Company: RAIN
Filing Date: 2025-01-31
Form Type: S-1
Source: 0001213900-25-008536
Chunk: 305

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-01-31
Form: S-1
Chunk 305
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 geopolitical conditions resulting from the Russian invasion of Ukraine, the escalation of the Israel-Hamas conflict and subsequent sanctions or related actions, could adversely affect the Company’s operating activities.

Note 2 — Restatement of Previously Issued Financial Statements

Upon reviewing the disclosure requirements for income taxes under FASB ASC 740, “Income Taxes”, the Company’s management determined that although disclosures as of December 31, 2023 and 2022 were made of the amount of gross deferred tax assets and a full valuation allowance, it lacked certain required disclosures, including the components of the net deferred tax asset, the net change during the year of the valuation allowance, the current and deferred tax amounts and the income tax rate reconciliation. Company management also discovered errors in calculating the previously disclosed gross deferred tax assets as of December 31, 2023 and 2022.

<div align='center'>F-77

Rain Enhancement Technologies, Inc.

Notes to Financial Statements
December 31, 2023 AND 2022</div>

Therefore, the Company’s management and the Company’s Board of Directors concluded that the Company’s previously issued audited financial statements as of and for the year ended December 31, 2023 and as of December 31, 2022 and for the period from November 10, 2022 (inception) through December 31, 2022 as included in the Registration Statement on Form S-4, as filed confidentially with the SEC on August 27, 2024, should no longer be relied upon and that it is appropriate to restate such financial statements. As such, the Company is restating its financial statements, and the accompanying applicable notes have been updated to reflect the effects of the restatement, as described below.

Adjustments

The restatement has no impact on the balance sheet, statement of operations, statement of changes in stockholders’ deficit and statement of cash flows for the affected years. The effect of the adjustments to the gross deferred tax assets to correct the errors in calculation of gross deferred tax assets are as follow:

As of and for the year ended December 31, 2023:

|                     |     | As       
 Reported |          |   |     | Adjustment |          |   |     | As       
 Restated |          |   |
| Deferred tax asset  |     |          |  628,206 |   |     |            | (471,825 | ) |     |          |  156,381 |   |
| Valuation Allowance