Evolution Metals & Technologies Corp.
For the period ended Dec 31, 2024. Filed Mar 25, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 25, 2025
EMAT$1.22-44.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Year Ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net loss | $(899,927) | $(54,322) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Income on investments held in Trust Account | (808,868) | (2,168,659) |
| Interest and penalties on excise tax payable | 13,509 | - |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other assets | (13,244) | 24,167 |
| Due to affiliates | 120,000 | 88,000 |
| Accounts payable and accrued expenses | 83,317 | 1,027,499 |
| Franchise tax payable | (80,000) | (83,384) |
| Income taxes payable | 125,950 | (180,688) |
| NET CASH USED IN OPERATING ACTIVITIES | (1,459,263) | (1,347,387) |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Cash deposited to Trust Account | — | (750,000) |
| Notes receivable - related party | — | (124,166) |
| Repayment of notes receivable - related party | — | 124,166 |
| Cash withdrawn from Trust Account in connection with redemption | 12,219,791 | 58,351,987 |
| Cash withdrawn from Trust Account to pay franchise and income taxes | 100,373 | 442,599 |
| NET CASH PROVIDED BY INVESTING ACTIVITIES | 12,320,164 | 58,044,586 |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from convertible promissory note - related party | — | 1,299,934 |
| Redemption of common stock - due to shareholders | (12,219,791) | (58,351,987) |
| Proceeds from working capital loans - related party | 1,191,866 | — |
| NET CASH USED IN FINANCING ACTIVITIES | (11,027,925) | (57,052,053) |
| NET CHANGE IN CASH AND RESTRICTED CASH | (167,024) | (354,854) |
| CASH AND RESTRICTED CASH, BEGINNING OF PERIOD | 168,209 | 523,063 |
| CASH AND RESTRICTED CASH, END OF PERIOD | $1,185 | $168,209 |
| CASH AND RESTRICTED CASH, END OF PERIOD | ||
| Cash | $1,185 | $6,760 |
| Restricted cash | 0 | 161,449 |
| CASH AND RESTRICTED CASH, END OF PERIOD | $1,185 | $168,209 |
| Supplemental cash flow information: | ||
| Cash paid during the year for: | ||
| Income tax | $12,610 | $188,177 |
| Franchise tax | $249,985 | $306,155 |
| Supplemental disclosure on non-cash activities: | ||
| Deferred underwriting commission payable | $— | $— |
| Excise tax on redemption of Class A common stock | $122,061 | $583,520 |
| Accretion for redeemable common stock to redemption value | $514,400 | $2,688,399 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.