Insight Acquisition Corp. Files Q2 2024 10-Q

TL;DR

Insight Acquisition Corp. 10-Q filed for Q2 2024. Check financials.

AI Summary

Insight Acquisition Corp. filed its 10-Q for the quarterly period ended June 30, 2024. The company, incorporated in Delaware with its principal executive offices in New York, NY, is reporting under the Securities Exchange Act of 1934. This filing details its financial performance and operational status for the specified quarter.

Why It Matters

This 10-Q filing provides investors and stakeholders with the latest financial and operational details for Insight Acquisition Corp., crucial for understanding the company's performance and outlook.

Risk Assessment

Risk Level: low — This filing is a standard quarterly report and does not indicate any immediate or unusual risks.

Key Numbers

• 20240630 — Quarter End Date (The report covers the period ending on this date.)
• 20240822 — Filing Date (The date the 10-Q was officially filed with the SEC.)

Key Players & Entities

• Insight Acquisition Corp. (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• Delaware (jurisdiction) — State of incorporation
• New York, NY (location) — Principal executive office location
• 001-40775 (identifier) — SEC file number

FAQ

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

• ea0210982-10q_insight.htm (10-Q) — 834KB
• ea021098201ex2-3_insight.htm (EX-2.3) — 56KB
• ea021098201ex10-15_insight.htm (EX-10.15) — 22KB
• ea021098201ex31-1_insight.htm (EX-31.1) — 13KB
• ea021098201ex31-2_insight.htm (EX-31.2) — 11KB
• ea021098201ex32-1_insight.htm (EX-32.1) — 4KB
• ea021098201ex32-2_insight.htm (EX-32.2) — 4KB
• 0001213900-24-071836.txt ( ) — 5994KB
• inaq-20240630.xsd (EX-101.SCH) — 64KB
• inaq-20240630_cal.xml (EX-101.CAL) — 31KB
• inaq-20240630_def.xml (EX-101.DEF) — 330KB
• inaq-20240630_lab.xml (EX-101.LAB) — 503KB
• inaq-20240630_pre.xml (EX-101.PRE) — 323KB
• ea0210982-10q_insight_htm.xml (XML) — 575KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements 1 Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit for the three and six months ended June 30, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 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 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 4.

Controls and Procedures

Controls and Procedures 38

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Purchases of Equity Securities 40 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosures 40 Item 5. Other Information 40 Item 6. Exhibits 41

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Financial Statements

Item 1. Condensed Financial Statements INSIGHT ACQUISITION CORP. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 (Unaudited) Assets: Current assets: Cash $ 82,560 $ — Restricted cash — 314,482 Prepaid expenses 143,496 105,568 Due from sponsor 209,015 1,074,015 Due from related party 168,178 195,000 Total current assets 603,249 1,689,065 Investments held in the Trust Account 5,876,353 10,664,690 Total Assets $ 6,479,602 $ 12,353,755 Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Deficit: Current liabilities: Accounts payable $ 412,955 $ 89,311 Accrued expenses 1,064,565 968,309 Due to related party 864,500 805,000 Due to investor, net of debt discount 975,000 320,755 Due to Shareholders — 628,728 Loan payable 40,000 — Income tax payable 77,732 100,036 Excise tax payable 2,402,516 2,348,302 Total current liabilities 5,837,268 5,260,471 Deferred tax liability 7,589 9,935 Deferred underwriting commissions in connection with the Initial Public Offering 6,600,000 6,600,000 Derivative liabilities 807,300 623,090 Total Liabilities 13,252,157 12,493,496 Commitments and Contingencies Class A common stock subject to possible redemption, $ 0.0001 par value; 519,080 and 1,000,945 redeemable shares at approximately $ 11.13 and $ 10.84 per share redemption value at June 30, 2024 and December 31, 2023, respectively 5,774,925 10,847,403 Stockholders' Deficit: Preferred stock, $ 0.0001 par value; 1,000,000 shares authorized; none issued or outstanding at June 30, 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 June 30, 2024 and December 31, 2023 (excluding 519,080 and 1,000,945 shares subject to possible redemption), respectively 510 510 Class B common stock, $ 0.0001 par value; 20,000,0

View Full Filing

View this 10-Q filing on SEC EDGAR