EX-99.1 2 ea022759301ex99-1_new.htm PRO FORMA BALANCE SHEET, DATED NOVEMBER 30, 2024

Exhibit 99.1

 

NEW HORIZON AIRCRAFT LTD.

PROFORMA CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS
AS AT NOVEMBER 30, 2024

EXPRESSED IN CANADIAN DOLLAR 000’S; UNAUDITED

 

   Form 10-Q
as filed
November 30,
2024		   Pro forma** November 30,
2024		 
         
Assets:        
Current assets:        
Cash and cash equivalents  $887   $11,994 
Prepaid expenses   851    851 
Accounts receivable   23    23 
Total current assets   1,761    12,868 
Operating lease assets   50    50 
Property and equipment, net   151    151 
Total Assets  $1,962   $13,069 
           
Liabilities and Shareholders’ Equity:          
Current liabilities:          
Accounts payable  $374   $374 
Accrued liabilities   236    236 
Operating lease liabilities   29    29 
Total current liabilities   639    639 
Warrant liabilities   3,657    1,855 
Operating lease liabilities   19    19 
Total Liabilities   4,315    2,513 
           
Shareholders’ Equity:          
Common and Preferred Shares   78,307    89,414 
Additional paid-in capital   (82,730)   (80,928)
Retained Earnings   2,070    2,070 
Total Shareholders’ Equity   (2,353)   10,556 
Total Liabilities and Shareholders’ Equity  $1,962   $13,069 

 

**These pro-forma figures capture the impact of both the recent $8.4 million financing that closed on December 20, 2024, as well as the 2.5 million warrants exercised between December 1, 2024 and the date of this filing.