Insight Acquisition Corp. Files Q3 2024 10-Q

TL;DR

Insight Acquisition Corp. 10-Q filed for Q3 2024. Check financials.

AI Summary

Insight Acquisition Corp. filed its 10-Q for the quarterly period ended September 30, 2024. The company, incorporated in Delaware with its principal executive offices in New York, NY, is reporting its financial status as of this date. The filing details its operations and financial condition for the specified period.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Insight Acquisition Corp., crucial for assessing its current standing and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information, not indicating any immediate or unusual risks.

Key Players & Entities

• Insight Acquisition Corp. (company) — Registrant
• September 30, 2024 (date) — Quarterly period end date
• Delaware (location) — State of incorporation
• New York, NY (location) — Principal executive office location
• 001-40775 (other) — SEC file number
• 86-3386030 (other) — IRS Employer Identification No.

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

• ea0221240-10q_insight.htm (10-Q) — 926KB
• ea022124001ex2-3_insight.htm (EX-2.3) — 60KB
• ea022124001ex10-15_insight.htm (EX-10.15) — 22KB
• ea022124001ex31-1_insight.htm (EX-31.1) — 13KB
• ea022124001ex31-2_insight.htm (EX-31.2) — 11KB
• ea022124001ex32-1_insight.htm (EX-32.1) — 4KB
• ea022124001ex32-2_insight.htm (EX-32.2) — 4KB
• 0001213900-24-099383.txt ( ) — 6494KB
• inaq-20240930.xsd (EX-101.SCH) — 61KB
• inaq-20240930_cal.xml (EX-101.CAL) — 31KB
• inaq-20240930_def.xml (EX-101.DEF) — 347KB
• inaq-20240930_lab.xml (EX-101.LAB) — 515KB
• inaq-20240930_pre.xml (EX-101.PRE) — 340KB
• ea0221240-10q_insight_htm.xml (XML) — 625KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1 Item 1. Condensed Consolidated Financial Statements 1 Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit for the three and nine months ended September 30, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 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 29 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 40

OTHER INFORMATION

PART II. OTHER INFORMATION 43 Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 43 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 44

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Consolidated

Item 1. Condensed Consolidated

Financial Statements

Financial Statements INSIGHT ACQUISITION CORP. CONDENSED CONSOLIDATED BALANCE SHEETS September 30, 2024 December 31, 2023 (Unaudited) Assets: Current assets: Cash $ 11,810 $ — Restricted cash — 314,482 Prepaid expenses 83,642 105,568 Due from sponsor 140,139 1,074,015 Due from related party 145,028 195,000 Total current assets 380,619 1,689,065 Investments held in the Trust Account 5,940,746 10,664,690 Total Assets $ 6,321,365 $ 12,353,755 Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Deficit: Current liabilities: Accounts payable $ 459,201 $ 89,311 Accrued expenses 883,998 968,309 Due to related party 777,000 805,000 Due to investor, net of debt discount 975,000 320,755 Due to Shareholders — 628,758 Loan payable 108,466 — Income tax payable 48,649 100,036 Excise tax payable 2,402,516 2,348,302 Total current liabilities 5,654,830 5,260,471 Convertible note – related party 35,000 — Deferred tax liability 5,161 9,935 Deferred underwriting commissions in connection with the Initial Public Offering 6,600,000 6,600,000 Derivative liabilities 1,035,000 623,090 Total Liabilities 13,329,991 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 $ 11.27 and $ 10.84 per share redemption value at September 30, 2024 and December 31, 2023, respectively 5,850,330 10,847,403 Stockholders' Deficit: Preferred stock, $ 0.0001 par value; 1,000,000 shares authorized; none issued or outstanding at September 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 September 30, 2024 and December 31, 2023 (excluding 519,080 and 1,000,945 shares subject to possible redemption), respectively 510 510 Cla

View Full Filing

View this 10-Q filing on SEC EDGAR