IPO and Financial Overview - Focus Impact Acquisition Corp. completed its Initial Public Offering (IPO) on November 1, 2021, raising gross proceeds of $230 million from the sale of 23,000,000 Units at $10.00 per Unit, including the full exercise of the underwriters' over-allotment option[113]. - The total offering costs amounted to $13,457,525, which included $4,000,000 in underwriting commissions and $8,650,000 in deferred underwriting commissions[129]. - As of March 31, 2022, the company reported a net income of $5,063,861, primarily due to a $5,448,000 change in the fair value of warrants and $19,146 in interest income, offset by $403,285 in operating costs[123]. - The company has not commenced any operations and has not generated any revenues to date, with expectations to incur increased expenses related to being a public company[122]. Trust Account and Business Combination - The trust account holds proceeds from the IPO and Private Placement Warrants, which will be invested in U.S. government securities or money market funds until the completion of the initial Business Combination[116]. - The company has a 18-month period from the closing of the IPO to complete its initial Business Combination, after which it may seek an extension subject to shareholder approval[117]. Financial Sustainability and Obligations - Management believes that the funds available post-IPO will sustain operations for at least one year from the issuance date of the financial statements, alleviating previous concerns about going concern[118]. - The company has no long-term debt obligations or off-balance sheet arrangements as of March 31, 2022[124][134]. Warrants and Reporting Classifications - The fair value of warrants issued in connection with the IPO is recorded as a liability and will be adjusted at each reporting period[133]. - The company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from various reporting requirements[137]. - The company has elected not to opt out of the extended transition period under the JOBS Act, allowing it to adopt new or revised financial accounting standards at the same time as private companies[138]. - As an emerging growth company, the company may face challenges in comparing its financial statements with those of other public companies that are not emerging growth companies or have opted out of the extended transition period[138]. - The company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[139].
Focus Impact Acquisition Corp.(FIACU) - 2022 Q1 - Quarterly Report