Global Gas(HGAS) - 2023 Q1 - Quarterly Report

Financial Position - As of March 31, 2023, the trust account held $11,855,267 in cash and investments, including approximately$34,000 in interest income available for tax obligations [121]. - The company had a working capital deficit of approximately $112,000 as of March 31, 2023, excluding tax obligations of approximately$128,000 [132]. - The company received $2.75 million from a settlement agreement with TradeZero in January 2023, which was primarily used to pay accounts payable and expenses [133]. - Stockholders redeemed approximately$160.7 million worth of public shares during the June 2022 special meeting, leaving approximately $11.8 million in the trust account [126]. - The Company has no borrowings under working capital loans as of March 31, 2023, and December 31, 2022 [148]. - As of March 31, 2023, there were$1,500 due to related parties [150]. Income and Expenses - For the three months ended March 31, 2023, the company reported a net income of approximately $1.2 million, driven by$2.1 million in other income and $93,000 in income from investments, offset by$674,000 in non-operating losses and $197,000 in general and administrative expenses [140]. - The Company incurred$30,000 in administrative services expenses for the three months ended March 31, 2023, under an agreement with the Sponsor [149]. - The company incurred approximately $10.0 million in offering costs during its initial public offering, including$6.0 million in deferred underwriting commissions [119]. Business Operations - The company has not generated any operating revenues to date and will only do so after completing a business combination [139]. - The company has until December 22, 2023, to complete a business combination; otherwise, it will cease operations and liquidate [122]. Tax and Regulatory Matters - The company is subject to a new 1% U.S. federal excise tax on stock repurchases, effective in 2023, which may affect its financial strategies [136]. Shareholder and Equity Information - The Sponsor purchased 3,737,500 Founder Shares for an aggregate price of $25,000, which were converted into 4,312,500 Founder Shares after a stock split [142]. - The private placement of 4,850,000 warrants at$1.00 each generated proceeds of $4,850,000, with$172,500,000 placed in the trust account at the closing of the initial public offering [144]. - The holders of Founder Shares and private placement warrants are entitled to registration rights, allowing them to demand registration for sale under the Securities Act [151]. Other Considerations - The company has been evaluating the impact of the COVID-19 pandemic, but the specific impact remains indeterminate as of the latest reporting date [135]. - The Sponsor agreed to loan up to $200,000 to cover IPO expenses, of which approximately$31,000 was borrowed and fully repaid [147]. - The Company did not have any off-balance sheet arrangements as of March 31, 2023, and December 31, 2022 [156]. - The underwriters exercised their over-allotment option in full, resulting in the issuance of 2,250,000 additional units and an underwriting discount of $3,450,000 [152]. - The Company has not identified any critical accounting estimates that could significantly affect its financial statements [154].