XML 26 R2.htm IDEA: XBRL DOCUMENT v3.24.3
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Current assets      
Cash $ 22,000 $ 101,000
Prepaid expenses and other current assets 405,000 14,000 8,000
Total current assets 405,000 36,000 109,000
Cash held in trust account 1,531,000 43,704,000
Investments held in Trust Account   304,675,000
Total assets 1,936,000 43,740,000 304,784,000
Current liabilities      
Accounts payable 1,937,000 64,000 75,000
Accrued liabilities and other current liabilities 5,730,000 4,327,000 3,016,000
Total current liabilities 11,794,000 7,872,000 3,876,000
Other liabilities      
Warranty liability 1,906,000 337,000 467,000
Early exercised shares option liability 10,500,000 10,500,000 10,500,000
Total liabilities 24,200,000 18,709,000 14,843,000
Commitments and contingencies (Note 2)
Class A ordinary shares subject to possible redemption; 134,550 and 3,931,719 shares, respectively (at approximately $11.38 and $11.12 per share at June 30, 2024 and December 31, 2023, respectively) 1,531,000 43,704,000 304,675,000
Stockholders’ equity (deficit)      
Preference shares, $0.0001 par value; 5,000,000 shares authorized, none issued or outstanding at June 30, 2024 and December 31, 2023
Additional paid-in capital
Accumulated deficit (23,796,000) (18,674,000) (14,735,000)
Total stockholders’ deficit (23,795,000) (18,673,000) (14,734,000)
Total liabilities and stockholders’ deficit 1,936,000 43,740,000 304,784,000
Stardust Power Inc And Subsidiary [Member]      
Current assets      
Cash 641,966 1,271,824  
Prepaid expenses and other current assets 226,683 426,497  
Deferred transaction costs 2,829,196 1,005,109  
Total current assets 3,697,845 2,703,430  
Computer and equipment, net 8,883 1,968  
Pre-acquistion land cost   100,000  
Pre-acquisition capital project costs 835,219 100,000  
Investment in equity securities 55,884 218,556  
Other long term assets 50,000  
Total assets 4,647,831 3,023,954  
Current liabilities      
Accounts payable 2,713,812 1,256,792  
Current portion of early exercised shares option liability 3,889 2,990  
Short-term loan 24,824 72,967  
Accrued liabilities and other current liabilities 597,556 208,107  
Total current liabilities 3,340,081 1,540,856  
Other liabilities      
Early exercised shares option liability 4,561 5,660  
SAFE notes 6,367,200 5,212,200  
Convertible notes 2,571,400  
Other long term liability 75,002  
Total liabilities 12,358,244 6,758,716  
Commitments and contingencies (Note 2)    
Stockholders’ equity (deficit)      
Common stock, $0.00001 par value, 15,000,000 shares authorized, 9,017,300 shares issued and outstanding as at June 30, 2024 and December 31, 2023 87 87  
Additional paid-in capital 176,660 58,736  
Accumulated deficit (7,887,160) (3,793,585)  
Total stockholders’ deficit (7,710,413) (3,734,762)  
Total liabilities and stockholders’ deficit 4,647,831 3,023,954  
Common Class A [Member]      
Stockholders’ equity (deficit)      
Common stock, $0.00001 par value, 15,000,000 shares authorized, 9,017,300 shares issued and outstanding as at June 30, 2024 and December 31, 2023 1,000
Common Class B [Member]      
Stockholders’ equity (deficit)      
Common stock, $0.00001 par value, 15,000,000 shares authorized, 9,017,300 shares issued and outstanding as at June 30, 2024 and December 31, 2023 1,000 1,000
Related Party [Member]      
Current liabilities      
Promissory note – related party 755,000 755,000 785,000
Extension promissory notes – related party $ 3,372,000 $ 2,726,000