Financial Performance - As of June 30, 2024, the company reported a net loss of $394,417 for the three months ended June 30, 2024, with operating costs of $523,160 and interest income from the Trust Account of $171,811[155] - For the six months ended June 30, 2024, the company had a net loss of $654,452, consisting of operating costs of $908,571 and interest income from the Trust Account of $341,262[155] - The company incurred increased expenses due to being a public company, including legal, financial reporting, and due diligence expenses[154] Working Capital and Liquidity - The company had a working capital deficit of $3,397,790 as of June 30, 2024, which includes $900,000 in cash received for the payment of excise taxes[159] - Prior to the Initial Public Offering, the company satisfied liquidity needs through a loan of $252,950 and the issuance of 2,875,000 Class B Common Stock for gross proceeds of $25,000[160] - As of June 30, 2024, the company had $355,000 of borrowings under the First Extension Promissory Note, which is due upon the consummation of a Business Combination or liquidation[161] - The company issued a WCL Promissory Note for up to $1,500,000, with outstanding amounts of $1,390,335 as of June 30, 2024[165] - The company has $900,000 of cash released for the payment of Excise Tax liability, held in a segregated bank account[166] Trust Account and Extensions - An aggregate of $59,917 has been deposited into the Trust Account since June 30, 2024, pursuant to borrowings under the Second Extension Promissory Note[142] - The company extended its Combination Period from November 3, 2023, to November 5, 2024, following the approval of the Second Extension Amendment Proposal[145] - The company may seek to further extend the Combination Period, which would require Public Stockholder approval and could materially affect the amount held in the Trust Account[149] - The Second Extension Promissory Note was issued for up to $359,503, with monthly deposits of $29,958.55 into the Trust Account until November 5, 2024[163] Shareholder Activity - Public Stockholders redeemed 1,831,599 Public Shares for a pro rata portion of the funds in the Trust Account, resulting in $19,763,618 being removed from the Trust Account[145] - The Anchor Investors purchased approximately $60.8 million of Units in the Initial Public Offering, with no obligation to retain their Units[178] - The deferred underwriting commission liability was reduced to $0, resulting in a $6,050,000 increase in income available to Class B Common Stock[176] Business Operations - The company has not commenced any operations and has generated no revenues to date, with all activities related to its formation and the search for a prospective Business Combination[154] - The company has until November 5, 2024, to consummate a Business Combination, or it will face mandatory liquidation[168] - The company does not have any long-term debt obligations or capital lease obligations[170] - The company has entered into FPA Termination Agreements to cancel the Forward Purchase Agreements with Crescent Park and Carnegie Park[181]
Integral Acquisition Corporation 1(INTEU) - 2024 Q2 - Quarterly Report