WinVest Acquisition (WINV) - 2022 Q3 - Quarterly Report

Financial Position - As of September 30, 2022, the company had marketable securities held in the Trust Account amounting to $116,743,063[106] - As of September 30, 2022, the company had $216,246 in cash available in its operating bank account and working capital of $402,519[107] - The company has no long-term debt or significant liabilities, apart from a monthly fee of $10,000 for office and administrative support services[114] - The company does not have any off-balance sheet arrangements or financial partnerships as of September 30, 2022[118] Financial Performance - For the three months ended September 30, 2022, the company reported an income of $145,269, while for the nine months, it recorded a loss of $217,083[105] - The company incurred ongoing expenses related to being a public entity, including legal, financial reporting, and auditing compliance costs[104] - The company anticipates that it may not have sufficient liquidity to continue operations through the twelve months following the issuance of its financial statements[107] Business Operations - The company has not commenced any core operations and will not generate operating revenues until after completing an Initial Business Combination[100] - The company has until December 17, 2022, to complete its Initial Business Combination, with the possibility of extending this period by up to six months[111] - Deferred underwriting discounts and commissions of $4,025,000 will be payable to underwriters upon the consummation of the Initial Business Combination[116] Accounting Standards - FASB issued ASU 2020-06, effective for public business entities after December 15, 2021, simplifying accounting for certain financial instruments[120] - Amendments of ASU 2020-06 effective for other entities after December 15, 2023, with early adoption allowed after December 15, 2020[120] - Management believes no recently issued accounting pronouncements will materially affect financial statements[121] - Company qualifies as a smaller reporting company and is not required to provide certain market risk disclosures[122]