Financial Performance - The company reported a net income of $253,265 for the three months ended September 30, 2023, compared to a net loss of $121 for the same period in 2022 [115]. - For the nine months ended September 30, 2023, the company had a net income of $716,172, while the net loss for the same period in 2022 was $7,291 [116]. IPO and Fundraising - The company completed its IPO on October 6, 2022, raising gross proceeds of $50 million from the sale of 5,000,000 units at $10.00 per unit [117]. - An additional $4,171,800 was generated from the partial exercise of the over-allotment option for 417,180 units at the IPO price [118]. - A total of $54,984,377 from the IPO and private placements was deposited in a trust account [119]. Mergers and Acquisitions - The company is in the process of merging with Bestpath IoT Technology Ltd., which implies a current equity value of $1.2 billion prior to the closing of the mergers [106]. - The mergers will result in the issuance of up to 15,000,000 PubCo Ordinary Shares to Holdco's shareholders and eligible participants under a share incentive plan [107]. - The company has extended its business combination period to January 6, 2024, with an option for further extensions [111]. - The company has incurred significant costs in pursuit of acquisition plans and does not expect to generate operating revenues until after completing its initial business combination [98]. Financial Position and Obligations - As of September 30, 2023, the company had $3,835 in cash and a working capital deficit of $886,122 [120]. - The company has until January 6, 2024, to complete a Business Combination, with uncertainty regarding its ability to do so [121]. - If the Business Combination is not completed by the deadline, the company will face mandatory liquidation and dissolution [122]. - The company incurred significant professional costs to remain publicly traded and may need additional financing for the Business Combination [121]. - There are no off-balance sheet financing arrangements as of September 30, 2023 [123]. - The company has no long-term debt or capital lease obligations [125]. - Upon closing a Business Combination, underwriters will receive a deferred fee of $1,896,013 [127]. - The company accounts for common stock subject to possible redemption as temporary equity [129]. Internal Controls and Legal Matters - The company has not experienced any changes in internal control over financial reporting that materially affected its operations during the nine months ended September 30, 2023 [137]. - There are no ongoing legal proceedings against the company [139].
Aquaron Acquisition Corp.(AQUNU) - 2023 Q3 - Quarterly Report