Financial Position - As of December 31, 2023, the company had cash of $3.898 million and a working capital deficit of $61.449 million[405]. - As of December 31, 2023, the fair value of converted loans was $5.865 million, included in contingently issuable private placement warrants[406]. - As of December 31, 2023, 4,151,134 Class A ordinary shares were subject to possible redemption, presented at redemption value as temporary equity[415]. Income and Revenue - For the year ended December 31, 2023, the company reported a net income of approximately $7.6 million, which included investment income on the Trust Account of approximately $5.4 million[410]. - The company had a net income of approximately $10.7 million for the year ended December 31, 2022, primarily from a net gain of approximately $9.0 million from the change in fair value of derivative liabilities[411]. - The company has not generated any operating revenues since inception and will not until the closing of its initial business combination[409]. Business Operations - The company has until November 15, 2024, to consummate an initial Business Combination, after which it must cease operations if not completed[407]. Internal Control and Compliance - The company’s internal control over financial reporting was assessed as effective as of December 31, 2023[429]. - Management assessed the effectiveness of internal control over financial reporting as of December 31, 2023, and determined it to be effective[431]. - There were no changes to internal control over financial reporting during the fiscal quarter ended December 31, 2023, that materially affected or are likely to materially affect it[433]. - The Annual Report on Form 10-K does not include an attestation report from the independent registered public accounting firm due to the company's status as an emerging growth company under the JOBS Act[432]. Accounting Standards - The company is evaluating the impact of new accounting standards under the JOBS Act, which may affect its financial statements[423]. - The company recognized 22,050,000 warrants as derivative liabilities, which are subject to re-measurement at each balance sheet date[414].
Chain Bridge I(CBRGU) - 2023 Q4 - Annual Report