Financial Performance - For the six months ended June 30, 2022, the company reported a net loss of $1,312,809, which included $1,412,448 in professional fees and general administrative expenses, offset by a net gain of $99,639 on marketable securities [92]. - Net cash used in operating activities for the six months ended June 30, 2022, was $984,354, primarily due to the net loss and changes in working capital [95]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial Business Combination [91]. Cash and Financing - As of June 30, 2022, the company had $618,599 in cash held outside of the Trust Account and a working capital surplus of $38,990 [93]. - The company generated net cash provided by financing activities amounting to $117,749,000, mainly from IPO proceeds and private placement [95]. - The underwriters fully exercised their over-allotment option, purchasing 1,500,000 Units at $10.00 per Unit, resulting in an underwriting fee of $500,000 [101][102]. - The company has engaged A.G.P. as an advisor for the initial Business Combination, with a fee of 4.5% of the gross proceeds of the IPO, totaling $5,175,000 [103]. Business Combination and Future Plans - The company has until January 13, 2023, to complete a Business Combination, or it will face mandatory liquidation and dissolution [97]. - The company incurred significant costs in pursuit of acquisition plans and may need additional financing to complete a Business Combination [96]. Regulatory Classification - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards [98].
Western Acquisition Ventures Corp.(WAVSU) - 2022 Q2 - Quarterly Report