Financial Performance - For the three months ended June 30, 2022, the company reported a net income of $13,373,763, driven by a gain on the change in fair value of warrant liabilities amounting to $14,080,000 [129]. - For the six months ended June 30, 2022, net cash used in operating activities was $467,770, influenced by a gain on the change in fair value of warrant liabilities of $15,260,000 [133]. - The company had a net income of $13,144,527 for the six months ended June 30, 2022, resulting from a gain on the change in fair value of warrant liabilities of $15,260,000 [130]. - The net income per share is calculated by dividing net income by the weighted-average number of ordinary shares outstanding during the period [148]. - The company has not considered the effect of the warrants sold in the Initial Public Offering and Private Placement to purchase an aggregate of 16,000,000 shares in the calculation of diluted income per share [148]. Cash and Proceeds - The company generated gross proceeds of $200,000,000 from its initial public offering of 20,000,000 units on March 25, 2021 [132]. - The company completed a private sale of 6,000,000 warrants generating gross proceeds of $6,000,000 simultaneously with its initial public offering [132]. - As of June 30, 2022, the company had cash of $14,881 held outside the trust account, intended for identifying and evaluating target businesses [135]. - The company had net cash used in investing activities of $200,000,000 from cash deposited in the trust account from inception through June 30, 2021 [134]. Business Operations and Compliance - The company entered into a business combination agreement with Asia Innovations Group Limited on September 30, 2022 [140]. - The company does not currently anticipate needing to raise additional funds prior to the closing of its initial business combination [137]. - The company is subject to laws and regulations enacted by national, regional, and local governments, which may change and could adversely affect business operations [154]. - Compliance with applicable laws and regulations may be difficult, time-consuming, and costly, potentially impacting the company's ability to negotiate and complete its initial business combination [154]. Internal Controls and Management - Management concluded that the disclosure controls and procedures are not effective as of June 30, 2022 due to a material weakness in internal control over financial reporting [150]. - A material weakness resulted in the restatement of the Company's audited financial statement as of March 25, 2021, and unaudited financial statements for the periods ended March 31, 2021, and June 30, 2021 [151]. - Management has enhanced processes to better evaluate and understand complex accounting standards applicable to financial statements [152]. - There were no changes in internal control over financial reporting that materially affected, or are likely to materially affect, internal control over financial reporting during the second fiscal quarter ended June 30, 2022 [152].
Magnum Opus Acquisition (OPA) - 2022 Q2 - Quarterly Report