Financial Performance - For the nine months ended September 30, 2022, the company reported a net loss of $6,645,020, with formation and operating costs totaling $1,995,508[137]. - The company has not generated any revenues to date and does not expect to do so until after completing its initial Business Combination[136]. - The company recognized finance costs of $783,966 for the three months ended September 30, 2022, related to the transfer of shares associated with backstop agreements[135]. Capital and Funding - The company completed the sale of 9,000,000 units at $10.00 per unit, raising $90 million from the public offering on November 12, 2020[126]. - The company expects to incur significant costs in the pursuit of its initial Business Combination and cannot assure that plans to raise capital will be successful[126]. - The company will need to raise additional capital to meet liquidity needs and may face challenges in obtaining such financing[143]. - If the company cannot raise additional funds and complete a Business Combination by February 12, 2023, it may cease operations and liquidate[144]. Assets and Securities - As of September 30, 2022, the company had marketable securities in the Trust Account amounting to $21,006,552, including $136,525 of interest earned[129]. - As of September 30, 2022, the company had cash outside the Trust Account of $3,486 available for working capital needs[140]. - An aggregate of $64,996,858 was released from the Trust Account to pay shareholders who redeemed 6,326,758 Ordinary Shares on February 9, 2022[158]. - On August 12, 2022, an aggregate of $6,660,150 was released from the Trust Account to pay shareholders who redeemed 646,617 Ordinary Shares[158]. - As of September 30, 2022, 2,026,625 Class A ordinary shares were subject to possible redemption, presented at redemption value as temporary equity[158]. Liabilities and Debt - As of September 30, 2022, the outstanding balance on the November 2021 Note was $900,000, with a fair value of $471,499[145]. - The February 2022 Note had an outstanding balance of $750,000 as of September 30, 2022, with a fair value of $379,002[146]. - The August 2022 Note had an outstanding balance of $67,487 as of September 30, 2022[147]. - The Company has no long-term debt, capital, or operating lease obligations as of September 30, 2022[151]. Regulatory and Market Risks - The Company is assessing the impact of ASU 2020-06, effective January 1, 2024, on its financial position and results of operations[160]. - Various factors, including economic downturns and geopolitical instability, may adversely affect the Company's results of operations and ability to complete an initial Business Combination[165]. - The company incurred transaction costs of $5,739,976 related to shares transferred to backstop investors for the nine months ended September 30, 2022[137]. Off-Balance Sheet Arrangements - The Company has not entered into any off-balance sheet financing arrangements as of September 30, 2022[149].
Edoc Acquisition (ADOC) - 2022 Q3 - Quarterly Report