Financial Performance - The company reported a net income of $93,322 for the three months ended June 30, 2022, driven by interest from marketable securities of $394,047, offset by operating costs of $220,049 and income taxes of $80,676[131]. - For the six months ended June 30, 2022, the company experienced a net loss of $3,600, with total operating costs of $346,356 and income taxes of $80,676, against interest income of $423,432[131]. Assets and Investments - As of June 30, 2022, the company had $292,236,831 in investments held in the Trust Account, designated for a Business Combination or to repurchase public shares[133]. - The company had $621,578 in operating bank accounts and working capital of $715,923 as of June 30, 2022[133]. Initial Public Offering (IPO) - The company completed its IPO on December 15, 2021, raising a total of $8,982,500 from the sale of 28,750,000 units at $10.00 per unit[127]. - The company has a 15-month period from the IPO closing to complete its initial Business Combination, failing which it will redeem public shares at a cash price based on the Trust Account balance[128]. Debt and Financing - The company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2022[146]. - The company expects to raise additional capital through loans or investments to meet its liquidity needs until a Business Combination is consummated[135]. Accounting Policies - The company has identified critical accounting policies that may affect reported amounts of assets and liabilities, including the treatment of common stock subject to possible redemption[136]. - The company has two classes of shares, with earnings and losses shared pro rata, and potential common stocks from outstanding warrants excluded from diluted earnings per share calculations[145].
BurTech Acquisition (BRKH) - 2022 Q2 - Quarterly Report