New Horizon Aircraft Ltd. Files Q3 2024 10-Q
Ticker: HOVRW · Form: 10-Q · Filed: Oct 10, 2024 · CIK: 1930021
Sentiment: neutral
Topics: 10-Q, quarterly-report, aircraft-manufacturing
TL;DR
NHAI filed its 10-Q for Aug 31, 2024. All systems go.
AI Summary
New Horizon Aircraft Ltd. filed its quarterly report on Form 10-Q for the period ended August 31, 2024. The company, formerly known as Pono Capital Three, Inc., is incorporated in British Columbia, Canada, and operates in the aircraft manufacturing sector. Its principal executive offices are located at 3187 Highway 35, Lindsay, Ontario, K9V 4R1.
Why It Matters
This filing provides investors with an update on the financial performance and operational status of New Horizon Aircraft Ltd. during the third quarter of 2024.
Risk Assessment
Risk Level: low — This filing is a routine quarterly report and does not contain immediate, significant risk-inducing information.
Key Players & Entities
- New Horizon Aircraft Ltd. (company) — Registrant
- Pono Capital Three, Inc. (company) — Former company name
- August 31, 2024 (date) — Quarterly period end date
- 3187 Highway 35, Lindsay, Ontario, K9V 4R1 (address) — Principal executive offices
- 001-41607 (other) — Commission File Number
FAQ
What is the company's primary business activity?
New Horizon Aircraft Ltd. is in the aircraft manufacturing sector, as indicated by its SIC code 3721.
When was the company's name changed?
The company's former name was Pono Capital Three, Inc., and the date of the name change was May 19, 2022.
What is the fiscal year end for New Horizon Aircraft Ltd.?
The fiscal year end for New Horizon Aircraft Ltd. is May 31.
What is the filing date of this 10-Q report?
This 10-Q report was filed on October 10, 2024.
Where are New Horizon Aircraft Ltd.'s principal executive offices located?
The principal executive offices are located at 3187 Highway 35, Lindsay, Ontario, K9V 4R1.
Filing Stats: 4,579 words · 18 min read · ~15 pages · Grade level 17.7 · Accepted 2024-10-10 08:35:33
Key Financial Figures
- $11.50 — Ordinary Share at an exercise price of $11.50 per share HOVRW The Nasdaq Stock Market
Filing Documents
- ea0214441-10q_newhorizon.htm (10-Q) — 585KB
- ea021444101ex31-1_newhorizon.htm (EX-31.1) — 8KB
- ea021444101ex31-2_newhorizon.htm (EX-31.2) — 8KB
- ea021444101ex32-1_newhorizon.htm (EX-32.1) — 3KB
- ea021444101ex32-2_newhorizon.htm (EX-32.2) — 3KB
- 0001213900-24-086732.txt ( ) — 4189KB
- hovr-20240831.xsd (EX-101.SCH) — 49KB
- hovr-20240831_cal.xml (EX-101.CAL) — 32KB
- hovr-20240831_def.xml (EX-101.DEF) — 220KB
- hovr-20240831_lab.xml (EX-101.LAB) — 386KB
- hovr-20240831_pre.xml (EX-101.PRE) — 218KB
- ea0214441-10q_newhorizon_htm.xml (XML) — 396KB
— 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 of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.
Controls and Procedures
Controls and Procedures 26
— OTHER INFORMATION
PART II — OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 27 Item 1A.
Risk Factors
Risk Factors 27 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 INTERIM BALANCE SHEETS AS AT AUGUST 31, 2024 AND MAY 31, 2024 EXPRESSED IN CANADIAN DOLLAR 000'S, EXCEPT PER SHARE AMOUNTS; UNAUDITED August 31, 2024 May 31, 2024 Assets: Current assets: Cash and cash equivalents $ 3,822 $ 1,816 Prepaid expenses 2,118 2,431 Other receivables 59 417 Total current assets 5,999 4,664 Operating lease assets 63 75 Property and equipment, net 175 205 Total Assets $ 6,237 $ 4,944 Liabilities and Shareholders' Equity: Current liabilities: Accounts payable $ 1,235 $ 715 Accrued liabilities 212 574 Operating lease liabilities 36 44 Total current liabilities 1,483 1,333 Forward Purchase Agreement 21,121 20,938 Warrant liabilities 5,741 576 Operating lease liabilities 25 30 Total Liabilities 28,370 22,877 Shareholders' Equity (Deficit): Class A ordinary shares, no par value; 100,000,000 shares authorized; 21,519,247 issued and outstanding ( 18,607,931 as of May 31, 2024) 76,323 74,406 Additional paid-in capital ( 80,862 ) ( 77,656 ) Accumulated deficit ( 17,594 ) ( 14,683 ) Total Shareholders' Equity (Deficit) ( 22,133 ) ( 17,933 ) Total Liabilities and Shareholders' Equity (Deficit) $ 6,237 $ 4,944 The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements. 1 NEW HORIZON AIRCRAFT LTD. CONDENSED INTERIM CONSOLIDATED EXPRESSED IN CANADIAN DOLLAR 000'S, EXCEPT PER SHARE AMOUNTS; UNAUDITED Three months ended August 31, 2024 August 31, 2023 Operating expenses Research and development $ 297 $ 145 General and administrative 2,408 235 Total operating expenses 2,705 380 Loss from operations ( 2,705 ) ( 380 ) Other expenses (income) 29 ( 2 ) Interest expenses (income), net ( 11 ) 38 Warrant expense (income) 5 - Change in fair value of Forward Pu