Financial Performance - The company generated a net income of approximately $3.82 million for the three months ended March 31, 2022, primarily due to a $4.39 million unrealized gain on the change in fair value of warrants[102]. - The company has not generated any operating revenues to date and will not do so until the completion of its initial Business Combination[101]. IPO and Fundraising - The company completed its IPO on March 9, 2021, raising total gross proceeds of $276 million from the sale of 27,600,000 units at a price of $10.00 per unit[98]. - The company completed a private sale of 5,013,333 Private Placement Warrants at a purchase price of $1.50 per warrant, generating gross proceeds of $7.52 million[99]. Financial Position - As of March 31, 2022, the company had $272,672 in its operating bank account and a negative working capital of $1.29 million[104]. - The company has no long-term debt or capital lease obligations as of September 30, 2021, but incurs a monthly fee of $10,000 for office space and administrative support[119]. - The company’s investments held in the Trust Account are classified as trading securities and are presented at fair value[109]. Going Concern and Business Combination - The company has incurred significant costs in pursuit of its acquisition plans, raising substantial doubt about its ability to continue as a going concern[105]. - If the company is unable to complete a Business Combination by March 8, 2023, it will cease all operations except for the purpose of liquidating[106]. Accounting Policies - The company has identified critical accounting policies that affect the reported amounts of assets, liabilities, revenues, and expenses[108].
Iris Acquisition p(IRAA) - 2022 Q1 - Quarterly Report