Financial Performance - For the three months ended September 30, 2024, the company reported a net income of approximately $624,000, driven by investment income of approximately $148,000 and a gain from the change in fair value of derivative liabilities of approximately $882,000 [224]. - For the nine months ended September 30, 2024, the company had a net loss of approximately $1.1 million, with general and administrative expenses totaling approximately $1.5 million [226]. - The company had a net income of approximately $4.1 million for the nine months ended September 30, 2023, primarily due to investment income of approximately $4.8 million [227]. Cash and Working Capital - As of September 30, 2024, the company had cash of $428,625 and a working capital deficit of $486,351 [218]. - As of September 30, 2024, 1,006,683 Class A ordinary shares were subject to possible redemption, presented at redemption value as temporary equity [232]. Business Operations and Future Plans - The company has until November 15, 2025, to consummate an initial Business Combination, after which it must cease operations and redeem Public Shares if not completed [220]. - The company does not expect any adjustments to the carrying amounts of assets or liabilities if required to liquidate after November 15, 2025 [221]. Derivative Liabilities and Financial Instruments - The fair value of converted loans was $11,500 as of September 30, 2024, included in contingently issuable private placement warrants [219]. - The company recognized 22,050,000 warrants as derivative liabilities, which are subject to re-measurement at each balance sheet date [231]. Internal Controls and Procedures - As of September 30, 2024, the company's disclosure controls and procedures were deemed effective by the principal executive officer and principal financial officer [247]. - The management assessed the effectiveness of internal control over financial reporting as of September 30, 2024, concluding it was effective based on the 2013 framework by COSO [248]. - No changes to internal control over financial reporting occurred during the fiscal quarter ended September 30, 2024, that materially affected or are likely to affect internal controls [249]. Off-Balance Sheet Arrangements - The company has not engaged in any off-balance sheet arrangements as of September 30, 2024 [241].
Chain Bridge I(CBRGU) - 2024 Q3 - Quarterly Report