As of June 30, 2024, Athena Technology Acquisition Corp. II reported significant declines in its financial performance compared to the previous fiscal period. Total current assets decreased to $824,243 from $1,944,893 as of December 31, 2023. Total assets also fell sharply from $26,332,418 to $15,515,960. The investments held in the Trust Account saw a notable reduction, dropping from $24,387,525 to $14,691,717.
The company’s accumulated deficit increased to $(16,526,052) from $(15,272,029) at the end of the previous fiscal year, while total stockholders’ deficit rose from $(15,031,287) to $(16,525,069). Class A common stock subject to possible redemption was valued at $15,212,445, down from $24,837,068, reflecting a decrease in shares from 2,198,039 to 1,287,781.
For the three months ended June 30, 2024, Athena reported total operating expenses of $387,569, a significant decrease from $1,978,653 in the same period of 2023. Interest income on investments held in the Trust Account also declined sharply, from $2,628,259 to $194,074. Consequently, the company experienced a net loss of $(235,418) for the quarter, compared to a net income of $99,213 in the prior year. For the six-month period, the net loss was $(836,945), contrasting with a net income of $1,805,638 for the same period in 2023.
Cash used in operating activities for the first half of 2024 was $(1,785,421), compared to $(715,394) in 2023. The company also withdrew $10,179,663 from the Trust Account for redemptions, a significant decrease from $239,604,919 in the previous year.
Athena's strategic developments included the approval of an extension for its initial business combination deadline to December 14, 2024, with conditions for deposits into the Trust Account. The company has been actively seeking a target for its business combination after a previous agreement with Air Water Company was terminated in December 2023.
As of June 30, 2024, the company reported a working capital deficit of $7,048,091 and expressed substantial doubt about its ability to continue as a going concern, with a mandatory liquidation date set for December 14, 2024. The company has also incurred an excise tax liability of $2,497,846, which remains unpaid as of the reporting date.
About Athena Technology Acquisition Corp. II
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.