v3.25.2
Recapitalization (Tables)
6 Months Ended
Jun. 30, 2025
Capitalization, Long-Term Debt and Equity [Abstract]  
Schedule of Reconciles Business Combination The following table reconciles the elements of the Business Combination to the condensed consolidated statements of cash flows and the condensed consolidated statement of changes in stockholders’ equity (deficit) for the six months ended June 30, 2024:

 

Cash-trust and cash, net of redemptions

 

$

2,455,361

 

Add: proceeds from PIPE investment

 

 

4,999,998

 

Less: transaction costs and advisory fees, paid

 

 

(7,455,359

)

Net proceeds from the Business Combination

 

 

 

Less: Subject Vesting Shares liability

 

 

(11,792,000

)

Less: True Up Shares liability

 

 

(555,000

)

Less: accounts payable and accrued liabilities combined

 

 

(9,054,854

)

Add: other, net

 

 

374,377

 

Reverse recapitalization, net

 

$

(21,027,477

)

Schedule of Reconciles Business Combination

The number of shares of Common Stock issued immediately following the consummation of the Business Combination were:

 

XPDB Class A common stock, outstanding prior to the Business Combination

 

 

10,608,178

 

Less: Redemption of XPDB Class A common stock

 

 

(10,381,983

)

Class A common stock of XPDB

 

 

226,195

 

XPDB Class B common stock, outstanding prior to the Business Combination

 

 

7,187,500

 

PIPE subscription

 

 

588,235

 

Business Combination Class A common stock

 

 

8,001,930

 

Legacy Montana Shares

 

 

45,821,482

 

Class A and B Common Stock immediately after the Business Combination

 

 

53,823,412

 

Schedule of Number of Legacy Montana Shares

The number of Legacy Montana shares was determined as follows:

 

 

Legacy Montana
Units

 

 

The Company’s
Shares after
conversion
ratio

 

Class A common stock

 

 

1,725,418

 

 

 

41,061,840

 

Class B common stock

 

 

200,000

 

 

 

4,759,642