Financial Performance - For the three months ended February 28, 2023, the company reported a net income of $983,179, driven by interest income of $1,249,613 from marketable securities held in the Trust Account[117]. - Cash used in operating activities for the three months ended February 28, 2023, was $220,839, with net income impacted by interest earned and unrealized losses on marketable securities[120]. Marketable Securities - As of February 28, 2023, the company had marketable securities in the Trust Account totaling $120,031,079, which includes $2,731,079 of interest income, net of unrealized losses[122]. Initial Public Offering - The company completed its Initial Public Offering on April 18, 2022, raising gross proceeds of $115,000,000 from the sale of 11,500,000 Units at $10.00 per Unit[118]. - The company incurred $5,724,785 in costs related to the Initial Public Offering, including $1,150,000 in underwriting fees[119]. Business Operations and Future Plans - The company plans to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital[122]. - If the company cannot complete a Business Combination by July 18, 2023, it will cease operations except for liquidation purposes, raising concerns about its ability to continue as a going concern[127]. - The company intends to use cash held outside the Trust Account primarily for identifying and evaluating target businesses[123]. Debt and Obligations - The company has no long-term debt or off-balance sheet arrangements as of February 28, 2023[128]. - The company has a contractual obligation to pay $20,000 per month to an affiliate of the Sponsor for office space and related support[129].
Aura FAT Projects Acquisition p(AFAR) - 2023 Q1 - Quarterly Report