Financial Performance - For the three months ended June 30, 2024, the company reported a net loss of approximately $448,000, consisting of general and administrative expenses of approximately $563,000, offset by investment income of approximately $146,000 [166]. - For the six months ended June 30, 2024, the company had a net loss of approximately $1.7 million, which included a loss from the change in fair value of derivative liabilities of approximately $1.0 million [168]. - The company had a net income of approximately $4.6 million for the six months ended June 30, 2023, driven by a net gain from the change in fair value of derivative liabilities of approximately $1.2 million [169]. Cash and Working Capital - As of June 30, 2024, the company had cash of $2,267 and a working capital deficit of $897,928 [161]. - The fair value of converted loans as of June 30, 2024, was $57,500, included in contingently issuable private placement warrants [162]. - As of June 30, 2024, 1,006,683 Class A ordinary shares were subject to possible redemption, presented at redemption value as temporary equity [173]. Business Operations and Future Plans - The company has until November 15, 2024, to consummate an initial Business Combination, after which it must cease operations and redeem Public Shares if not completed [163]. - The company does not expect any adjustments to the carrying amounts of assets or liabilities if required to liquidate after November 15, 2024 [164]. Derivative Liabilities - The company recognized 22,050,000 warrants as derivative liabilities, which are subject to re-measurement at each balance sheet date [172]. Internal Controls and Procedures - As of June 30, 2024, the company's disclosure controls and procedures were deemed effective by the principal executive officer and principal financial officer [185]. - The management assessed the effectiveness of internal control over financial reporting as of June 30, 2024, concluding it was effective based on the 2013 framework by COSO [186]. - No changes occurred in internal control over financial reporting during the fiscal quarter ended June 30, 2024, that materially affected or are likely to affect internal controls [187]. Off-Balance Sheet Arrangements - The company has not engaged in any off-balance sheet arrangements as of June 30, 2024 [180].
Chain Bridge I(CBRGU) - 2024 Q2 - Quarterly Report