Financial Performance - For the three months ended September 30, 2023, the company reported a net income of $1,486,390, which included $578,461 in interest earned on marketable securities held in the Trust Account [170]. - For the nine months ended September 30, 2023, the company had a net income of $2,001,640, consisting of $4,962,242 in interest earned on marketable securities [171]. - As of September 30, 2023, the company had approximately $454,776 in its operating bank account and a working capital deficit of approximately $8,140,896 [174]. - The company has not generated any operating revenues to date and does not expect to do so until after the completion of its initial business combination [169]. Capital and Financing - The company generated gross proceeds of $225 million from its initial public offering of 22,500,000 units at a price of $10.00 per unit [162]. - The company has incurred significant costs in pursuit of its acquisition plans and may need to raise additional capital through loans or investments [177]. - The total principal amount of the Bridge Notes issued by LGM is $85 million, which will be exchanged for PubCo Class A Common Stock upon closing [168]. Business Combination and Agreements - The company entered into an Equity Purchase Agreement on October 17, 2022, for a business combination with LGM, which will be structured as an Up-C [164]. - The company plans to extend the time period to consummate its initial business combination to no later than December 28, 2023 [167]. Financial Instruments and Accounting - The company recognizes changes in redemption value of its Class A common stock immediately and adjusts the carrying value accordingly [183]. - The Company evaluates its financial instruments to determine if they are derivatives, with both Public Warrants and Private Placement Warrants classified as derivative instruments [185]. - The Company accounts for income taxes under ASC 740, recognizing deferred tax assets and liabilities, and expects no material change in unrecognized tax benefits over the next twelve months [186][187]. - As of September 30, 2023, the Company did not have any off-balance sheet arrangements [189].
flyExclusive(FLYX) - 2023 Q3 - Quarterly Report