Financial Performance - As of September 30, 2022, the company reported a net income of $1,158,637 for the three months ended, which included an unrealized gain on warrants of $1,389,550 and interest income of $222,471 [117]. - For the nine months ended September 30, 2022, the company had a net income of $9,540,916, which included an unrealized gain on warrants of $11,915,139 and interest income of $534,340 [118]. - The company incurred operating costs of $439,362 for the three months ended September 30, 2022, and $2,885,762 for the nine months ended September 30, 2022 [117][118]. - The company has not commenced any operations and will not generate operating revenues until after completing a Business Combination [117]. IPO and Trust Account - The company completed its IPO on December 11, 2020, raising gross proceeds of $300 million from the sale of 30 million units at $10.00 per unit [110]. - The trust account held $50,865,089 as of September 30, 2022, invested in interest-bearing U.S. government securities [115]. - Stockholders redeemed 24,944,949 shares for approximately $10.01 per share, totaling $249,614,847, in connection with the extension of the Combination Period [111]. - The company has until April 11, 2023, to complete a Business Combination, or it will redeem 100% of outstanding public shares for a pro rata portion of the funds in the Trust Account [128]. Cash and Working Capital - As of September 30, 2022, the company had cash outside the Trust Account of $24,338 available for working capital needs [120]. - The company has 5,055,051 shares of Class A common stock subject to possible redemption classified as temporary equity as of September 30, 2022 [134]. Accounting and Reporting - The FASB issued ASU 2020-06, effective January 1, 2024, which simplifies accounting for convertible instruments and may impact the company's financial position [136]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards [138]. - The company is evaluating the benefits of relying on reduced reporting requirements provided by the JOBS Act, which may exempt it from certain disclosures [139]. - The company does not believe that any recently issued accounting standards will have a material effect on its condensed financial statements [137]. Administrative Fees and Expenses - The company incurred $30,000 and $90,000 in administrative service fees for the three and nine months ended September 30, 2022, respectively [131]. - The company suspended the payment of administrative service fees starting in May 2022 [131]. - The company has incurred the same amount of administrative service fees for the three and nine months ended September 30, 2021, as in 2022 [131]. Equity and Shares - The company has two classes of common stock, with diluted net income (loss) per share being the same as basic net income (loss) per share due to the exclusion of 23,000,000 shares of Class A common stock from diluted earnings per share [135]. - The company has determined that warrants are classified as derivative instruments and recorded at fair value [133].
Altitude Acquisition (ALTU) - 2022 Q3 - Quarterly Report