WinVest Acquisition (WINV) - 2023 Q1 - Quarterly Report

Financial Performance - As of March 31, 2023, the company reported a net loss of $404,527 and operating expenses of$569,578, primarily due to professional services costs [126]. - The company has substantial doubt about its ability to continue as a going concern due to liquidity uncertainties and a mandatory liquidation date within one year [142]. - The company generated non-operating income from interest on funds held in the Trust Account, but no significant changes in financial position occurred since the last audited financial statements [125]. Capital Structure - The company completed its Initial Public Offering on September 17, 2021, raising gross proceeds of $100 million from the sale of 10,000,000 units at$10.00 per unit [129]. - Following the Initial Public Offering, the company had $116,150,000 of net proceeds deposited in the Trust Account for public stockholders [134]. - The company issued an unsecured promissory note to its Sponsor for up to$300,000, with $123,000 outstanding as of March 31, 2023 [128]. - Holders of 9,606,887 shares of Common Stock redeemed their shares for approximately$98.0 million at a redemption price of about $10.20 per share [136]. - Deferred underwriting discounts and commissions of$4,025,000 will be payable to underwriters upon consummation of the initial business combination [146]. Operational Status - The company has not commenced core operations and will not generate operating revenues until after completing an initial business combination [117]. - The company has not commenced any operations and will not generate operating revenues until after the initial business combination [140]. - The company has until June 17, 2023, to complete its initial business combination, with the possibility of extending this period [119]. - The company has until June 17, 2023, to consummate its initial business combination, with a potential extension to July 17, 2023, contingent on a $65,000 deposit into the Trust Account [141]. Financial Position - The company had$57,048 in its operating bank account and a working capital deficit of $1,401,576 as of March 31, 2023 [127]. - As of March 31, 2023, the company had approximately$20.0 million in marketable securities held in the Trust Account, intended for completing the initial business combination [137]. - The company held $57,048 outside the Trust Account, which will be used for corporate filing, compliance expenses, and evaluating target businesses [139]. - The company has no long-term debt or significant liabilities as of March 31, 2023, except for a monthly fee of$10,000 to the Sponsor for administrative support [145]. - The company does not have any off-balance sheet arrangements or special purpose entities as of March 31, 2023 [147]. Compliance and Reporting - The company incurred ongoing expenses related to being a public company, including legal and financial reporting costs [125]. - The company is evaluating the impact of recent accounting standards updates but does not expect them to materially affect financial statements [149]. - If the Charter Extension Amendment is approved, public stockholders may redeem their shares for cash based on the amount in the Trust Account, which could reduce available funds [141].