HOVR · New Horizon Aircraft Ltd. · Debt

Substantial doubt about the company's ability to continue as a going concern.

“Horizon is a pre-revenue organization that is currently building a full-scale technical demonstrator aircraft in pursuit to certify its Cavorite X7 aircraft. Management estimates that cash on-hand of $78.3 million will be sufficient to fund our current operating plan for at least the next 12 months from the date these consolidated financial statements were available to be issued. There is substantial doubt around the Company's ability to meet the going concern assumption beyond that period without securing additional capital.”