diluted* 50,552,367 36,609,437 42,729,350 33,988,602
========== ========== ========== ==========
* The shares and per share information are presented
on a retroactive basis to reflect the reverse recapitalization
on June 21, 2024 (see the discussion under the heading
"Reverse Recapitalization" in "Note 1 - Organization
and Business Description").
The accompanying notes are an integral part of the
unaudited condensed consolidated financial statements.
THUNDER POWER HOLDINGS, INC.
(f/k/a Feutune Light Acquisition Corporation)
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES
IN SHAREHOLDERS' EQUITY (DEFICITS)
For the Three and Nine Months Ended September 30,
2024 and 2023
(Expressed in U.S. dollar, except for the number of
shares)
Accumulated Total
Common stock Additional other shareholders'
---------------------- ----------- --------------- ---------------
Number of paid-in Accumulated comprehensive equity
stock* Amount* capital * loss income (deficits)
----------- --------- ----------- ------------ --------------- ---------------
Balance as of
December 31,
2023 37,488,807 $ 3,749 $34,927,449 $(34,429,895) $ -- $ 501,303
Capital injection
from
shareholders 1,310,740 131 489,869 -- -- 490,000
Net loss -- -- -- (214,043) -- (214,043)
---------- ----- ---------- ----------- ----- -------- -----------
Balance as of
March 31, 2024 38,799,547 $ 3,880 $35,417,318 $(34,643,938) $ -- $ 777,260
Capital injection
from
shareholders 1,200,453 120 456,680 -- -- 456,800
Reverse
recapitalization
(Note 1) 5,279,673 528 3,973,308 -- -- 3,973,836
Issuance of common
stock to a
financial advisor
(Note 8) 1,200,000 120 (120) -- -- --
Issuance of common
stock to
independent
directors 90,000 9 899,991 -- -- 900,000
Share-based
compensation -- -- 107,712 -- -- 107,712
Settlement of
working capital
loans 289,960 29 2,635,971 -- -- 2,636,000
Net loss -- -- -- (1,347,896) -- (1,347,896)
---------- ----- ---------- ----------- ----- -------- -----------
Balance as of June
30, 2024 46,859,633 $ 4,686 $43,490,860 $(35,991,834) $ -- $ 7,503,712
Payment of
offering cost -- -- (61,745) -- -- (61,745)
Issuance of
ordinary shares
pursuant to
forward purchase
contracts 3,706,461 371 (371) -- -- --
Issuance of
ordinary shares
pursuant to a
private
placement 150,000 15 (15) -- -- --
Share-based
compensation to a
non-employee
(Note 10) -- -- 21,939 -- -- 21,939
Net loss -- -- -- (912,317) -- (912,317)
Foreign exchange
adjustments -- -- -- -- 379 379
---------- ----- ---------- ----------- ----- -------- -----------
Balance as of
September 30,
2024 50,716,094 $ 5,072 $43,450,668 $(36,904,151) $ 379 $ 6,551,968
========== ===== ========== =========== ===== ======== ===========
Balance as of
December 31,
2022 31,754,844 $ 3,175 $32,091,251 $(32,614,251) $ -- $ (519,825)
Capital injection
from
shareholders 563,823 56 299,944 -- -- 300,000
Share-based
compensation -- -- 45 -- -- 45
Net loss -- -- -- (210,135) -- (210,135)
---------- ----- ---------- ----------- ----- -------- -----------
Balance as of
March 31, 2023 32,318,667 $ 3,231 $32,391,240 $(32,824,386) $ -- $ (429,915)
Capital injection
from
shareholders 2,183,887 218 1,071,306 -- -- 1,071,524
Net loss -- -- -- (738,443) -- (738,443)
---------- ----- ---------- ----------- ----- -------- -----------
Balance as of June
30, 2023 34,502,554 $ 3,449 $33,462,546 $(33,562,829) $ -- $ (96,834)
Capital injection
from
shareholders 2,835,526 284 1,390,966 -- -- 1,391,250
Issuance of
ordinary shares
to a related
party to settle
liabilities due
to the related
party 150,727 15 73,938 -- -- 73,953
Net loss -- -- -- (646,148) -- (646,148)
---------- ----- ---------- ----------- ----- -------- -----------
Balance as of
September 30,
2023 37,488,807 $ 3,748 $34,927,450 $(34,208,977) $ -- $ 722,221
========== ===== ========== =========== ===== ======== ===========
* The share information and additional paid-in capital
are presented on a retroactive basis to reflect the
reverse recapitalization on June 21, 2024 (see the
discussion under the heading "Reverse Recapitalization"
in "Note 1 - Organization and Business Description").
The accompanying notes are an integral part of the
unaudited condensed consolidated financial statements.
THUNDER POWER HOLDINGS, INC.
(f/k/a Feutune Light Acquisition Corporation)
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
For the Nine Months Ended September 30, 2024 and 2023
(Expressed in U.S. dollar)
For the Nine Months Ended
September 30,
-----------------------------
2024 2023
--------------- -----------
Cash flows from operating activities:
Net loss $ (2,474,256) $(1,594,726)
Adjustments to reconcile net loss to
net cash used in operating
activities:
Depreciation expenses 1,630 3,769
Amortization of right of use assets 20,160 19,801
Share-based compensation 1,007,712 331,295
Share-based settlement expenses -- 479,174
Changes in operating assets and
liabilities:
Other current assets 37,579 (11,745)
Amount due to related parties 74,983 219,531
Other payable and accrued expenses 442,413 --
Lease liabilities (15,579) 656
----------- ----------
Net cash used in operating activities (905,358) (552,245)
----------- ----------
Cash flows from investing activities:
Cash acquired in reverse
capitalization 929,302 --
----------- ----------
Net cash provided by investing
activities 929,302 --
----------- ----------
Cash flows from financing activities:
Subscription fees advanced from
shareholders -- 1,160,000
Subscription fees received from
shareholders 356,800 --
Payment of offering cost (999,700) --
Return of subscription fees to an
investor -- (100,000)
Borrowings from a related party 710,060 --
Repayment of borrowings to a related
party (25,000) --
Payment of extension loans (380,000) (315,000)
Proceeds of prepayment shortfall under
forward purchase contract 150,000 --
----------- ----------
Net cash (used in) provided by
financing activities (187,840) 745,000
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