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New words:
absent, abuse, anniversary, appealing, avoidance, back, Biden, calendar, composition, content, Department, dollar, domestic, duration, essentially, excise, exiting, extension, free, hand, harbor, impose, imposed, instruct, IPO, IR, IRA, minimal, mitigate, Nasdaq, nature, November, October, play, preliminary, President, proposed, reduction, regulation, repurchase, repurchased, repurchasing, rule, safe, shell, smaller, SPAC, termination, test, treatment
Removed:
interpretation, NaN, remediation
Financial report summary
?Management Discussion
- Our entire activity from January 11, 2021 (inception) through September 30, 2022, was in preparation for our Initial Public Offering, and since our Initial Public Offering, our activity has been limited to the search for a prospective Initial Business Combination. We will not generate any operating revenues until the closing and completion of our initial Business Combination. We generate non-operating income in the form of investment income from our investments held in the Trust Account. We expect to incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.
- For the three months ended September 30, 2022, we had net income of approximately $5.9 million, which consisted of approximately $4.6 million for change in fair value of derivative warrant liabilities, approximately $2.5 of income from investments held in Trust Account, offset by approximately $622,000 of general and administrative expenses, approximately $49,000 of franchise tax expense, and approximately $511,000 of income tax expense.
- For the three months ended September 30, 2021, we had net income of approximately $11.0 million, which consisted of $11.6 million for change in fair value of derivative warrant liabilities, approximately $48,000 of income from investments held in Trust Account, offset by approximately $677,000 of general and administrative expenses, and approximately $50,000 of franchise tax expense.