XML 37 R26.htm IDEA: XBRL DOCUMENT v3.25.1
Recapitalization (Tables)
 3 Months Ended
Mar. 31, 2025
Recapitalization [Abstract]  
Schedule of Reconciles the Elements of the Merger The following table reconciles the elements of the Merger to the condensed consolidated and combined statements of cash flows and the condensed consolidated and combined statements of changes in stockholders’ equity (deficit) for the period ended March 31, 2024:
Cash received from NUBI Trust   25,160,047 
Less: discount payment related to Non Redemption Agreement   (13,937,997)
Less: reimbursement for consideration shares related to the FPA   (2,193,800)
Less: reimbursement for Recycled Shares related to the FPA   (80,241)
Less: transaction expenses paid in connection with the Merger   (8,948,009)
Net cash received from NUBI Trust   
-
 
Add: cash from NUBI operating account   17,555 
Add: prepaid expenses   165,407 
Less: derivative liabilities   (20,889,950)
Less: other liabilities   (4,086,172)
Reverse recapitalization, net   (24,793,160)
Schedule of Consummation of the Merger

The number of shares of common stock issued immediately following the consummation of the Merger were:

 

Nubia common stock, outstanding prior to the closing of the Merger   120,095 
Shares issued to Nubia convertible noteholders   119,247 
Predecessor HBC Shares   1,396,000 
Common stock immediately after the closing of the Merger   1,635,342 
Schedule of Number of Predecessor HBC Shares

The number of Predecessor HBC shares was determined as follows:

 

   Predecessor
HBC Shares		   Shares
issued to
shareholders of
Predecessor
HBC		 
Common stock   1,000    1,396,000