Financial Performance - For the nine months ended September 30, 2022, the company reported a net loss of $1,075,657, which included $1,691,594 in professional fees and general administrative expenses, offset by a net gain of $615,937 on marketable securities [96]. - Net cash used in operating activities for the nine months ended September 30, 2022, was $1,075,657, primarily due to the net loss and changes in working capital [98]. - The company has not generated any operating revenues to date and does not expect to do so until after completing a Business Combination [95]. Cash Position - As of September 30, 2022, the company had $475,809 in cash held outside of the Trust Account and a working capital surplus of $56,014 [97]. - The company incurred net cash used in investing activities of $116,150,000, attributed to the proceeds of the IPO deposited into the Trust Account [100]. - Net cash provided by financing activities was $117,749,000, mainly from the IPO proceeds and private placement [100]. Business Combination Concerns - The company has until January 13, 2023, to consummate a Business Combination, raising concerns about its ability to continue as a going concern if not completed [102]. - The company may need to obtain additional financing to complete its Business Combination or to address potential redemptions of public shares [101]. - The company has engaged A.G.P. as an advisor for a Business Combination, agreeing to pay a fee of 4.5% of the gross proceeds of the IPO, totaling $5,175,000 [109]. Shareholder Equity - As of September 30, 2022, the company had 11,500,000 shares of common stock subject to possible redemption, classified as temporary equity [113].
Western Acquisition Ventures Corp.(WAVSU) - 2022 Q3 - Quarterly Report