Financial Performance - For the three months ended June 30, 2023, the company reported a net income of $1,272,198, driven by interest earned on marketable securities of $1,745,580 and a change in fair value of warrant liabilities of $273,750, offset by operating costs of $750,159 [137]. - For the six months ended June 30, 2023, the company achieved a net income of $2,123,531, with interest earned on marketable securities totaling $4,164,051 and a reduction of underwriting fee payable of $297,062, against operating costs of $2,340,609 [138]. Marketable Securities - As of June 30, 2023, the company held marketable securities in the Trust Account amounting to $43,679,931, which includes approximately $1,641,652 of interest income and unrealized gains [145]. Initial Public Offering - The company completed its Initial Public Offering on January 25, 2022, raising gross proceeds of $287,500,000 from the sale of 28,750,000 Units, including the over-allotment option [141]. - The company incurred $20,771,606 in Initial Public Offering related costs, which included $5,000,000 in underwriting fees and $15,125,000 in deferred underwriting fees [142]. Cash and Financing - As of June 30, 2023, the company had cash of $126,741, intended for identifying and evaluating target businesses and performing due diligence [146]. - The company may need additional financing to complete its Business Combination or if a significant number of public shares are redeemed, which could involve issuing additional securities or incurring debt [148]. Going Concern - If the company does not complete a Business Combination by August 25, 2023, it will cease operations except for liquidation purposes, raising substantial doubt about its ability to continue as a going concern [150]. Accounting and Reporting - Class A ordinary shares subject to possible redemption are classified as temporary equity and presented at redemption value [160]. - Net income (loss) per ordinary share is calculated by dividing net income (loss) by the weighted average number of ordinary shares outstanding during the period [161]. - The adoption of ASU 2020-06 on January 1, 2022, did not impact the company's financial position, results of operations, or cash flows [162]. - Management believes that no recently issued accounting standards will materially affect the condensed financial statements [163]. Off-Balance Sheet Arrangements - The company has no off-balance sheet arrangements as of June 30, 2023, and does not participate in transactions that create relationships with unconsolidated entities [152]. Contractual Obligations - The company has a contractual obligation to pay up to $10,000 per month for office space and administrative services, totaling $60,000 incurred as of June 30, 2023 [153].
HCM III Acquisition Corp Unit(HCMAU) - 2023 Q2 - Quarterly Report