DocGo (US:DCGO)2021-06-02 16:00Financial Position - As of March 31, 2021, the company had approximately $499,000 in cash and approximately $539,000 in working capital[97]. - The company has no long-term liabilities other than warrant liabilities of $6,685,000 and a deferred underwriting commission of $4,025,000 payable upon the consummation of its initial business combination[103]. - The company has no off-balance sheet arrangements as of March 31, 2021[108]. Business Performance - For the three months ended March 31, 2021, the company reported a net income of approximately $2.0 million, primarily from a non-operating gain of approximately $2.4 million due to changes in fair value of warrant liabilities[101]. - The company has not generated any operating revenues as of March 31, 2021, as all activities have been focused on preparing for its Initial Public Offering and searching for business combination candidates[100]. Share Structure - The company has 11,500,000 Public Shares outstanding, with 9,983,195 classified as redeemable shares[105]. Business Combination - The company is required to complete its initial business combination by October 19, 2022, or face liquidation of public shares[95]. - The company may utilize Working Capital Loans from officers, directors, and initial stockholders to finance transaction costs related to a business combination[98]. - The company has entered into a merger agreement with Ambulnz, Inc. dba DocGo, which is expected to be completed pending necessary approvals[94]. Regulatory Status - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[110].