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New words:
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Removed:
accreted, announced, arrangement, borrowed, CEO, clause, comparable, covered, critical, custodian, deferral, demand, determinable, economic, employee, evaluate, hundred, imminent, invest, lease, lock, median, multistep, negative, notification, orally, outcome, Oversight, ownership, pandemic, promulgated, PWERM, qualifying, readily, Registrable, relax, relevant, rotation, simulation, supplement, supplemented, swap, system, trade, unanimously, utilizing, whichever, withdraw
Financial report summary
?Management Discussion
- Our entire activity from inception to March 31, 2024, was in preparation for our formation, our initial public offering, and since the closing of our initial public offering, a search for business combination candidates. 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 interest income on investments held in 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.
- $2,133, change in fair value of Exchange Note of $192,801, partially offset by change in fair value of the Extension Note embedded derivative of $4, income from our investments held in the trust account of $17,853, and change in fair value of ELOC of $13,956.
- For the three months ended March 31, 2023, we had a net loss of $1,894,642 which consisted of $707,592 in general and administrative expenses, change in fair value of PIPE forward contract derivative $1,163,950 and interest expense related to Bridge promissory note of $133,138, partially offset by income from our investments held in the trust account of $75,280 and change in fair value of Bridge note embedded derivative of $34,758.