Financial Performance - For the three months ended March 31, 2022, the company reported a net loss of $590,409, which included $530,687 in professional fees and general administrative expenses, and a loss of $59,722 on marketable securities in the Trust Account[89]. - Net cash used in operating activities for the three months ended March 31, 2022, was $802,186, primarily due to the net loss and changes in working capital[92]. - The company has not generated any operating revenues to date and does not expect to do so until after the completion of its initial Business Combination[88]. Cash and Assets - As of March 31, 2022, the company had $800,727 in cash held outside of the Trust Account and a working capital surplus of $853,883[90]. - The company incurred net cash used in investing activities of $116,150,000 due to the IPO proceeds deposited into the Trust Account[92]. - As of March 31, 2022, the company had 11,500,000 shares of common stock subject to possible redemption, classified as temporary equity[106]. Business Combination Plans - The company has until January 13, 2023, to consummate a Business Combination, after which mandatory liquidation and dissolution may occur if not completed[94]. - The company has engaged A.G.P. as an advisor for its initial Business Combination, with a fee of 4.5% of the gross proceeds of the IPO, amounting to $5,175,000[100]. - The company expects to continue incurring significant costs in pursuit of its acquisition plans and may need additional financing to complete its Business Combination[93]. Revenue Expectations - The company generated non-operating income in the form of interest income from the IPO proceeds placed in the Trust Account, but does not expect to generate operating revenues until after completing its initial Business Combination[88].
Western Acquisition Ventures Corp.(WAVSU) - 2022 Q1 - Quarterly Report