Financial Performance - For the three months ended September 30, 2022, the company recorded a net income of $136,432, resulting from interest and dividend income of $272,518, offset by operating costs of $136,090[92]. - For the nine months ended September 30, 2022, the company reported a net loss of $542,421, with total operating and formation costs amounting to $812,513[92]. - The company incurred net cash used in operating activities of $955,771 for the nine months ended September 30, 2022, primarily due to a net loss of $542,421[93]. - The company has not generated any operating revenues to date and relies on non-operating income from interest on cash and cash equivalents[91]. Cash Position - As of September 30, 2022, the company had $111,529 in cash and no cash equivalents, a decrease from $969,787 in cash as of December 31, 2021[94]. Business Combination - The company has until September 29, 2023, to consummate a Business Combination, or it will face mandatory liquidation[95]. - The company has entered into a Merger Agreement with EON Reality, Inc., with the intention of completing a Business Combination[89]. Debt and Obligations - The company has no long-term debt or capital lease obligations, but has a deferred fee of 3.50% of the gross proceeds from the Offering, amounting to $3,622,500, payable upon closing of a Business Combination[100]. - As of September 30, 2022, there were no amounts outstanding under the unsecured promissory note issued to the Sponsor for IPO-related expenses[98]. Going Concern - The company has incurred significant costs in pursuit of its financing and acquisition plans, raising substantial doubt about its ability to continue as a going concern[95].
Arogo Capital Acquisition (AOGO) - 2022 Q3 - Quarterly Report