Company: NOEMW
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001213900-25-042720
Chunk: 108

Company: CO2 Energy Transition Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 2
Chunk 108
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24

Liquidity and Capital Resources

As of March 31, 2025, the
Company had $631,409 in cash and working capital of $424,782.

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 three months ended
March 31, 2025, cash used in operating activities was $337,343. Net income of $406,402 was impacted by interest earned on marketable securities
held in the trust account of $725,763, and changes in operating assets and liabilities provided $17,982 of cash.

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March 31, 2025, cash provided by investing activities was $15,683, representing cash interest withdrawn from the Trust Account to pay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,