | |
| | |
As Previously Reported | | |
Adjustments | | |
As
Revised | |
| General and administrative | |
$ | 1,595 | | |
$ | (8 | ) | |
$ | 1,587 | |
| Total costs and operating expenses | |
| 4,928 | | |
| (8 | ) | |
| 4,920 | |
| Operating loss | |
| (4,860 | ) | |
| 8 | | |
| (4,852 | ) |
| | |
| | | |
| | | |
| | |
| Other expense, net | |
| — | | |
| (8 | ) | |
| (8 | ) |
| Total other income (expense), net | |
| 913 | | |
| (8 | ) | |
| 905 | |
| | |
| | | |
| | | |
| | |
| Net loss per share attributable to common stockholders, basic and diluted | |
$ | (0.27 | ) | |
$ | (0.02 | ) | |
$ | (0.29 | ) |
| Weighted-average Class A Common Stock outstanding, basic and diluted | |
| 19,599,982 | | |
| (1,000,000 | ) | |
$ | 18,599,982 | |
|
| Schedule of Condensed Consolidated Statement of Cash Flows |
The effect of the financing
of prepaid insurance revision on each of the impacted financial statement line items within the Company’s unaudited condensed consolidated
statement of cash flows for the six months ended June 30, 2024 was as follows:
| | |
Six Months Ended June 30, 2024 | |
| | |
As
Previously
Reported | | |
Adjustments | | |
As
Revised | |
| Amortization of prepaid insurance | |
$ | — | | |
$ | 539 | | |
$ | 539 | |
| Prepaid expenses and other assets | |
| 33 | | |
| (20 | ) | |
| 13 | |
| Net cash used in operating activities | |
| (10,754 | ) | |
| 519 | | |
| (10,235 | ) |
| | |
| | | |
| | | |
| | |
| Payments on insurance financing loans | |
| — | | |
| (519 | ) | |
| (519 | ) |
| Net cash provided by financing activities | |
| 9,183 | | |
| (519 | ) | |
| 8,664 | |
| | |
| | | |
| | | |
| | |
| Supplemental disclosures of cash flow information: | |
| | | |
| | | |
| | |
| Cash paid for interest | |
$ | — | | |
$ | 23 | | |
$ | 23 | |
| | |
| | | |
| | | |
| | |
| Non-cash investing and financing activities: | |
| | | |
| | | |
| | |
| Financing of prepaid insurance | |
$ | — | | |
$ | 65 | | |
$ | 65 | |
|