Financial Position - As of June 30, 2022, total assets amounted to $346,518,982, a slight decrease from $346,735,255 as of December 31, 2021[9] - The company had total current assets of $909,718 as of June 30, 2022, down from $1,668,434 as of December 31, 2021[9] - Total liabilities as of June 30, 2022, were $15,700,505, an increase from $14,631,647 as of December 31, 2021[9] - Current liabilities increased to $3,625,505 as of June 30, 2022, compared to $2,556,647 as of December 31, 2021, reflecting a rise of approximately 42%[9] - As of June 30, 2022, the company had a working capital deficit of approximately $2.7 million and current liabilities of approximately $3.6 million[37] - The accumulated deficit increased to $(14,182,386) as of June 30, 2022, from $(12,897,255) as of December 31, 2021[15] Revenue and Expenses - The company reported a net loss of $155,547 for the three months ended June 30, 2022, compared to a net loss of $1,285,131 for the six months ended June 30, 2022[12] - Total expenses for the three months ended June 30, 2022, were $537,649, while total expenses for the six months ended June 30, 2022, were $1,824,156[12] - The company has not reported any revenue for the three and six months ended June 30, 2022[12] - The company had net cash used in operating activities of $(1,393,854) for the six months ended June 30, 2022[20] - For the six months ended June 30, 2022, the company reported a net loss of $1,285,131[20] Initial Public Offering - The company generated gross proceeds of $300,000,000 from its Initial Public Offering of 30,000,000 units[26] - The company raised an additional $45,000,000 from the sale of over-allotment units, bringing total proceeds to $345,000,000[27] - The Company reported offering costs of $1,368,588 related to the Initial Public Offering, along with underwriting discounts and commissions totaling $18,975,000[55] - The Company sold 30,000,000 Units at a price of $10.00 per unit during the Initial Public Offering, generating gross proceeds of $300 million[69] - The Company closed its Initial Public Offering on July 13, 2021, raising $300 million from the sale of 30,000,000 Units at $10.00 per Unit[104] Trust Account and Investments - The proceeds held in the Trust Account are invested in U.S. government securities and are intended to be used for the Initial Business Combination[29] - As of June 30, 2022, cash and U.S. treasury securities held in the Trust Account amounted to $345,609,264[106] - The Company’s investments held in the Trust Account are classified as trading securities, with fair value determined using available market information[54] - As of June 30, 2022, the Company held marketable securities in the Trust Account valued at $345,609,264, an increase from $345,066,821 as of December 31, 2021[81] Business Operations and Future Plans - The company has not commenced any operations and will not generate operating revenues until after the completion of its Initial Business Combination[25] - The company intends to use substantially all funds held in the Trust Account to complete its Initial Business Combination[39] - The company has access to funds from the Sponsor sufficient to fund working capital needs until a potential business combination or mandatory liquidation[38] - The company has substantial doubt about its ability to continue as a going concern if it is unsuccessful in consummating an Initial Business Combination[38] - The company has a mandatory liquidation requirement if it fails to complete the Initial Business Combination within the specified time frame[36] Stock and Warrants - The weighted average number of Class A common stock outstanding was 34,500,000, with a basic and diluted net income per share of $(0.00) for the three months ended June 30, 2022[12] - The Company has authorized 800,000,000 shares of Class A common stock, with 34,500,000 shares outstanding as of June 30, 2022, all subject to possible conversion classified as temporary equity[87] - The Company has 199,000,000 shares of Class B common stock authorized, with 8,625,000 Founder Shares issued and outstanding as of June 30, 2022[88] - As of June 30, 2022, there were 17,300,000 warrants outstanding, consisting of 5,800,000 Private Placement Warrants and 11,500,000 Public Warrants[91] - The Public Warrants will expire five years after the completion of an Initial Business Combination or earlier upon the Company's redemption or liquidation[92] Related Party Transactions - The Sponsor purchased 5,235,000 Private Placement Warrants for a total of $7,852,500, and an additional 600,000 Private Placement Warrants for $900,000, bringing total proceeds from Private Placement Warrants to $8,752,500[70] - The Company has an outstanding balance of $1,200,000 under the July Note and $800,000 under the August Note as of June 30, 2022, both bearing interest rates of 0.12% and 0.14% per annum, respectively[76] - The Company incurred related party advances totaling $271,742 during the three and six months ended June 30, 2022, which were repaid upon consummation of the Initial Public Offering[78] Risks and Uncertainties - The Company is evaluating the impact of the COVID-19 pandemic and the conflict in Ukraine, which could negatively affect its financial position and operations[82] - The Company has not included any adjustments in its financial statements that might result from uncertainties regarding its ability to continue as a going concern[38] - If the Company is unable to complete an Initial Business Combination, holders of warrants will not receive any funds from the Trust Account, and the warrants may expire worthless[93]
Acropolis Infrastructure Acquisition (ACRO) - 2022 Q2 - Quarterly Report