Pinstripes Holdings(PNST) - 2022 Q2 - Quarterly Report

Financial Position - As of June 30, 2022, the company had cash of $704,508 and working capital of approximately $671,021[106] - A total of $246,330,000 was placed in the Trust Account, which includes $237,720,000 from the Initial Public Offering and $8,610,000 from the sale of Private Placement Warrants[113] - As of June 30, 2022, the Trust Account held treasury securities valued at $246,749,249, including approximately $457,476 of interest income[114] - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2022[119] Income and Earnings - For the three months ended June 30, 2022, the company reported a net income of $1,450,175, which included a gain of $1,459,707 on the change in the fair value of warrant liabilities[109] - For the six months ended June 30, 2022, the company reported a net income of $10,892,813, with a gain of $11,760,463 on the change in the fair value of warrant liabilities[110] - The company’s net income per share for redeemable Class A common stock is calculated by dividing net income by the weighted average number of shares of Class A common stock subject to possible redemption[128] Initial Public Offering - The company completed its Initial Public Offering on January 24, 2022, raising gross proceeds of $241,500,000 from the sale of 24,150,000 Units[112] Trust Account Usage - The company intends to use substantially all funds in the Trust Account to complete its Initial Business Combination[115] Fees and Obligations - The company is contractually obligated to pay a monthly fee of $10,000 to an affiliate of its Sponsor for office space and operational support[120] - The underwriters are entitled to a deferred fee of $0.40 per Unit, totaling $9,660,000, which will be payable only upon the completion of an Initial Business Combination[121] Accounting and Controls - The Financial Accounting Standards Board issued ASU No. 2020-06, effective for fiscal years beginning after December 15, 2023, which simplifies accounting for convertible instruments and may impact the company’s financial position[129] - Management does not anticipate that any recently issued accounting standards will materially affect the financial statements[130] - The company evaluated its disclosure controls and procedures as of June 30, 2022, concluding they were effective[133] - There have been no changes in internal control over financial reporting during the fiscal quarter ended June 30, 2022, that materially affected internal controls[135]