Insight Acquisition Corp. Files 10-Q for Q1 2024
Ticker: AMODW · Form: 10-Q · Filed: Jun 6, 2024 · CIK: 1862463
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
Insight Acquisition Corp. 10-Q filed for Q1 2024. Financials are in.
AI Summary
Insight Acquisition Corp. filed its 10-Q for the quarterly period ended March 31, 2024. The company, incorporated in Delaware with its principal executive offices at 333 East 91st Street, New York, NY, is reporting its financial status as of this date. The filing is made under the Securities Exchange Act of 1934.
Why It Matters
This 10-Q filing provides investors and the public with the latest financial performance and operational details of Insight Acquisition Corp. for the first quarter of 2024.
Risk Assessment
Risk Level: low — This filing is a standard quarterly report and does not inherently indicate new or elevated risks.
Key Players & Entities
- Insight Acquisition Corp. (company) — Registrant
- March 31, 2024 (date) — Quarterly period end date
- 333 East 91st Street, New York, NY 10128 (address) — Principal Executive Offices
- 001-40775 (filing_id) — SEC File Number
FAQ
What is the primary purpose of this 10-Q filing?
This 10-Q filing is a quarterly report filed by Insight Acquisition Corp. pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2024.
When was the quarterly period covered by this report?
The quarterly period covered by this report ended on March 31, 2024.
What is the company's legal jurisdiction and fiscal year end?
Insight Acquisition Corp. is incorporated in Delaware and its fiscal year ends on December 31.
Where are Insight Acquisition Corp.'s principal executive offices located?
The principal executive offices of Insight Acquisition Corp. are located at 333 East 91st Street, New York, NY 10128.
What is the SEC file number for Insight Acquisition Corp.?
The SEC file number for Insight Acquisition Corp. is 001-40775.
Filing Stats: 4,649 words · 19 min read · ~15 pages · Grade level 18.8 · Accepted 2024-06-05 18:15:55
Key Financial Figures
- $0.0001 — Stock Market LLC Class A Common Stock, $0.0001 par value INAQ The Nasdaq Stock Market
- $11.50 — A Common Stock at an exercise price of $11.50 INAQW The Nasdaq Stock Market LLC Ind
Filing Documents
- ea0207287-10q_insight.htm (10-Q) — 704KB
- ea020728701ex10-14_insight.htm (EX-10.14) — 16KB
- ea020728701ex10-15_insight.htm (EX-10.15) — 20KB
- ea020728701ex31-1_insight.htm (EX-31.1) — 16KB
- ea020728701ex31-2_insight.htm (EX-31.2) — 13KB
- ea020728701ex32-1_insight.htm (EX-32.1) — 6KB
- ea020728701ex32-2_insight.htm (EX-32.2) — 5KB
- 0001213900-24-050124.txt ( ) — 5220KB
- inaq-20240331.xsd (EX-101.SCH) — 63KB
- inaq-20240331_cal.xml (EX-101.CAL) — 29KB
- inaq-20240331_def.xml (EX-101.DEF) — 318KB
- inaq-20240331_lab.xml (EX-101.LAB) — 468KB
- inaq-20240331_pre.xml (EX-101.PRE) — 309KB
- ea0207287-10q_insight_htm.xml (XML) — 446KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements 1 Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit for the three months ended March 31, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 4 Notes to Unaudited Condensed Consolidated Financial Statements 5 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.
Controls and Procedures
Controls and Procedures 34
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 35 Item 1A.
Risk Factors
Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Purchases of Equity Securities 35 Item 3. Defaults Upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 36
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Condensed Financial Statements
Item 1. Condensed Financial Statements INSIGHT ACQUISITION CORP. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (Unaudited) Assets: Current assets: Cash $ 53,377 $ — Restricted cash — 314,482 Prepaid expenses 57,601 105,568 Due from Sponsor 184,015 1,074,015 Due from related party 195,000 195,000 Investments held in the Trust Account - current $ 650,402 $ — Total current assets 1,140,395 1,689,065 Investments held in the Trust Account 11,331,054 10,664,690 Total Assets $ 12,471,449 $ 12,353,755 Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Deficit: Current liabilities: Accounts payable $ 335,552 $ 89,311 Accrued expenses 791,221 968,309 Due to related party 910,000 805,000 Due to investor, net of debt discount 570,166 320,755 Due to Shareholders 650,402 628,758 Loan payable 30,000 — Income tax payable 120,976 100,036 Excise tax payable 2,348,302 2,348,302 Franchise tax payable 39,400 — Total current liabilities 5,796,019 5,260,471 Deferred tax liability 10,357 9,935 Deferred underwriting commissions in connection with the Initial Public Offering 6,600,000 6,600,000 Derivative liabilities 683,100 623,090 Total Liabilities 13,089,476 12,493,496 Commitments and Contingencies Class A common stock subject to possible redemption, $ 0.0001 par value; 1,000,945 redeemable shares at approximately $ 10.98 and $ 10.84 per share redemption value at March 31, 2024 and December 31, 2023 10,994,111 10,847,403 Stockholders' Deficit: Preferred stock, $ 0.0001 par value; 1,000,000 shares authorized; none issued or outstanding at March 31, 2024 and December 31, 2023 — — Class A common stock, $ 0.0001 par value; 200,000,000 shares authorized; 5,100,000 and 5,100,000 non-redeemable shares issued and outstanding at March 31, 2024 and December 31, 2023 (excluding 1,000,945 shares subject to possible redemption)