Financial Performance - As of September 30, 2023, the Company reported a net loss of $69,258, with operating expenses of $324,742 and interest income of $255,484[100] - For the nine months ended September 30, 2023, the Company had a net income of $4,614,992, consisting of operating expenses of $937,553 and interest income of $5,552,545[101] - For the nine months ended September 30, 2022, the Company reported a net income of $1,110,084, with operating expenses of $662,315 and interest income of $1,772,399[102] IPO and Fundraising - The Company raised gross proceeds of $250,000,000 from its IPO of 25,000,000 units at $10.00 per unit on February 23, 2022[103] - The underwriters received a cash underwriting discount of $5,000,000 at the closing of the IPO, with an additional deferred fee of $10,812,500 contingent on the completion of a Business Combination[121] - The underwriters waived their entitlement to deferred underwriting commissions amounting to $10,812,500, which was recorded to additional paid-in capital[122] Business Combination and Trust Account - As of September 30, 2023, the Company had $19,640,501 in securities held in the Trust Account for a Business Combination and a working capital deficit of $62,954[107] - The Company intends to use substantially all funds in the Trust Account to complete its initial Business Combination and may withdraw interest income to pay taxes[106] - The Company has until May 23, 2024, to consummate an initial Business Combination, with the possibility of extending this period through a shareholder vote[108] Administrative Expenses and Obligations - The Company incurred $30,000 in administrative services fees for the three months ended September 30, 2023, and $90,000 for the nine months ended September 30, 2023[120] - As of September 30, 2023, the company accrued $211,937 as 'Due to affiliate' for administrative services fees, compared to $122,689 as of December 31, 2022[123] - The company has no long-term debt or capital lease obligations, with a monthly fee of $10,000 payable to an affiliate for administrative support services[130] - The company has not incurred any obligations related to long-term liabilities other than the aforementioned monthly fee[130] Accounting and Reporting - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[131] - The company applies the two-class method for calculating earnings per share, with net (loss) income per share for Class A and Class B shares calculated based on specific criteria[128] - The company has not entered into any off-balance sheet financing arrangements or established special purpose entities[124] - The company has no off-balance sheet arrangements or obligations as of September 30, 2023[124] - The company does not have any recently adopted accounting standards that would materially affect its financial statements[129] - The company has determined that its Public Warrants and Private Placement Warrants qualify for equity accounting treatment[126] Cash Position - The Company had $280 in its operating bank account as of September 30, 2023[107]
Powerup Acquisition Corp.(PWUPU) - 2023 Q3 - Quarterly Report