Company: NOEMW
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001213900-25-042720
Chunk: 85

Company: CO2 Energy Transition Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 8
Chunk 85
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For the three months ended
March 31, 2024, cash used in operating activities was $61,041. Net loss of $20,398 was impacted by operating expenses paid on behalf of
the Company of $6,050, and changes in operating assets and liabilities used $46,693 of cash.

For the three months ended
March 31, 2025, cash provided by investing activities was $15,683, representing cash interest withdrawn from the Trust Account to pay
taxes. We had no cash used in investing activities for the year ended March 31, 2024.

For the three months ended
March 31, 2025, no cash was used in financing activities.

For the three months ended
March 31, 2024, cash provided by financing activities was $60,565, consisting of proceeds from our promissory note with our sponsor of
$63,600, repayment of promissory note-related party of $2,000, and payments of offering costs of $1,035.

As of March 31, 2025, we
had investments of $70,020,977 held in the trust account. Through March 31, 2025 and December 31, 2024, we have not withdrawn any
principal from the trust account, nor any interest earned, except to pay taxes.

We intend to use substantially
all of the funds held in the trust account, including any amounts representing interest earned on the trust account (less income taxes
payable), to complete our initial business combination. To the extent that our share capital or debt is used, in whole or in part, as
consideration to complete our initial business combination, the remaining proceeds held in the trust account will be used as working capital
to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.  

25

As of March 31, 2025, we
had cash of $631,409. We intend to use the funds held outside the trust account primarily to identify and evaluate target businesses,
perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective
target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses,
and structure, negotiate and complete a business combination.

In order to finance transaction
costs in connection with an initial business combination, we and the sponsor, on April 15, 2025,