Financial Performance - The Company reported a net income of $196,786 for the three months ended June 30, 2023, resulting from interest and dividend income of $836,888, offset by operating costs of $430,842 and taxes [126]. - For the six months ended June 30, 2023, the Company had a net income of $810,119, with interest and dividend income totaling $2,101,363, and total operating costs of $805,330 [127]. - The Company has incurred a loss from operations of $861,821 for the six months ended June 30, 2023, and net cash used in operating activities was $1,315,001 [138]. Cash and Working Capital - As of June 30, 2023, the Company had $974,921 in cash held outside of the Trust Account and a working capital deficit of $280,468 [138]. - The Company approved an extension to consummate a business combination until February 9, 2024, with stockholders redeeming 9,577,250 shares of Class A common stock, leaving approximately $20 million in the trust account [122]. Business Combination and Financing - The Company intends to use substantially all funds in the trust account to complete its initial business combination, with a deadline of February 9, 2024, to consummate such a transaction [137]. - The Business Combination with SBC Medical Group Holdings Incorporated is valued at approximately $1,200,000,000, subject to adjustments based on SBC's net working capital and outstanding indebtedness [120]. - The Company has entered into a convertible promissory note with SBC for $1,000,000, which will convert into shares of common stock prior to the merger [124]. - The Company generated gross proceeds of $115,000,000 from its Initial Public Offering of 11,500,000 units on August 9, 2022 [133]. - Following the Initial Public Offering, $117,875,000 was placed in a trust account, representing net proceeds from the sale of units [136]. - The underwriters exercised the over-allotment option to purchase an additional 1,500,000 Units at an offering price of $10.00 per Unit, totaling $15,000,000 [143]. - The Company has a promissory note with the Sponsor for up to $300,000, which was fully borrowed prior to the Initial Public Offering and repaid at the closing on August 9, 2022 [144]. Administrative Expenses - The Company incurred $30,000 and $60,000 in administrative support fees for the three and six months ended June 30, 2023, respectively, compared to no fees incurred in the same periods of 2022 [142]. Stock and Redemption - The Company recognizes changes in redemption value of Class A common stock immediately, adjusting the carrying value to equal the redemption value at the end of each reporting period [150]. - Net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of shares outstanding, with no consideration for the effect of Public and Placement Warrants [152].
SBC Medical Group Holdings Incorporated(SBC) - 2023 Q2 - Quarterly Report