Fri, Nov 29, 11:02 AM (45 days ago)
For the quarter ended September 30, 2024, ShoulderUp Technology Acquisition Corp. (SUAC) reported a net loss of approximately $298,188, compared to a net income of $73,099 in the same period of 2023. Revenue primarily stemmed from interest income, totaling about $116,000, while general and administrative expenses were approximately $205,000. The company continues to face significant liquidity challenges, with only $192,363 in cash and a working capital deficit of approximately $4.8 million. As of September 30, 2024, total assets decreased to $9.6 million from $21.5 million at year-end, primarily due to substantial redemptions of Class A common stock, which totaled $12.1 million this quarter. The Class A common stock subject to possible redemption was valued at $9.2 million. The company has extended its timeline for completing a business combination to December 31, 2024, amid ongoing efforts to identify suitable targets. Future operations remain uncertain, particularly given the challenges posed by the recent delisting from the NYSE and the implications of the Inflation Reduction Act. The company is classified as a smaller reporting company and continues to operate under emerging growth company status, impacting its reporting obligations.