Bannix Acquisition (BNIX) - 2022 Q3 - Quarterly Report

Financial Performance - The company had a net income of $65,942 for the three months ended September 30, 2022, with operating costs of $301,455 and interest income of $410,360[150]. - For the nine months ended September 30, 2022, the company reported a net loss of $170,124, with total operating costs of $743,647[151]. Cash and Working Capital - As of September 30, 2022, the company had $224,381 in cash and a working capital deficit of $181,424[155]. - The company has a working capital loan obligation of $273,890 to sponsors and related parties as of September 30, 2022[156]. IPO and Financing - The company had $69,690,000 in net proceeds from the IPO, which were deposited in a trust account for public stockholders[146]. - The underwriters received a cash underwriting discount of 3% of the gross proceeds from the IPO, totaling $2,070,000[170]. - The company issued 406,000 private placement units, raising $2,460,000 from certain investors[144]. Business Operations and Obligations - The company has until December 14, 2022, to complete a business combination, or it will face mandatory liquidation[158]. - The company incurred offering costs of $33,223 related to the issuance of Private Warrants for the three months ended September 30, 2021[152]. - The company recorded an unrealized gain of $20,300 from the change in fair value of Private Warrant liability for the three months ended September 30, 2022[150].