Financial Position - As of September 30, 2023, the company had cash of $638,736 and working capital of $4,606,920, excluding franchise and income taxes payable [157]. - As of September 30, 2023, the Trust Account held marketable securities valued at $48,974,196, consisting of U.S. Treasury Bills [164]. - As of September 30, 2023, the company had $638,736 in cash and a working capital deficit of $4,606,920 [171]. - The company has no off-balance sheet arrangements as of September 30, 2023 [182]. Operating Results - For the three months ended September 30, 2023, the company reported a net loss of $5,358, with operating costs of $658,742 and interest income of $627,932 from marketable securities [159]. - For the nine months ended September 30, 2023, the company had a net loss of $415,775, consisting of $1,927,221 in operating costs and $2,417,604 in interest income from marketable securities [161]. - The company has a net loss per share of common stock calculated based on the weighted average number of shares outstanding, excluding shares subject to forfeiture [190]. Business Operations - The company has not engaged in any operations or generated revenues to date, with activities focused on organizational tasks and identifying a target company for a business combination [158]. - The management team has an average of over 40 years of experience in the energy industry, positioning the company to identify attractive acquisition opportunities [152]. Financing Activities - The company completed its Initial Public Offering on February 15, 2022, raising gross proceeds of $86,250,000 from the sale of 8,625,000 Units [162]. - During the nine months ended September 30, 2023, the company had cash flows provided by investing activities of $42,686,770, primarily from cash withdrawn for redemptions of common stock [166]. - The company incurred cash flows used in financing activities of $40,888,207 during the nine months ended September 30, 2023, including payments for redemptions of common stock [167]. - The company has incurred significant costs in pursuit of its financing and acquisition plans, with a total of $862,500 deposited into the Trust Account for extensions [171]. - The company has entered into unsecured promissory notes totaling $3,584,000 with existing investors, maturing at the five-year anniversary of the MIPA [184]. - The company has a Common Stock Purchase Agreement with White Lion Capital, allowing for the purchase of up to $150,000,000 in common stock [175]. - The company is obligated to file a registration statement with the SEC for the resale of shares issued under the Common Stock Purchase Agreement [176]. - The company has paid $169,250 to the Sponsor for administrative support services through September 30, 2023 [183]. - The company may need to raise additional funds to meet operating expenditures and complete its business combination [174]. - The company is required to redeem public shares if a business combination is not completed by November 15, 2023 [172]. Future Plans - The company plans to utilize cash from its Initial Public Offering and other sources for future business combinations, which may significantly dilute existing investors' equity interests [154].
EON Resources Inc.(EONR) - 2023 Q3 - Quarterly Report