EX-99.1 2 ea167156ex99-1_qomolan.htm UNAUDITED PRO FORMA BALANCE SHEET DATED OCTOBER 7, 2022

Exhibit 99.1

 

INDEX TO UNAUDITED PRO FORMA FINANCIAL STATEMENT

 

Unaudited Pro Forma Balance Sheet as of October 7, 2022   F-2
Notes to Unaudited Pro Forma Financial Statement   F-3

 

F-1

 

 

QOMOLANGMA ACQUISITION CORP.

PRO FORMA BALANCE SHEET

 

   October 4,   Pro Forma
Adjustments
    

As Adjusted

 
   2022   (Unaudited)     (Unaudited) 
Assets              
Current assets              
Cash  $55,264   $558,750 (f)  $325,199 
         (200,000) (g)     
         (88,725) (i)     
         (90) (h)     
Prepaid expenses   243,080          243,080 
Total Current Assets   298,344    269,935      568,279 
                  
Investments held in trust account   51,898,750    2,730,000 (a)   53,520,950 
         88,725 (b)     
         (47,775) (c)     
         (590,000) (d)     
         (558,750) (f)     
Total Assets  $52,197,094   $1,892,135     $54,089,229 
                  
Liabilities, Temporary Equity, and Stockholders’ Equity                 
Current liabilities                 
Due to related party  $243,750   $(88,725) (i)  $155,025 
Accrued offering costs   685,000    (590,000) (d)   95,000 
Promissory note - related party   200,000    (200,000) (g)    
Total Current Liabilities   1,128,750    (878,725)     250,025 
                  
Deferred underwriting fee payable   2,000,000    109,200 (c)   2,109,200 
Total Liabilities   3,128,750    (769,525)     2,359,225 
                
Commitments and Contingencies               
                 
Common stock subject to possible redemption, $0.0001 par value; 16,000,000 shares authorized; 5,000,000 shares issued and outstanding at redemption value   41,108,617    2,310,576 (a)   43,419,193 
                  
Stockholders’ Equity                 
Common stock, $0.0001 par value; 50,000,000 shares Common stock, $0.0001 par value; 16,000,000 shares authorized; 1,587,623 shares issued and outstanding (excluding 5,000,000 shares subject to possible redemption)   170    1 (b)   159 
         (12) (e)     
Additional paid-in capital   7,972,683    419,424 (a)   8,323,868 
         88,724 (b)     
         (156,975) (c)     
         12 (e)     
Accumulated deficit   (13,126)   (90) (h)   (13,216)
Total Stockholders’ Equity   7,959,727    351,084      8,310,811 
Total Liabilities, Temporary Equity, and Stockholders’ Equity  $52,197,094   $1,892,135     $54,089,229 

 

The accompanying notes are an integral part of the pro forma financial statement.

 

F-2

 

 

QOMOLANGMA ACQUISITION CORP.

NOTES TO PRO FORMA FINANCIAL STATEMENT

 

Note 1 — Closing of Over-allotment Option and Additional Private Placement

 

The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of Qomolangma Acquisition Corp. (the “Company”) as of October 7, 2022, adjusted for the closing of the underwriters’ over-allotment option and related transactions which occurred on October 7, 2022 as described below.

 

On October 4, 2022, the Company consummated its initial public offering (“IPO”) of 5,000,000 units (the “Units”). Each Unit consists of one share of common stock, $0.0001 par value (“Common Stock”), one redeemable warrant entitling the holder thereof to purchase one share of Common Stock at a price of $11.50 per share and one right to receive one-tenth (1/10) of a share of Common Stock upon the consummation of an initial business combination. The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $50,000,000. Simultaneously with the closing of the IPO, the Company consummated the private placement (“Private Placement”) with Qomolangma Investments LLC (the “Sponsor”) of 260,500 units (the “Private Units”), generating total gross proceeds of $2,605,000.

 

The Company granted the underwriter a 45-day option to purchase up to an additional 750,000 Units at the IPO price to cover over-allotments, if any. On October 4, 2022, the underwriters partially exercised the over-allotment option to purchase 273,000 Units (“Over-Allotment Option Units”) at $10.00 per Unit was closed on October 7, 2022 generating total gross proceeds of $2,730,000. On October 7, 2022, simultaneously with the sale of the over-allotment option Units, the Company consummated the private placement of an additional 8,872.50 Private Units generating gross proceeds of $88,725.

 

A total of $53,520,950 ($10.15 per Unit) of the net proceeds from the sale of Units in the IPO (including the Over-Allotment Option Units) and the Private Placements on October 4, 2022 and October 7, 2022, were placed in a trust account with American Stock Transfer& Trust acting as trustee.

 

Unaudited Pro forma adjustments to reflect the exercise of the underwriters’ over-allotment option described above are as follows:

 

      Pro Forma Entries   Debit     Credit  
(a)     Investments held in trust account   $ 2,730,000               
      Common stock subject to possible redemption         $ 2,310,576  
      Additional paid-in capital         $ 419,424  
      To record sale of 273,000 Over-allotment Units at $10.00 per Unit              
                     
(b)     Investments held in trust account   $ 88,725        
      Common stock         $ 1  
      Additional paid-in capital         $ 88,724  
      To record sale of 8,872.50 Additional Private Units at $10.00 per Unit              
                     
(c)     Additional paid-in capital   $ 156,975        
      Investments held in trust account         $ 47,775  
      Deferred underwriting fee payable         $ 109,200  
      To record payment of cash underwriting fee and deferred underwriting fee arising from sale of Over-allotment Units              
                     
(d)     Accrued offering costs and expenses   $ 590,000        
      Investments held in trust account         $ 590,000  
      To record payment of accrued offering costs              
                     
(e)     Common stock   $ 12        
      Additional paid-in capital         $ 12  
      To record forfeiture of founder shares              
                     
(f)     Cash   $ 558,750        
      Investments held in trust account         $ 558,750  
      To record net amount received from Trust Account after closing              
                     
(g)     Promissory note – related party   $ 200,000        
      Cash         $ 200,000  
      To record repayment of promissory note from the Sponsor              
                     
(h)     Bank service charge   $ 90        
      Cash         $ 90  
      To record bank service charge              
                     
(i)     Due to related party   $ 88,725        
      Cash         $ 88,725  
      To record payment to the Sponsor              

 

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