New Horizon Aircraft Ltd. Files 10-Q for Period Ended Feb 29, 2024

TL;DR

<b>New Horizon Aircraft Ltd. has filed its quarterly report for the period ending February 29, 2024, detailing its financial status and stock information.</b>

AI Summary

New Horizon Aircraft Ltd. (HOVRW) filed a Quarterly Report (10-Q) with the SEC on April 22, 2024. New Horizon Aircraft Ltd. filed its quarterly report (10-Q) for the period ended February 29, 2024. The company is registered with the SEC under file number 001-41607. Class A Ordinary Shares trade on The Nasdaq Stock Market LLC under the symbol HOVR. Warrants, exercisable for Class A Ordinary Shares at $11.50, also trade on The Nasdaq Stock Market LLC under the symbol HOVRW. New Horizon Aircraft Ltd. is classified as a smaller reporting company and an emerging growth company.

Why It Matters

For investors and stakeholders tracking New Horizon Aircraft Ltd., this filing contains several important signals. This filing provides investors with an update on the company's financial performance and operational status for the most recent quarter. The report confirms the trading of its Class A Ordinary Shares (HOVR) and Warrants (HOVRW) on the Nasdaq Stock Market, indicating ongoing public market activity.

Risk Assessment

Risk Level: low — New Horizon Aircraft Ltd. shows low risk based on this filing. The filing is a standard quarterly report and does not contain immediate indicators of significant financial distress or major operational changes, suggesting a low level of immediate risk based solely on this document.

Analyst Insight

Monitor future filings for detailed financial performance and any strategic updates from New Horizon Aircraft Ltd.

Key Numbers

• 2024-02-29 — Quarter End Date (Period covered by the 10-Q filing)
• 001-41607 — SEC File Number (Commission file number for New Horizon Aircraft Ltd.)
• HOVR — Trading Symbol (Symbol for Class A Ordinary Shares)
• HOVRW — Trading Symbol (Symbol for Warrants)
• 11.50 — Warrant Exercise Price (Price at which warrants can be exercised)

Key Players & Entities

• New Horizon Aircraft Ltd. (company) — Registrant name
• February 29, 2024 (date) — Quarterly period ended
• 001-41607 (other) — Commission File Number
• HOVR (ticker) — Trading Symbol for Class A Ordinary Share
• The Nasdaq Stock Market LLC (company) — Exchange where HOVR is registered
• HOVRW (ticker) — Trading Symbol for Warrants
• $11.50 (dollar_amount) — Exercise price per share for warrants
• The Nasdaq Stock Market LLC (company) — Exchange where HOVRW is registered

FAQ

Risk Factors

• Filing Requirements [low — regulatory]: The company must comply with Section 13 or 15(d) of the Securities Exchange Act of 1934, including filing all required reports.
• Interactive Data File Submission [low — regulatory]: The registrant must submit electronically every Interactive Data File required by Rule 405 of Regulation S-T.

Key Dates

• 2024-02-29: Quarterly Period End — Marks the end of the reporting period for the 10-Q filing.
• 2024-04-22: Filing Date — Date the 10-Q was filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with an update on the company's financial performance and operational status for the most recent quarter.)

Key Financial Figures

• $11.50 — Ordinary Share at an exercise price of $11.50 per share HOVRW The Nasdaq Stock Market

Filing Documents

• ea0203888-10q_newhoriz.htm (10-Q) — 580KB
• ea020388801ex31-1_newhoriz.htm (EX-31.1) — 9KB
• ea020388801ex31-2_newhoriz.htm (EX-31.2) — 9KB
• ea020388801ex32-1_newhoriz.htm (EX-32.1) — 4KB
• ea020388801ex32-2_newhoriz.htm (EX-32.2) — 4KB
• 0001213900-24-034689.txt (&nbsp;) — 3888KB
• hovr-20240229.xsd (EX-101.SCH) — 46KB
• hovr-20240229_cal.xml (EX-101.CAL) — 33KB
• hovr-20240229_def.xml (EX-101.DEF) — 190KB
• hovr-20240229_lab.xml (EX-101.LAB) — 352KB
• hovr-20240229_pre.xml (EX-101.PRE) — 190KB
• ea0203888-10q_newhoriz_htm.xml (XML) — 369KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 1 Item 2.

Management's Discussion and Analysis of Financial Condition and Results

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 27

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities, and Use of Proceeds 28 Item 3. Defaults Upon Senior Securities 28 Item 4. Mine Safety Disclosures 28 Item 5. Other Information 28 Item 6. Exhibits 29

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements NEW HORIZON AIRCRAFT LTD. CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS AS AT FEBRUARY 29, 2024 AND MAY 31, 2023 EXPRESSED IN 000'S, EXCEPT PER SHARE AMOUNTS; UNAUDITED February 29, 2024 May 31, 2023 Assets: Current assets: Cash and cash equivalents $ 4,415 $ 228 Prepaid expenses 2,019 3 Accounts receivable 127 15 Total current assets 6,561 246 Finance lease assets - 21 Operating lease assets 88 121 Property and equipment, net 169 52 Total Assets $ 6,818 $ 440 Liabilities and Shareholders' Equity (Deficit): Current liabilities: Accounts payable $ 1,446 $ 172 Accrued liabilities 804 48 Finance lease liabilities - 3 Operating lease liabilities 53 46 Term loan - 40 Promissory note payable - 37 Convertible debentures - 1,142 Total current liabilities 2,303 1,488 Forward Purchase Agreement 20,622 - Promissory note payable - 263 Operating lease liabilities 35 74 Total Liabilities 22,960 1,825 Shareholders' Equity (Deficit): Class A ordinary shares, no par value; 100,000,000 shares authorized; 17,995,436 issued and outstanding 72,351 5,083 Additional paid-in capital ( 75,508 ) 55 Accumulated deficit ( 12,985 ) ( 6,523 ) Total Shareholders' Equity (Deficit) ( 16,142 ) ( 1,385 ) Total Liabilities and Shareholders' Equity (Deficit) $ 6,818 $ 440 The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements. 1 NEW HORIZON AIRCRAFT LTD. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS EXPRESSED IN 000'S, EXCEPT PER SHARE AMOUNTS; UNAUDITED Three months ended Nine months ended February 29, 2024 February 28, 2023 February 29, 2024 February 28, 2023 Operating expenses Research and development 270 138 635 497 General and administrative 989 155 1,829 534 Total operating expenses 1,259 293 2,464 1,031 Loss from operations ( 1,259 )

View Full Filing

View this 10-Q filing on SEC EDGAR