Company: NOEMW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004368
Chunk: 973

Company: CO2 Energy Transition Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 6
Chunk 973
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 Company’s
balance sheets, respectively. At December 31, 2024 and 2023, the common stock subject to possible redemption reflected in the balance
sheet is reconciled in the following table:

    Gross proceeds 
    $69,000,000 
  
    Less: 

    Proceeds allocated to Public Warrants 
     (207,000)
  
    Proceeds allocated to Public Rights 
     (621,000)
  
    Common stock issuance costs 
     (3,354,893)
  
    Plus: 

    Remeasurement of carrying value to redemption value 
     4,416,151 
  
    Common stock subject to possible redemption, December 31, 2024 
    $69,233,258 

Recent Accounting Standards

In November 2023, the FASB
issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. The amendments
in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided
to the chief operating officer decision maker (“CODM”), as well as the aggregate amount of other segment items included in
the reported measure of segment profit or loss. The ASU requires that a public entity disclose the title and position of the
CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding
how to allocate resources. Public entities will be required to provide all annual disclosures currently required by Topic 280 in
interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments
in this ASU and existing segment disclosures in Topic 280. This ASU is effective for fiscal years beginning
after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. 

Management does not believe
that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the
Company’s financial statements.

NOTE 3. INITIAL PUBLIC OFFERING

In the Initial Public Offering
which closed on November 22, 2024, the Company sold 6,900,000 Units, at a purchase price of $10.00 per Unit, which includes the full
exercise by the underwriters