Company: NOEMW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110040
Chunk: 90

Company: CO2 Energy Transition Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 90
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”) 205-40 “Going
Concern,” we have determined that the potential liquidity shortfall and the mandatory liquidation raise substantial doubt about
the Company’s ability to continue as a going concern.

26

Off-Balance Sheet Financing Arrangements

We have no obligations,
assets or liabilities, which would be considered off-balance sheet arrangements as of September 30, 2025. We do not participate in transactions
that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which
would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet
financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any
non-financial assets.

Contractual Obligations

We do not have any long-term
debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay the sponsor $10,000
per month for office space, utilities, secretarial support and other administrative and consulting services.

The Company granted the
underwriters a 45-day option from the date of the Initial Public Offering to purchase up to 900,000 additional units to cover over-allotments,
if any, at the Initial Public Offering price less the underwriting discounts and commissions. On November 22, 2024, simultaneously with
the closing of the Initial Public Offering, the underwriters elected to fully exercise the over-allotment 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 September 30,
2025, were organizational activities, those necessary to prepare for the Initial Public Offering, described below. We do not expect to
generate any