Vicarious Surgical (RBOT) - 2020 Q3 - Quarterly Report

Financial Performance - The company had a net loss of approximately $91,000 for the three months ended September 30, 2020, primarily due to $157,000 in general and administrative costs[98]. - From inception on May 6, 2020, through September 30, 2020, the company reported a net loss of approximately $118,000, with $184,000 in general and administrative costs[99]. - As of September 30, 2020, the net income for the three-month period was approximately $91,000, with a net loss of approximately $182,000 for Class B ordinary shares[122]. - The net loss for Class B ordinary shares for the period from May 6, 2020, through September 30, 2020, was approximately $209,000[122]. Financial Position - As of September 30, 2020, the company had approximately $1.2 million in its operating bank account and $1.2 million of working capital[100]. - The company placed $345.0 million in a Trust Account, invested in U.S. government securities, until the completion of a Business Combination[93]. - The estimated fair values of investments held in the Trust Account are determined using available market information, primarily consisting of U.S. government securities[119]. - The Class A ordinary shares subject to possible redemption totaled 32,926,373, classified as temporary equity on the balance sheet[120]. Business Operations - The company has not generated any operating revenues to date and will only do so after completing its initial Business Combination[97]. - The company is subject to a 24-month deadline to complete a Business Combination, or it will cease operations and redeem Public Shares[96]. - The company has the option to receive Working Capital Loans from its Sponsor to finance transaction costs related to a Business Combination[112]. IPO and Underwriting - The company raised gross proceeds of $300.0 million from its Initial Public Offering, with an additional $45.0 million from the overallotment option exercised by underwriters[91]. - The underwriters received a cash underwriting discount of $0.20 per unit, totaling approximately $6.9 million, upon the closing of the Initial Public Offering[116]. Accounting and Reporting - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[126]. - The company is evaluating the benefits of relying on reduced reporting requirements provided by the JOBS Act[127]. - The company has not identified any recently issued accounting standards that would materially affect the financial statements if adopted[123]. - The company has identified critical accounting policies that require estimates and judgments affecting reported amounts of assets and liabilities[118]. - The net income per ordinary share is calculated by dividing net income by the weighted-average number of ordinary shares outstanding during the periods[121]. Administrative Costs - The company incurred approximately $25,000 in administrative fees for the three months ended September 30, 2020[113]. - The company has not engaged in any off-balance sheet arrangements as of September 30, 2020[125].