Achari Ventures I(AVHI) - 2023 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2023, the company reported a net loss of $544,667, primarily due to operating expenses of $750,735[106]. - For the six months ended June 30, 2023, the company had a net loss of $1,491,508, with operating expenses totaling $1,676,699[107]. - As of June 30, 2023, the Company reported no dilutive securities, resulting in diluted loss per share being the same as basic loss per share[130]. Initial Public Offering - The company generated gross proceeds of $100,000,000 from its Initial Public Offering of 10,000,000 units at $10.00 per unit[109]. - The company incurred offering costs of $6,101,730 related to the Initial Public Offering, including $2,000,000 in underwriting fees[110]. Trust Account and Cash Position - As of June 30, 2023, the company had cash and marketable securities in the Trust Account amounting to $10,959,523[111]. - Following a shareholder redemption, the Trust Account balance was approximately $6,703,560.84 after redeeming 381,144 shares at an approximate price of $10.50 per share[117]. - The company intends to use funds in the Trust Account primarily to complete a Business Combination and for working capital of the target business[111]. Debt and Compliance - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2023[123]. - The company has no borrowings under Working Capital Loans as of June 30, 2023[113]. - The company has received letters from Nasdaq regarding compliance with listing requirements, but regained compliance under Listing Rule 5450(b)(2)(C) as of August 7, 2023[119]. Company Classification and Accounting - The Company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from various reporting requirements[125]. - The Company has elected to delay the adoption of new or revised accounting standards, which may result in its financial statements being less comparable to those of non-emerging growth companies[126]. - Common Stock subject to possible redemption is classified as temporary equity, and its carrying value is adjusted to equal the redemption value at the end of each reporting period[129]. - Public Warrants qualify for equity accounting treatment, while Private Placement Warrants are classified as liabilities[131].