v3.24.4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended 9 Months Ended 10 Months Ended 12 Months Ended
Jun. 30, 2024
Sep. 30, 2024
Dec. 31, 2023
Dec. 31, 2023
SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE

The following tables reflect the earnings per share after allocating (loss) income between the shares based on outstanding shares:

 

  

  

Three months ended

June 30, 2024

  

Six months ended

June 30, 2024

 
   Class A   Class B   Class A   Class B 
Numerator:                    
Basic and diluted net (loss) income per Ordinary Share:                    
Allocation of (loss) income– basic and diluted  $(2,075,000)  $(100,000)  $(2,688,000)  $(1,946,000)
Denominator:                    
Basic and diluted weighted average Ordinary Shares:   8,796,000    425,000    5,472,000    3,963,000 
                     
Basic and diluted (loss) income per Ordinary Share  $(0.24)  $(0.24)  $(0.49)  $(0.49)

 

  

Three months ended

June 30, 2023

  

Six months ended

June 30, 2023

 
   Class A   Class B   Class A   Class B 
Numerator:                    
Basic and diluted net (loss) income per Ordinary Share:                    
Allocation of (loss) income– basic and diluted  $730,000   $1,392,000   $1,267,000   $1,769,000 
Denominator:                    
Basic and diluted weighted average Ordinary Shares:   3,932,000    7,500,000    5,372,000    7,500,000 
                     
Basic and diluted (loss) income per Ordinary Share  $0.19   $0.19   $0.24   $0.24 
    

The following tables reflect the earnings per share after allocating income between the shares based on outstanding shares:

 

  

Year ended

December 31, 2023

  

Year ended

December 31, 2022

 
   Class A   Class B   Class A   Class B 
Numerator:                    
Basic and diluted net income per ordinary share:                    
Allocation of income – basic and diluted  $54,000   $85,000   $12,055,000   $3,014,000 
Denominator:                    
Basic and diluted weighted average ordinary shares:   4,718,000    7,500,000    30,000,000    7,500,000 
                     
Basic and diluted net income per ordinary share  $0.01   $0.01   $0.40   $0.40 
SCHEDULE OF ORDINARY SHARES SUBJECT TO REDEMPTION CONSIST

Public Shares subject to possible redemption consist of the following:

 

  

   Dollars   Shares 
Gross proceeds of Public Offering  $300,000,000    30,000,000 
Less: Proceeds allocated to Public Warrants   (14,100,000)   - 
Offering costs   (16,254,000)   - 
Plus: Accretion of carrying value to redemption value   30,354,000    - 
Subtotal at inception and at December 31, 2021   300,000,000    30,000,000 
Plus: Accretion of carrying value to redemption value   4,675,000    - 
Class A Ordinary Shares subject to possible redemption at December 31, 2022  $304,675,000    30,000,000 
Less: Class A Ordinary Shares redeemed on January 11, 2023   (265,050,000)   (26,068,281)
Plus: Accretion of carrying value to redemption value   4,079,000    - 
Balance at December 31, 2023  $43,704,000    3,931,719 
Less: Public Shares redeemed on January 9, 2024   (23,768,000)   (2,137,134)
Plus: Accretion of carrying value to redemption value   273,000    - 
Balance at March 31, 2024 (unaudited)  $20,209,000    1,794,585 
Less: Public Shares redeemed on June 27, 2024   (18,893,000)   (1,660,035)
Plus: Accretion of carrying value to redemption value   215,000    - 
Balance at June 30, 2024 (unaudited)  $1,531,000    134,550 
    

 

   Dollars   Shares 
Gross proceeds of Public Offering  $300,000,000    30,000,000 
Less: Proceeds allocated to Public Warrants   (14,100,000)   — 
Offering costs   (16,254,000)   — 
Plus: Accretion of carrying value to redemption value   30,354,000    — 
—Subtotal at inception and at December 31, 2021   300,000,000    30,000,000 
Accretion of carrying value to redemption value   4,675,000    — 
Class A ordinary shares subject to possible redemption at December 31, 2022  $304,675,000    30,000,000 
Class A ordinary shares redeemed on January 11, 2023   (265,050,000)   (26,068,281)
Accretion of carrying value to redemption value   4,079,000    — 
Balance at December 31, 2023  $43,704,000    3,931,719 
Stardust Power Inc And Subsidiary [Member]        
SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE  

The following table sets forth the computation of the basic and diluted net loss per share:

 

   Three months ended     
   September 30, 2024   September 30, 2023   Nine months ended
September 30, 2024		  

Period from

March 16, 2023

(inception) through

September 30, 2023

 
                 
Numerator:                    
Net loss  $(10,092,312)  $(843,800)  $(14,185,887)  $(2,828,585)
Denominator:                    
Weighted average shares outstanding   45,171,254    40,453,289    41,694,909    40,367,188 
Net loss per share, basic and diluted  $(0.22)  $(0.02)  $(0.34)  $(0.07)

The following table sets forth the computation of the basic and diluted net loss per share:

 

   Period from
March 16, 2023
(inception) through
December 31, 2023		 
Numerator:     
Net loss  $(3,793,585)
Denominator:     
Weighted average shares outstanding   8,777,571 
Net loss per share, basic and diluted  $(0.43)
  
SCHEDULE OF ESTIMATED USEFUL LIVES    

 

    Years 
Computer and equipment   3-5 years 
  
SCHEDULE OF ANTI-DILUTIVE EFFECT  

The following potentially dilutive shares were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have had an anti-dilutive effect:

 

   September 30, 2024   September 30, 2023 
Unvested common stock – restricted shares (Note 5)   125,411    893,985 
Restricted Stock options   851,655    - 
Restricted Stock Units   3,281,911    - 
Performance Stock units   506,596    - 
Sponsor Earnout Shares (Note 3)*   -    - 
Public warrants   4,864,133    - 
Private placement warrants   5,566,667    - 

 

*The Sponsor Earnout Shares (as defined in the Business Combination Agreement) were not included for purposes of calculating the number of diluted shares outstanding as of September 30, 2024, as the Sponsor earnout shares remain contingently forfeitable, as the conditions have not been met

The following potentially dilutive shares were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have had an anti-dilutive effect:

 

   December 31, 2023 
Unvested common stock – shares (Note 3)   356,458