EON Resources Inc.(EONR) - 2023 Q2 - Quarterly Report

Financial Position - As of June 30, 2023, the company had cash of $813,177 and working capital of$1,699,274, excluding franchise and income taxes payable[111]. - As of June 30, 2023, the Company had $813,177 in cash and a working capital deficit of$1,699,274[125]. - As of June 30, 2023, the Trust Account held marketable securities valued at $48,106,123, consisting of U.S. Treasury Bills with a maturity of 180 days or less[118]. Financial Performance - For the three months ended June 30, 2023, the company reported a net loss of$232,803, with operating costs of $614,748 and interest income of$842,756 from marketable securities held in the Trust Account[113]. - For the six months ended June 30, 2023, the company had a net loss of $410,417, with operating costs totaling$1,268,479 and interest income of $1,789,672 from marketable securities[115]. - The company has not generated any revenues to date and does not expect to do so until after completing a business combination[112]. Business Operations - The company completed its Initial Public Offering on February 15, 2022, raising gross proceeds of$86,250,000 from the sale of 8,625,000 Units[116]. - The company intends to use substantially all funds in the Trust Account to complete its business combination and for working capital to finance operations of the target business[122]. - The management team has an average of over 40 years of experience in the energy industry, positioning the company to identify attractive acquisition opportunities[106]. Costs and Obligations - The company incurred significant costs related to being a public entity, including legal and financial reporting expenses[112]. - The Company has incurred significant costs in pursuit of its financing and acquisition plans, with ongoing expectations for these costs[125]. - The Company has paid $154,250 to the Sponsor for administrative support services through June 30, 2023, and owes an additional$35,000[137]. Financing and Capital Structure - During the six months ended June 30, 2023, the company had cash flows used in financing activities of $41,468,207, primarily for redemptions of common stock[121]. - The Company has entered into unsecured promissory notes totaling$2,264,000 with existing investors, maturing at the five-year anniversary of the MIPA[138]. - The Company has a Common Stock Purchase Agreement with White Lion Capital, allowing for the purchase of up to $150,000,000 in common stock[129]. - The purchase price for shares sold to White Lion will be 96$120,000 each time[125][126]. - The Company is obligated to redeem public shares if a Business Combination is not completed by September 15, 2023, or within additional extensions[126]. - The Company has not had any off-balance sheet arrangements as of June 30, 2023[136].