Financial Position - Total liabilities increased to $963,871 from $474,373, reflecting a significant rise in financial obligations [97]. - As of September 30, 2023, the company had $212 in its operating bank account and a working capital deficit of approximately $(410,774) [123]. - The trust account balance decreased significantly from $225,411,726 as of March 31, 2023, to $6,514,571 as of September 30, 2023, due to the redemption of 20,970,550 Class A ordinary shares totaling $221,294,640 [128]. - The company has identified substantial doubt about its ability to continue as a going concern for the next twelve months from the issuance of the financial statements [127]. Initial Public Offering - The company raised gross proceeds of $200 million from its initial public offering by selling 20 million units at $10.00 per unit [101]. - Following the initial public offering, $219,936,490 was placed in a trust account, equating to $10.20 per unit, invested in U.S. government securities [104]. - The underwriters received a cash underwriting discount of $0.20 per unit, totaling $4,312,480, upon the closing of the Initial Public Offering [135]. - The company has not generated any operating revenues to date and will only generate non-operating income after the Initial Public Offering [128]. Business Combination - The company has extended the deadline for completing a business combination until July 14, 2024, with a $50,000 deposit for each month of extension [105]. - The initial shareholders have agreed to waive their liquidation rights for Founder Shares and Private Placement Warrants if the company fails to complete a business combination within the specified period [119]. - The company must complete a business combination with a fair market value of at least 80% of the net assets held in the trust account [111]. - The company has until December 14, 2024, to consummate a business combination, after which mandatory liquidation will occur if not completed [126]. Financial Performance - For the three months ended September 30, 2023, the company reported a net income of $828,847, primarily from interest income of $163,452 [129]. - The company recognized $50,000 for administrative support services expense for the nine months ended September 30, 2023, compared to $90,000 for the same period in 2022 [132]. Capital and Funding - The company can raise additional capital through Working Capital Loans from the New Sponsor and certain officers and directors, but there is no obligation for them to provide funds [127]. Accounting and Reporting - The company adopted ASU 2016-13 on January 1, 2023, which did not have a material impact on its financial statements [144]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to take advantage of certain reporting exemptions [147]. - The company has elected not to opt out of the extended transition period for new or revised financial accounting standards [148]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures [149]. Economic Impact - The company does not believe inflation had a material impact on its business, revenues, or operating results during the reported period [146].
Healthcare AI Acquisition Corp.(HAIAU) - 2023 Q3 - Quarterly Report