Financial Performance - For the three months ended September 30, 2022, the company reported a net income of $661,883, driven by interest from marketable securities of $1,317,125, offset by formation and operating costs of $402,504 and income tax provision of $252,738 [137]. - For the nine months ended September 30, 2022, the company achieved a net income of $658,283, with interest income from marketable securities totaling $1,740,557, against formation and operating costs of $748,860 and income tax provision of $333,414 [138]. Assets and Investments - As of September 30, 2022, the company had $293,553,956 in investments held in the Trust Account, designated for a Business Combination or to repurchase Public Shares [140]. - The company had $480,348 in its operating bank accounts and working capital of $594,967 as of September 30, 2022 [140]. IPO and Business Combination - The company completed its IPO on December 15, 2021, raising proceeds of $8,982,500 from the sale of 28,750,000 units at $10.00 per unit [133]. - 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 [134]. Debt and Capital Needs - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2022 [153]. - The company expects to need additional capital for operations and may seek loans or investments from sponsors or third parties [142]. Accounting Policies - The company has identified critical accounting policies that may affect reported amounts of assets and liabilities, requiring management estimates [143]. - The company does not anticipate any material effects from recently issued accounting standards that are not yet effective [157].
BurTech Acquisition (BRKH) - 2022 Q3 - Quarterly Report