Financial Performance - As of June 30, 2022, the company reported a net loss of $102,209 for the three months ended, with operating costs of $247,878 and stock compensation expense of $94,252, offset by interest income of $239,921 [98]. - For the six months ended June 30, 2022, the company had a net loss of $376,475, consisting of operating costs of $446,745 and stock compensation expense of $187,468, with interest income of $257,738 [98]. Cash and Capital - The company had cash outside its trust account amounting to $469,903 as of June 30, 2022, available for working capital needs [99]. - The initial public offering (IPO) generated gross proceeds of $172,500,000 from the sale of 17,250,000 units at $10.00 per unit [99]. - The company also raised $10,625,000 from the sale of 10,625,000 private placement warrants at $1.00 per warrant [99]. - The company incurred a cash underwriting commission of $3,450,000, which is 2% of the gross proceeds from the IPO [109]. Debt and Obligations - As of June 30, 2022, the company had no long-term debt or capital lease obligations [103]. - The company has 17,250,000 Class A ordinary shares subject to possible redemption, classified as temporary equity at redemption value [111]. Future Operations - The company does not anticipate needing to raise additional funds for operating expenditures prior to its business combination [101]. - The company has not commenced any operations and will not generate operating revenues until after the completion of its initial business combination [97]. Regulatory Classification - The company is classified as a smaller reporting company under Rule 12b-2 of the Exchange Act and is not obligated to provide the detailed disclosures typically required for market risk [117].
AP Acquisition (APCA) - 2022 Q2 - Quarterly Report