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abuse, addressed, clear, content, deal, Department, depend, excise, extension, imposed, IR, nature, owed, PIPE, reduction, reimbursed, repurchase, repurchased, repurchasing, suitable
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Financial report summary
?Risks
- Changes in laws or regulations, or a failure to comply with any laws or regulations, may adversely affect our business, investments and results of operations.
- We may be subject to a new 1% U.S. federal excise tax in connection with redemptions of our Class A common stock.
Management Discussion
- Our entire activity since inception up to September 30, 2022 was in preparation for our formation, the Initial Public Offering and, since the closing of the Initial Public Offering, the search for our Initial Business Combination candidate. We will not be generating any operating revenues until the closing and completion of our Initial Business Combination, at the earliest.
- For the three months ended September 30, 2022, we had net income of approximately $4.9 million, which consisted of approximately $311,000 in income tax benefit, a non-operating gain from the change in fair value of derivative warrant liabilities of approximately $321,000, a gain from the settlement of deferred underwriting commissions of approximately $3.9 million, and income from investments held in trust of approximately $1.0 million; offset by general and administrative expenses of approximately $558,000 and franchise tax expense of $50,000.
- For the three months ended September 30, 2021, we had net loss of approximately $1.4 million, which consisted of a gain from the change in fair value of derivative warrant liabilities of approximately $3.5 million and income from investments held in Trust Account of approximately $3,000, offset by loss from operations of approximately $4.9 million. The loss from operations is comprised of approximately $4.8 million of general and administrative expenses, and approximately $50,000 of franchise tax expense.