Financial Performance - For the six months ended June 30, 2022, the company reported a net loss of $1,312,809, which included $1,412,448 in professional fees and administrative expenses, offset by a net gain of $99,639 on marketable securities[92]. - Net cash used in operating activities for the six months ended June 30, 2022, was $984,354, primarily due to the net loss and changes in working capital[95]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial Business Combination[91]. Cash Position - As of June 30, 2022, the company had $618,599 in cash held outside of the Trust Account and a working capital surplus of $38,990[93]. - The company generated net cash provided by financing activities amounting to $117,749,000, mainly from IPO proceeds and private placement[95]. Business Combination - The company has until January 13, 2023, to complete a Business Combination, or it will face mandatory liquidation and dissolution[97]. - The company incurred significant costs in pursuit of acquisition plans and may need additional financing to complete a Business Combination[96]. - The company has engaged A.G.P. as an advisor for the initial Business Combination, with a fee of 4.5% of the gross proceeds of the IPO, totaling $5,175,000[103]. Underwriting and Fees - The underwriters exercised their over-allotment option and purchased 1,500,000 Units at $10.00 per Unit, resulting in an underwriting fee of $500,000[101][102]. Regulatory Status - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[98].
Western Acquisition Ventures(WAVS) - 2022 Q2 - Quarterly Report