Financial Performance - For the three months ended June 30, 2023, the company reported a net loss of $5,158, with operating expenses of $241,054 and franchise tax expense of $44,400[133]. - For the six months ended June 30, 2023, the company had a net loss of $91,140, with cash used in operating activities amounting to $646,580[135][138]. - For the six months ended June 30, 2022, the company reported a net income of $3,145,445, driven by unrealized gains from marketable securities[136]. - The company has incurred significant costs in pursuit of its initial business combination and does not expect to generate operating revenues until after its completion[124][132]. Cash and Investments - As of June 30, 2023, the company held cash of $3,438 outside the Trust Account and investments of $29,978,639 in the Trust Accounts[137][140]. - As of June 30, 2023, the company had cash of $30,870 outside the Trust Account as of December 31, 2022[137]. - As of June 30, 2023, the company had $367,832 in Working Capital Loans outstanding, an increase from $207,081 as of December 31, 2022[147]. - The company had $3,283,358 in Extension Loans outstanding as of June 30, 2023, compared to $2,545,838 as of December 31, 2022[150]. Business Combination - The company entered into a definitive Agreement and Plan of Merger with OneMedNet Corporation, with a merger consideration of $200,000,000, subject to adjustments[125]. - The company has the right to extend the deadline for completing its initial business combination up to nine one-month extensions until May 11, 2024[130]. - At a special meeting on November 11, 2022, stockholders approved an amendment allowing the company to extend its business combination deadline[128]. - The company has until August 11, 2023, to consummate a business combination, with the possibility of nine one-month extensions[143]. - Management has raised substantial doubt about the company's ability to continue as a going concern due to uncertainty regarding the business combination[143]. Fees and Liabilities - The company has incurred $60,000 in fees under an agreement with an affiliate of the Sponsor for office space and administrative support for the six months ended June 30, 2023 and 2022[145]. - The company has a deferred fee of $4,025,000 payable to underwriters upon completion of a Business Combination[146]. Stock and Financing - As of June 30, 2023, there were 3,316,819 shares of Class A Common Stock outstanding, with 2,731,544 shares subject to possible redemption[165]. - The company has not entered into any off-balance sheet financing arrangements as of June 30, 2023[144]. - The company applies the two-class method in calculating earnings per share, with warrants issued in connection with the IPO being anti-dilutive[161]. - The company is currently assessing the impact of ASU 2020-06 on its financial position, results of operations, or cash flows[166].
DATA KNIGHTS ACQUISITION(DKDCA) - 2023 Q2 - Quarterly Report