Company: NOEMW
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001213900-25-042720
Chunk: 111

Company: CO2 Energy Transition Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 2
Chunk 111
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 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 March 31, 2025,
were organizational activities, those necessary to prepare for the Initial Public Offering, described below. We do not expect to generate
any operating revenues until after the completion of our Business Combination. We generate non-operating income in the form of interest
income on marketable securities held in the Trust Account. We incur expenses as a result of being a public company (for legal, financial
reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three months ended
March 31, 2025, we had net income of $406,402, which consists of interest income on investments held in the trust account of $725,763,
offset by operating costs of $170,720