Financial Performance - For the three months ended September 30, 2021, the company reported a net loss of $204,228, which included operating expenses of $142,971 and a change in fair value of warrant liability of $61,346[95] - For the period from January 19, 2021, to September 30, 2021, the company reported a total net loss of $239,977, primarily due to operating expenses and changes in warrant liability[96] - Net loss attributable to non-redeemable common stock for the three months ended September 30, 2021, was $(204,317) thousand, resulting in a net loss per share of $(0.02) basic and diluted[115] - The total net loss for the period from January 19, 2021, through September 30, 2021, was $(204,228) thousand, with net income attributable to common stock subject to possible redemption of $89 thousand[115] - The basic and diluted net income per share for common stock subject to possible redemption was $0.00 for the period[115] Cash and Securities - As of September 30, 2021, the company held cash and marketable securities amounting to $232,300,000 in the trust account, excluding $127 of interest earned but not received[99] - As of September 30, 2021, the company had cash of $2,051,697 held outside the trust account, which may be used for operational expenses if necessary[102] Initial Public Offering - The company generated gross proceeds of $230,000,000 from its Initial Public Offering (IPO) of 23,000,000 Public Units, sold at a price of $10.00 per unit[98] Operations and Revenue - The company has not engaged in any operations or generated revenues to date, with expectations to generate non-operating income from interest on cash and marketable securities held in the trust account[94] Expenses and Liabilities - The company expects to incur increased expenses as a result of being a public company, including legal and compliance costs[94] - The company has no long-term debt or capital lease obligations as of September 30, 2021, but has a monthly fee agreement of $30,000 with its Founder for office space and administrative services[106][107] - The company has not entered into any off-balance sheet financing arrangements or established any special purpose entities as of September 30, 2021[105] Equity and Shares - Common stock subject to possible redemption is classified as temporary equity, with 750,000 shares subject to possible redemption as of September 30, 2021[116] - The weighted-average non-redeemable common shares outstanding for the period was 9,699,293[115] - The company has a weighted-average number of common stock subject to possible redemption of 270,588 for the period[115] Accounting and Valuation - The company accounts for warrants not indexed to its own stock as liabilities at fair value, with changes in fair value recognized as other expenses[117] - The company has not recognized the effect of potential common shares from warrants in the diluted net loss per share calculation due to being in a net loss position[113] - The company adopted ASU 2020-06 effective January 19, 2021, which did not have a material impact on its condensed financial statements[119] Risk Factors - As of September 30, 2021, the company was not subject to any market or interest rate risk, with funds held in the Trust Account invested in U.S. government securities[120]
QT Imaging(QTI) - 2021 Q3 - Quarterly Report