Company: NOEMW
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001213900-25-075048
Chunk: 111

Company: CO2 Energy Transition Corp.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 2
Chunk 111
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 Capital Resources and Going Concern

As of June 30, 2025, the
Company had $469,288 in cash and working capital of $434,534.

Until the consummation of
the Initial Public Offering, our only source of liquidity was an initial purchase of shares of common stock, par value $0.0001 per share,
by the sponsor and loans from the sponsor.

On November 22, 2024, we
consummated the Initial Public Offering of 6,900,000 units, which included the full exercise by the underwriters of their over-allotment
option in the amount of 900,000 units, at $10.00 per unit, generating gross proceeds of $69,000,000. Simultaneously with the closing of
the Initial Public Offering, we consummated the sale of 265,000 private placement units at a price of $10.00 per private placement unit
in a private placement to the sponsor, generating gross proceeds of $2,650,000.

Following the Initial Public
Offering, a total of $69,000,000 was placed in the trust account. We incurred $3,423,710 of expenses associated with the Initial Public
Offering, consisting of $517,500 of cash underwriting discount, $2,070,000 of deferred underwriting fees, $77,280 fair value of the Representative
Shares, and $758,930 of other offering costs.

For the six months ended
June 30, 2025, cash used in operating activities was $563,672. Net income of $825,293 was impacted by interest earned on marketable securities
held in the trust account of $1,455,374, and changes in operating assets and liabilities provided $66,408 of cash.

For the six months ended
June 30, 2024, cash used in operating activities was $76,718. Net loss of $40,453 was impacted by operating expenses paid on behalf of
the Company of $6,050, and changes in operating assets and liabilities used $42,315 of cash.

For the six months ended
June 30, 2025, cash provided by investing activities was $79,891, representing cash interest withdrawn from the Trust Account to pay taxes.

For the six months ended
June 30, 2024, no cash was used in investing activities.

For the six months ended
June 30, 2025, no cash