Financial Performance - For the three months ended March 31, 2024, the company reported a net loss of $37,130, primarily due to operating costs and legal expenses [120]. - For the three months ended March 31, 2023, the company reported net income of $173,235, primarily from earnings on marketable securities [121]. Cash and Funding - The company had cash held in the Trust Account of $48,490,095 as of March 31, 2024, which includes $523,484 of interest earned [128]. - As of March 31, 2024, the company had cash of $7,410 held outside the Trust Account for operational expenses [129]. - The initial public offering generated gross proceeds of $115,000,000 from the sale of 11,500,000 units at $10.00 per unit [122]. - The company incurred transaction costs of $6,822,078 related to the initial public offering, including $2,300,000 in underwriting discounts [125]. - The deferred fee for underwriters of the initial public offering is $4,025,000, payable only upon completion of the initial business combination [133]. Business Operations and Strategy - The company has not engaged in any operations or generated revenues to date, with activities focused on identifying a target for a business combination [119]. - The company entered into a letter of intent with Btab Ecommerce Group, Inc. for an initial business combination on February 8, 2024 [114]. - The company expects to incur significant costs in the pursuit of its initial business combination, raising doubts about its ability to continue as a going concern [130]. Debt and Financial Obligations - The Company has issued a promissory note (the "Third Extension Note") with a principal amount of up to $1,500,000 to extend the Termination Date from December 13, 2023 to December 13, 2024 [136]. - As of March 31, 2024, the Company had borrowed $1,150,000 under the Extension Note, which is the maximum amount allowed [134]. - The Second Extension Note has a principal amount of up to $960,000, with $640,000 previously deposited to extend the deadline to October 13, 2023 [135]. - The company has a monthly agreement to pay its sponsor $10,000 for administrative support, which has been waived for the three months ended March 31, 2024 [132]. Risks and Uncertainties - The Company is subject to various economic uncertainties that could adversely affect its ability to complete an initial business combination, including inflation and geopolitical instability [139]. - The company has not identified any critical accounting estimates as of March 31, 2024 [138]. Shareholder Rights - The holders of Founder Shares and Private Placement Warrants are entitled to registration rights for resale under a registration rights agreement [137].
Integrated Wellness Acquisition p(WEL) - 2024 Q1 - Quarterly Report