EE Inc-Basis of presentation

3 Months Ended

Mar. 31, 2022

Excelerate Energy, Inc [Member]

Basis of presentation

2.Basis of presentation

Basis of Presentation

The accompanying balance sheets have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). As there has been no operating activity for this entity since its inception, separate statements of operations, changes in stockholder’s equity and cash flows have not been presented. Excelerate’s year-end is December 31.

Offering Costs

In connection with the IPO, affiliates of Excelerate incurred accounting, legal and other costs, which were reimbursed by Excelerate upon the closing of the IPO. Such costs were deferred and recorded as a reduction to stockholder’s equity and recorded against the proceeds from the IPO.

Emerging Grown Company Status

Following the IPO, Excelerate is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies.

Excelerate may elect to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that Excelerate either (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the balance sheets may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Excelerate will remain an emerging growth company until the earliest of (i) the last day of the first fiscal year (A) following the fifth anniversary of the completion of the IPO, (B) in which the total annual gross revenue is at least $1.07 billion or (C) when Excelerate is deemed to be a large accelerated filer, which means the market value of Excelerate’s common stock that is held by non-affiliates exceeds $700.0 million as of the prior June 30th or (ii) the date on which Excelerate has issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.