Financial Performance - The company reported a net income of $513,062 for the three months ended June 30, 2023, with total expenses amounting to $1,125,000[102]. - For the six months ended June 30, 2023, the company achieved a net income of $686,297, with total expenses of $1,610,000[103]. Assets and Securities - As of June 30, 2023, the company held marketable securities in the Trust Account valued at $57,819,115, including $2,204,722 in earnings[111]. - As of June 30, 2023, the company had cash of $11,196 held outside the Trust Account, intended for business combination expenses[112]. Initial Public Offering - The company completed its initial public offering, generating gross proceeds of $115,000,000 from the sale of 11,500,000 units at $10.00 per unit[106]. - The company incurred transaction costs of $6,822,078 related to the initial public offering[108]. Business Combination - The merger consideration for the business combination with Refreshing USA, LLC is valued at $160,000,000, subject to adjustments[100]. - The company expects to incur significant costs to complete the business combination with Refreshing, raising concerns about its ability to continue as a going concern[113]. - The company has borrowed $1,150,000 under an unsecured promissory note related to an extension payment for the business combination deadline[117]. Administrative Support - The company has an agreement to pay a monthly fee of $10,000 to its sponsor for administrative support, which has been waived for the three and six months ended June 30, 2023[115]. Economic and Geopolitical Risks - Business operations may be adversely affected by economic uncertainty, including downturns in financial markets and increases in oil prices[119]. - Geopolitical instability, such as the military conflict in Ukraine, could negatively impact business and initial business combination efforts[119]. Accounting Estimates - No critical accounting estimates identified as of June 30, 2023[118].
Integrated Wellness Acquisition p(WEL) - 2023 Q2 - Quarterly Report