Global Gas(HGAS) - 2021 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2021, the company reported a net loss of approximately $2.7 million, primarily due to a non-operating loss of $2.4 million from the change in fair value of derivative warrant liabilities[104]. - For the six months ended June 30, 2021, the company achieved a net income of approximately $3.3 million, driven by a non-operating gain of $3.8 million from the change in fair value of derivative warrant liabilities[105]. Cash and Working Capital - As of June 30, 2021, the company had approximately $326,000 in cash in its operating account and working capital of approximately $358,000, excluding tax obligations[106]. - As of June 30, 2021, the company had no long-term debt or capital lease obligations, and it entered into an administrative services agreement with the Sponsor for up to $10,000 per month[109]. Business Operations - The company has not engaged in any significant business operations or generated any revenues to date, with all activities related to its formation and the Public Offering[103]. - The company anticipates using funds held outside of the Trust Account for various operational needs, including identifying and evaluating prospective Business Combination candidates[108]. Public Company Expenses - The company expects to incur increased expenses due to being a public company, including legal, financial reporting, and due diligence expenses as it seeks a suitable Business Combination[103]. Equity and Financial Instruments - The company has classified 15,098,629 shares of Class A common stock as temporary equity, subject to possible redemption, as of June 30, 2021[112]. - The company has adopted ASU 2020-06, which simplifies accounting for convertible instruments, effective January 1, 2021, with no impact on its financial position[116]. Market Risk Management - The company does not expect to engage in any hedging activities with respect to market risk[119].