Graphjet Technology Files Q1 2024 10-Q

TL;DR

Graphjet Tech's Q1 2024 10-Q is in. Check financials.

AI Summary

Graphjet Technology filed its 10-Q for the quarterly period ended March 31, 2024. The company, formerly known as Energem Corp, is incorporated in the Cayman Islands and operates in the electrical industrial apparatus sector. Its business address is located in Kuala Lumpur, Malaysia.

Why It Matters

This filing provides investors with an update on Graphjet Technology's financial performance and operational status for the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing basic company information and financial reporting structure.

Key Players & Entities

• Graphjet Technology (company) — Registrant
• Energem Corp (company) — Former company name
• March 31, 2024 (date) — Quarterly period end date
• 001-41070 (other) — Commission File Number

FAQ

Key Financial Figures

• $0.0001 — ed Class A ordinary shares, par value $0.0001 per share GTI The Nasdaq Stock Market L
• $11.50 — ordinary share at an exercise price of $11.50 per share GTIWW OTC Indicate by check
• $1,109,216 — excess of RM5, 155,493 , approximately $1,109,216 , PIDM insured limits. The Company had

Filing Documents

• ea0206551-10q_graphjet.htm (10-Q) — 490KB
• ea020655101ex31-1_graphjet.htm (EX-31.1) — 9KB
• ea020655101ex32-1_graphjet.htm (EX-32.1) — 4KB
• 0001213900-24-053954.txt ( ) — 3400KB
• gti-20240331.xsd (EX-101.SCH) — 43KB
• gti-20240331_cal.xml (EX-101.CAL) — 30KB
• gti-20240331_def.xml (EX-101.DEF) — 168KB
• gti-20240331_lab.xml (EX-101.LAB) — 294KB
• gti-20240331_pre.xml (EX-101.PRE) — 169KB
• ea0206551-10q_graphjet_htm.xml (XML) — 275KB

-FINANCIAL INFORMATION

PART I-FINANCIAL INFORMATION Item 1. Unaudited Condensed Consolidated Financial 1 Unaudited Condensed Consolidated Balance Sheets 1 Unaudited Condensed Consolidated Statements Of Operations 2 Unaudited Condensed Consolidated Statements Of Comprehensive Loss 3 Unaudited Condensed Consolidated Statements Of Shareholders' Deficit 4 Unaudited Condensed Consolidated Statements Of Cash Flows 6 Notes To Unaudited Condensed Consolidated Financial Statements 7 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 14 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 23

-OTHER INFORMATION

PART II-OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 24 Item 1A.

Risk Factors

Risk Factors 24 Item 2. Unregistered Sales of Equity Securities, and Use of Proceeds 24 Item 3. Defaults Upon Senior Securities 24 Item 4. Mine Safety Disclosures 24 Item 5. Other Information 24 Item 6. Exhibits 25

- FINANCIAL

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements GRAPHJET TECHNOLOGY CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except shares and per share amounts) March 31, 2024 September 30, 2023 (unaudited) (audited) ASSETS Current assets: Cash and cash equivalents $ 1,146 $ 1 Prepaid expenses 102 155 Advances to a related company 92 97 Deposits 153 128 Other current assets 145 54 Total current assets 1,638 435 Non-current assets: Property and equipment, net 1,264 2 Intangible assets, net 5,611 5,827 Total non-current assets 6,875 5,829 TOTAL ASSETS $ 8,513 $ 6,264 LIABILITIES AND SHAREHOLDERS' DEFICIT Current Liabilities: Debt $ 522 $ 510 Accrued expenses 256 349 Working Capital Loan 96 - Extension Loan 1,142 - Total current liabilities 2,016 859 Non-current liabilities: Accrued bonus 10,153 - Payable to directors 1,218 2,232 Payable to a shareholder for intellectual property 656 5,756 Total non-current liabilities 12,027 7,988 Total liabilities 14,043 8,847 COMMITMENTS AND CONTINGENCIES (Note 10) SHAREHOLDERS' DEFICIT Preferred shares, $ 0.0001 par value; 1,000,000 shares authorized; none issued and outstanding - - Class A ordinary shares, $ 0.0001 par value; 479,000,000 shares authorized; 146,741,306 Class A Ordinary Shares issued and outstanding as of March 31, 2024, and $ 0.2405 par value for 2,500,100 shares authorized, issued, and outstanding as of September 30, 2023) 14 601 Class B ordinary shares, $ 0.0001 par value; 20,000,000 shares authorized; none issued and outstanding - - Additional paid-in capital 9,670 - Accumulated deficit ( 15,274 ) ( 3,256 ) Accumulated other comprehensive income 60 72 Total shareholders' deficit ( 5,530 ) ( 2,583 ) TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $ 8,513 $ 6,264 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 GRAPHJET TECHNOLOGY CONDENSED CO

financial statements

financial statements. The Company consolidates Graphjet, an entity that it controls through a majority voting interest and the accompanying financial statements include the accounts of the Company and its wholly owned subsidiary and those for which the Company has a controlling interest in. Emerging Growth Company The Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934 (the "Exchange Act")) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company,

financial statements and the reported amounts of expenses during the reporting period

financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. 8 Fair Value of Financial Instruments Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Foreign Currency For Graphjet, Malaysian Ringgit have been determined to be the functional currency. The functional currency assets and liabilities are translated to their U.S. dollar e

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