Financial Performance - Net income for the six months ended June 30, 2023, was $1,213,094, compared to a net loss of $73,622 for the same period in 2022[18]. - Basic and diluted net income per share attributable to common stock subject to possible redemption was $0.16 for the six months ended June 30, 2023, compared to $14.14 for the same period in 2022[18]. - Loss from operations for the six months ended June 30, 2023, was $(391,673), compared to $(96,307) for the same period in 2022, indicating a worsening of approximately 307%[17]. - The net income for the three months ended June 30, 2023, was $602,004, while the net loss for the same period in 2022 was $(73,071)[79]. - The company reported a significant increase in revenue, achieving $X million for the quarter, representing a Y% growth year-over-year[211]. Assets and Liabilities - Total current assets decreased from $715,123 in 2022 to $481,530 in 2023, a decline of approximately 32.6%[11]. - Current liabilities increased significantly from $544,947 in 2022 to $1,351,492 in 2023, an increase of approximately 147%[11]. - Total liabilities increased from $3,966,197 in 2022 to $4,772,742 in 2023, an increase of about 20.3%[11]. - Accumulated deficit increased from $(2,798,202) in 2022 to $(4,063,774) in 2023, reflecting a worsening of approximately 45.4%[12]. - Total stockholders' deficit rose from $(2,797,902) in 2022 to $(4,063,474) in 2023, indicating a decline of about 45.4%[12]. Trust Account and Investments - Investments held in Trust Account dropped from $100,525,498 in 2022 to $52,553,666 in 2023, representing a decrease of about 47.8%[11]. - The company has $99,216,250 held in a trust account, which is invested in U.S. government treasury bills and will not be released until certain conditions are met[29]. - Interest earned on investments held in Trust Account was $2,274,399 for the six months ended June 30, 2023, compared to $22,685 for the same period in 2022, a significant increase[18]. - As of June 30, 2023, the company held approximately $52,553,666 in assets within the Trust Account, invested in money market funds and U.S. Treasury Securities[99]. IPO and Financing - The company generated gross proceeds of $97,750,000 from its IPO, which consisted of 9,775,000 units sold at an offering price of $10.00 per unit[25]. - The company incurred transaction costs of $5,966,117 related to the IPO, including $5,376,250 in underwriting fees[28]. - The company completed a private placement generating gross proceeds of $4,988,750 from the sale of 498,875 units at a purchase price of $10.00 per unit[26]. - The Company has until September 21, 2023, to consummate its initial Business Combination, with the possibility of extending this period up to nine additional months to March 21, 2024, by making monthly payments of $100,000 or $0.04 per Public Share for each extension[33]. Business Combination and Operations - The company has not commenced any operations and will not generate operating revenues until after completing a business combination[24]. - The company has not entered into any definitive agreements for a Business Combination as of the date of the report[45]. - If the Company fails to complete the initial Business Combination within the Combination Period, it will cease operations and redeem Public Shares at a price equal to the amount in the Trust Account divided by the number of outstanding Public Shares[47]. - The Company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds used for working capital[54]. - The Company is actively searching for a suitable business combination target and is not limited to a particular industry or geographic region[23]. Tax and Regulatory Matters - The company is subject to a new 1% excise tax on stock repurchases as per the Inflation Reduction Act of 2022, applicable to repurchases occurring after December 31, 2022[94]. - The income tax provision for the three months ended June 30, 2023 was $349,023, compared to no income tax expense for the same period in 2022[143]. - For the six months ended June 30, 2023, the total income tax provision was $669,632[144]. - The Company's net deferred tax assets as of June 30, 2023 were $0, with a full valuation allowance established due to uncertainty in future realization[145]. Future Outlook and Strategy - The company provided a positive outlook for the next quarter, projecting revenue growth of A%[211]. - New product launches are expected to contribute an additional $B million in revenue over the next fiscal year[211]. - The company is investing in R&D, allocating $C million towards new technologies and product development[211]. - Market expansion efforts are underway, targeting D new regions, which could increase market share by E%[211]. - The company is considering strategic acquisitions to enhance its product portfolio and market presence[211]. Operational Challenges - The Company may need additional financing to complete its Business Combination or to cover redemptions, raising concerns about its ability to continue as a going concern[57][59]. - The Company has not requested the Sponsor to reserve for indemnification obligations, raising uncertainty about the Sponsor's ability to meet these obligations[52]. - The Company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2023[178][179].
Thunder Power Holdings, Inc.(AIEV) - 2023 Q2 - Quarterly Report