Financial Performance - For the three months ended June 30, 2022, the company reported a net loss of $636,074, consisting of operating expenses of $973,852, partially offset by interest income of $300,140 and other income of $127,200 from the change in fair value of the warrant liability [103]. - For the six months ended June 30, 2022, the company had a net loss of $1,006,009, with operating expenses totaling $1,586,735, offset by interest income of $317,653 and other income of $357,750 from the change in fair value of the warrant liability [104]. - The company incurred a net loss of $636,074 for the three months ended June 30, 2022, compared to a net loss of $1,006,009 for the same period in 2021 [127]. - Basic and diluted net loss per share for non-redeemable common stock was $(0.13) for the three months ended June 30, 2022, compared to $(0.19) for the same period in 2021 [127]. Cash and Securities - As of June 30, 2022, the company held cash and marketable securities amounting to $232,464,793 in the Trust Account, including $164,793 of interest earned [109]. - As of June 30, 2022, the company had cash of $55,158 held outside the Trust Account, which may not be sufficient for operations over the next 12 months [115]. - The company reported interest earned on marketable securities held in the Trust Account of $210,578 for the three months ended June 30, 2022 [127]. IPO and Financing - The company generated gross proceeds of $230,000,000 from the IPO of 23,000,000 Public Units sold at $10.00 per unit [106]. - The company also raised $7,950,000 from the sale of 795,000 Private Placement Units at $10.00 per unit [107]. - The total net proceeds from the IPO and Private Placement amounted to $232,300,000, which were placed in the Trust Account [108]. - The company expects to incur significant costs in pursuing acquisition plans and may need additional financing to complete its initial business combination [100]. Business Operations - The company has not generated any revenues to date and does not expect to do so until after completing its initial business combination [101]. - The company intends to use funds in the Trust Account for its initial business combination and may withdraw interest to pay taxes [114]. - As of June 30, 2022, the company has no long-term debt or capital lease obligations, only a monthly fee of $30,000 to the Founder for services [119]. Accounting and Compliance - The company has elected not to opt out of the extended transition period under the JOBS Act, meaning it will adopt new accounting standards when private companies do [123]. - The company accounts for warrants not indexed to its own stock as liabilities at fair value, subject to remeasurement at each balance sheet date [129]. - Common stock subject to possible redemption is classified as temporary equity, presented outside of stockholders' deficit [128]. - The company does not expect any recently issued accounting pronouncements to have a material effect on its financial statements [132]. Management and Agreements - The company has a strategic services agreement with its CFO, with an initial fee of $2,500 per month, potentially increasing to $15,000 depending on services provided [120]. - The weighted average number of non-redeemable common shares outstanding was 6,540,000 for the three months ended June 30, 2022 [127].
QT Imaging(QTI) - 2022 Q2 - Quarterly Report