Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 1198

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 10
Chunk 1198
---
) 
     (6,923,914) 
     (16,924,324)

    Net income 
     —  
     —  
     —  
     —  
     —  
     443,117  
     443,117 

    Balance — December 31, 2024 
     805,000  
    $81  
     7,187,500  
    $719  
    $—  
    $(6,480,797) 
    $(6,479,997)

(1)Included up to 984,375 shares
subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters (Note 5).

The accompanying notes are an integral part
of these financial statements.

F-5

MOUNTAIN LAKE ACQUISITION CORP.

STATEMENT OF CASH FLOWS

FOR THE PERIOD FROM JUNE 14, 2024 (INCEPTION)
THROUGH DECEMBER 31, 2024

    Cash Flows from Operating Activities: 

    Net income 
    $443,117 
  
    Adjustments to reconcile net income to net cash used in operating activities: 
     ​ 
  
    Formation costs paid by Sponsor in exchange for issuance of Class B ordinary shares 
     8,533 
  
    Payment of operation costs through promissory note 
     70,488 
  
    Interest earned on marketable securities held in Trust Account 
     (493,853)
  
    Changes in operating assets and liabilities: 

    Prepaid expenses 
     (18,440)
  
    Long-term prepaid insurance 
     (87,776)
  
    Prepaid insurance 
     (92,500)
  
    Accounts payable and accrued expenses 
     7,401 
  
    Due to Sponsor 
     3,183 
  
    Net cash used in operating activities 
     (159,847)

    Cash Flows from Investing Activities: 

    Investment of cash in Trust Account 
     (231,150,000)
  
    Net cash used in investing activities 
     (231,150,000)

    Cash Flows from Financing Activities: 

    Proceeds from sale of Units, net of underwriting discounts paid 
     225,400,000 
  
    Proceeds from sale of Private Placement Units