Thu, Aug 29, 8:09 AM (138 days ago)
For the quarter ending June 30, 2024, ShoulderUp Technology Acquisition Corp. reported a net loss of approximately $0.2 million, contrasting with a net income of $0.855 million in the same quarter of 2023. Total revenue decreased significantly, primarily due to reduced income from investments held in the Trust Account, which fell from approximately $1.5 million to $0.23 million year-over-year. General and administrative expenses increased to $333,599, reflecting ongoing operational costs. As of June 30, 2024, the company had total assets of $9.6 million, down from $21.5 million at year-end 2023, primarily due to significant redemptions of Class A common stock. The working capital deficit stood at approximately $4.6 million, raising concerns about liquidity and the ability to continue as a going concern. The Trust Account balance was reduced to $9.3 million after substantial redemptions, leaving $290,466 in the operating account. The company is actively seeking a business combination, with a deadline extended to November 19, 2024, but faces uncertainties regarding the completion of this transaction. The derivative liability from non-redemption agreements increased to $10.9 million, indicating potential future obligations.