Global Gas(HGAS) - 2021 Q3 - Quarterly Report

Financial Performance - For the three months ended September 30, 2021, the company reported a net income of approximately $1.8 million, consisting of $2.0 million in non-operating gain from the change in fair value of derivative warrant liabilities and approximately $20,000 in income on investments held in the Trust Account [123]. - For the nine months ended September 30, 2021, the company had a net income of approximately $5.2 million, which included $5.8 million in non-operating gain from the change in fair value of derivative warrant liabilities and approximately $89,000 in income on investments held in the Trust Account [124]. Financial Position - As of September 30, 2021, the company had approximately $240,000 in cash in its operating account and working capital of approximately $199,000 [127]. - As of September 30, 2021, the company did not have any long-term debt, capital, or operating lease obligations [130]. - The company had 17,250,000 shares of Class A common stock subject to possible redemption, presented at redemption value as temporary equity [134]. Business Operations - The company has not engaged in any significant business operations nor generated any revenues to date, with all activities relating to its formation and the Public Offering [122]. - The company expects to incur significant costs in the pursuit of its initial Business Combination and cannot assure that its plans to raise capital or complete the Business Combination will be successful [121]. - The company entered into a Merger Agreement on October 12, 2021, to effect an initial Business Combination with TradeZero Holding Corp. [126]. Risk Management - The company recognized the fair value of derivative warrant liabilities at each reporting period, with the initial fair value of the Public Warrants measured using a Monte Carlo simulation model [132]. - The company does not expect to engage in any hedging activities with respect to the market risk to which it is exposed [142].