Focus Impact Acquisition Corp.(FIACU) - 2022 Q2 - Quarterly Report

Financial Performance - The company had a net income of $2,762,665 for the three months ended June 30, 2022, primarily due to a $2,951,000 change in the fair value of warrants [128]. - For the six months ended June 30, 2022, the company reported a net income of $7,826,526, driven by an $8,399,000 change in the fair value of warrants [129]. Operations and Revenue - The company has not commenced any operations and has generated no revenues to date, with all activities related to its formation and the Initial Public Offering [127]. - The company has sufficient working capital to sustain operations for at least one year from the issuance date of the financial statement [123]. Initial Public Offering (IPO) - Offering costs for the Initial Public Offering amounted to $13,457,525, including $4,000,000 in underwriting commissions and $8,650,000 in deferred underwriting commissions [138]. - 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 [121]. Business Combination and Liquidation - The company has until May 1, 2023, to consummate a Business Combination, after which mandatory liquidation will occur if not completed [124]. Financial Liabilities and Obligations - As of June 30, 2022, the company had no long-term debt obligations or off-balance sheet arrangements [132][142]. - The fair value of warrants is recorded as a liability and will be adjusted at each reporting period until exercised or expired [141]. Public Company Status - The company expects to incur increased expenses due to being a public company, including legal and compliance costs [127]. - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to take advantage of certain reporting exemptions [144]. - The company has elected not to opt out of the extended transition period for new or revised financial accounting standards, which may complicate financial statement comparisons with other public companies [145]. - As a smaller reporting company, the company is not required to provide certain market risk disclosures [146].