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Financial report summary
?Management Discussion
- Our entire activity from February 3, 2021 (inception) through July 22, 2021 was in preparation for an Initial Public Offering, and since the completion of our Initial Public Offering through December 31, 2023, our activity had been limited to searching, negotiating and completing an initial business combination. We will not generate any operating revenues until the Closing of our initial business combination.
- For the year ended December 31, 2023, we had net income of approximately $12.8 million, which consisted of approximately $13.9 million in interest income from cash held in the Trust Account, approximately $1.7 million in change in fair value of derivative warrant liabilities and other income attributable to derecognition of deferred underwriting fee allocated to offering costs of approximately $205,000, partly offset by approximately $2,959,000 of general and administrative expenses inclusive of $120,000 of administrative expenses with a related party and interest expense – debt discount of approximately $25,000.
- For the year ended December 31, 2022, we had net income of approximately $14.2 million, which consisted of approximately $11.0 million in change in fair value of derivative warrant liabilities and approximately $5.0 million in interest income from investments held in the Trust Account, partly offset by approximately $1.7 million of general and administrative expenses inclusive of $120,000 of administrative expenses with a related party.