Fri, Sep 27, 9:32 PM (85 days ago)
Focus Impact BH3 Acquisition Company has filed an amendment to its annual report (Form 10-K/A) for the fiscal year ended December 31, 2023, primarily to address an accounting error related to deferred underwriting commissions, which was previously classified as a gain. The amendment corrects this by recognizing the extinguishment of the liability as a credit to shareholders' deficit instead. The error does not affect cash positions or trust account funds. For FY 2023, the company reported a net income of $327,807, driven by a gain in fair value of derivative warrant liabilities and interest income, despite significant operating expenses. The company has approximately $24.3 million remaining in its trust account after recent redemptions. Looking ahead, Focus Impact plans to complete a business combination with XCF Global Capital, valuing it at $1.75 billion, by July 31, 2024. The company faces risks related to market conditions, regulatory approvals, and internal control weaknesses, which could affect its ability to finalize this transaction. The company remains an emerging growth company, leveraging exemptions from certain reporting requirements, which may impact investor perceptions and trading activity.