Chain Bridge I(CBRG) - 2024 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2024, the company reported a net loss of approximately $448,000, with general and administrative expenses of approximately $563,000[143]. - For the six months ended June 30, 2024, the company had a net loss of approximately $1.7 million, which included a loss from the change in fair value of derivative liabilities of approximately $1.0 million[145]. - The company had a net income of approximately $1.8 million for the three months ended June 30, 2023, driven by a net gain from the change in fair value of derivative liabilities of approximately $790,000[144]. - The company reported a net income of approximately $4.6 million for the six months ended June 30, 2023, primarily from investment income on the Trust Account of approximately $4.3 million[146]. Liquidity and Capital Structure - As of June 30, 2024, the company had cash of $2,267 and a working capital deficit of $897,928[139]. - The company has determined that its liquidity condition raises substantial doubt about its ability to continue as a going concern[142]. - The company has a working capital loan agreement that may provide additional financing for transaction costs related to a Business Combination[140]. Business Operations and Future Plans - The company has until November 15, 2024, to consummate an initial Business Combination, after which it must cease operations if not completed[141]. Derivative Liabilities - As of June 30, 2024, the fair value of converted loans was $57,500, included in contingently issuable private placement warrants[140]. - The company recognized 22,050,000 warrants as derivative liabilities, which are subject to re-measurement at each balance sheet date[149]. Internal Control and Legal Proceedings - Management assessed the effectiveness of internal control over financial reporting as of June 30, 2024, concluding it was effective[162]. - No changes to internal control over financial reporting occurred during the fiscal quarter ended June 30, 2024, that materially affected or are likely to materially affect internal control[162]. - There were no legal proceedings reported during this period[164].