Ault Disruptive Technologies (ADRT) - 2022 Q1 - Quarterly Report

IPO and Financial Overview - Ault Disruptive Technologies Corporation completed its IPO on December 20, 2021, selling 11,500,000 units at $10.00 per unit, generating gross proceeds of $115,000,000[104]. - The company reported a net loss of $288,200 for the three months ended March 31, 2022, primarily due to formation and operating costs of $296,891 and interest expense of $3,063, offset by $11,754 in interest earned on marketable securities[109]. - As of March 31, 2022, the company had $1,109,623 in its operating bank account and working capital of $1,092,763[110]. - The company issued 6,500,000 Private Placement Warrants at $1.00 each, generating gross proceeds of $7,100,000[105]. Capital Needs and Business Strategy - The company may need to raise additional capital through loans or investments to meet liquidity needs, as there were no Working Capital Loans to date[111]. - The company intends to focus on acquiring businesses with innovative and emerging technologies that have the potential for mainstream adoption and long-term value appreciation[103]. - The company has not yet selected a specific business combination target but has had substantive discussions with at least one potential target[102]. Operational Considerations - If the company fails to complete its initial business combination within 12 months, it may extend the period up to 18 months, or cease operations and redeem public shares[107]. - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[113]. - The company does not have any financial instruments exposed to market risks as of March 31, 2022[120].