Chain Bridge I filed Amendment No. 1 to its Q3 2024 report to restate results after identifying two accounting errors. A $200,000 payment made on the company’s behalf should have been recorded as an increase to the Bridge Financing Note with a corresponding expense, and a $97,500 retainer should have been amortized to expense.
After restatement, Q3 general and administrative expenses rose by $297,500, reducing Q3 net income to $326,476. For the nine months, net loss increased to $(1,359,371). The company states there was no impact on cash or Trust Account balances. As of September 30, 2024, the Bridge Financing Note stood at $1,063,235, cash was $428,625, and working capital showed a deficit of $583,851.
Management concluded disclosure controls and procedures were not effective due to a material weakness in reviewing and reconciling liabilities and prepaid expenses and plans remediation. The filing also reiterates substantial doubt about the company’s ability to continue as a going concern given the November 15, 2025 deadline to complete a business combination.