Company: NOEMW
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-110040
Chunk: 12

Company: CO2 Energy Transition Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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 which the Company may ultimately consummate
an initial Business Combination.

8

CO2 ENERGY TRANSITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

(Unaudited) 

Liquidity, Capital Resources and Going Concern

As of September 30,
2025, the Company had $343,499 in cash and working capital deficit of $133,753. The Company’s liquidity needs through
September 30, 2025, have been satisfied through proceeds from the consummation of the Initial Public Offering on November 22, 2024,
as well as the issuance of the $1,500,000 promissory note to the Sponsor on April 15, 2025. 

In addition, if the Company
is unable to complete a Business Combination by May 22, 2026, unless extended for further 6 months, then the Company will cease all operations
except for the purpose of liquidating. The Company cannot be assured that its plans to consummate an initial Business Combination will
be successful.

In connection with the Company’s
assessment of going concern considerations in accordance with Accounting Standards Codification (“ASC”) 205-40 “Going
Concern,” Management has determined that the potential liquidity shortfall and the mandatory liquidation raise substantial doubt
about the Company’s ability to continue as a going concern. These condensed financial statements do not include any adjustments
relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be
required to liquidate after May 22, 2026.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited
condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of
America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation
S-X of the SEC. Certain information or footnote disclosures normally included in the unaudited condensed financial statements prepared
in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting.
Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results
of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments,
consisting of a normal recurring nature, which are necessary