Financial Performance - For the three months ended June 30, 2019, the company reported a net income of $1,156,951, consisting of interest income of $1,502,321 and an unrealized gain of $137,467, offset by operating costs of $482,837[81]. - For the six months ended June 30, 2019, the company had a net income of $2,413,793, with interest income of $3,057,527 and an unrealized gain of $99,852, against operating costs of $743,586[82]. Assets and Securities - As of June 30, 2019, the company held marketable securities in the Trust Account amounting to $255,043,484, including approximately $5,043,000 of interest income and unrealized gains[88]. - As of June 30, 2019, the company had cash of $141,069 held outside the Trust Account, intended for identifying and evaluating prospective acquisition candidates[90]. Initial Public Offering - The company generated gross proceeds of $250,000,000 from its Initial Public Offering, with an additional $6,500,000 from the sale of Private Placement Warrants[84]. - The company incurred $5,744,938 in Initial Public Offering related costs, including $5,000,000 in underwriting fees[85]. Financial Position - The company has a working capital deficit of $240,490 as of June 30, 2019[92]. - The company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2019[93]. Future Plans and Risks - The company plans to use substantially all funds in the Trust Account for acquiring a target business and covering related expenses[89]. - The company expects to continue incurring significant costs in pursuit of its acquisition plans and cannot assure the success of raising capital or completing a Business Combination[80].
Glory Star(GSMG) - 2019 Q2 - Quarterly Report