Company: NOEMW
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001213900-25-075048
Chunk: 90

Company: CO2 Energy Transition Corp.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 90
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otment option to purchase an additional 900,000
units at a price of $10.00 per Unit.

The underwriters were entitled
to a cash underwriting discount of 0.75% of the gross proceeds of the Initial Public Offering, or $517,500, which was paid upon the closing
of the Initial Public Offering, together with 138,000 shares of our common stock. Additionally, the underwriters were entitled to a deferred
underwriting discount of 3.00% of the gross proceeds of the Initial Public Offering, or $2,070,000, payable upon the closing of an initial
business combination from the amounts held in the trust account.

Results of Operations

We have neither engaged in
any operations nor generated any revenues to date. Our only activities from September 30, 2021 (inception) through June 30, 2025,
were organizational activities, those necessary to prepare for the Initial Public Offering, described below. We do not expect to generate
any operating revenues until after the completion of our Business Combination. We generate non-operating income in the form of interest
income on marketable securities held in the Trust Account. We incur expenses as a result of being a public company (for legal, financial
reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three months ended
June 30, 2025, we had net income of $418,891, which consists of interest income on investments held in the trust account of $729,611,
offset by operating costs of $162,313, provision for income taxes of $146,750, and interest expense of $1,657.

For the three months ended
June 30, 2024, we had a net loss of $20,055, which consisted solely of general and administrative expenses.

27

For the six months ended
June 30, 2025, we had net income of $825,293, which consists of interest income on investments held in the trust account of $1,455,374,
offset by operating costs of $333,033, provision for income taxes of $292,766, and interest expense of $4,282.

For the three months ended
June 30, 2024, we had a net loss of $40,453, which consisted solely of general and administrative expenses.

Critical Accounting Estimates

The preparation of unaudited
condensed financial statements and related disclosures in conformity with accounting principles