Financial Performance - For the three months ended March 31, 2023, the company reported a net income of $555,672, compared to a net loss of $288,200 for the same period in 2022[110]. - Interest earned on marketable securities held in the Trust Account for the three months ended March 31, 2023, was $1,253,403, offset by operating costs of $358,888 and income tax expense of $338,843[110]. - The company reported no dilutive securities as of March 31, 2023, resulting in diluted income per share being the same as basic income per share[120]. Financial Position - As of March 31, 2023, the company had $63,161 in its operating bank account and working capital of $813,325, excluding taxes payable[112]. - The company has 11,500,000 shares of common stock subject to possible redemption, presented at redemption value as a current liability[118]. Business Strategy - The company has engaged in substantive discussions with a significant number of business combination targets but has not selected a specific target yet[107]. - The company intends to finance its initial business combination using cash from the IPO proceeds, Placement Warrants, and potential loans from the Sponsor or affiliates[108]. - The company may need to raise additional capital through loans or investments to meet working capital needs, with no Working Capital Loans provided to date[113]. Regulatory Classification - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to take advantage of certain exemptions from reporting requirements[114]. Equity Instruments - The company accounted for 8,625,000 Warrants and 7,100,000 Private Placement Warrants in accordance with ASC 480 and ASC 815, classifying them as equity instruments[121].
Ault Disruptive Technologies (ADRT) - 2023 Q1 - Quarterly Report