Financial Performance - The company reported a net income of $6,650,368 for the three months ended March 31, 2022, primarily due to a change in fair value of warrant liabilities of $7,867,560 [195]. - The company has not generated any operating revenues to date and relies on interest income from marketable securities held in the Trust Account [174]. - The company incurred operating costs of $965,893 and transaction costs of $378,343 during the three months ended March 31, 2022 [195]. - The company reported an accumulated deficit of $(9,306,206) as of March 31, 2023, up from $(8,811,016) at the end of the previous year [262]. Capital Structure - The company generated gross proceeds of $230 million from the sale of 23,000,000 units at $10.00 per unit during the IPO [191]. - The company completed a private sale of 15,900,000 Private Placement Warrants at a purchase price of $1.00 per warrant, generating gross proceeds of $15.9 million [171]. - The fair value of Private Placement Warrants remained unchanged at $1,272,000 as of March 31, 2023 [185]. - Class A ordinary shares subject to possible redemption totaled 23,000,000 shares with a redemption value of $10.55 as of March 31, 2023 [262]. - Warrant liabilities remained constant at $2,077,000 as of March 31, 2023 [262]. Cash and Assets - As of March 31, 2023, the company held cash and marketable securities in the Trust Account amounting to $242,673,094 [180]. - As of March 31, 2023, the company had cash of $769,508 available for operational needs [199]. - As of March 31, 2023, total assets amounted to $243,651,103, an increase from $241,533,221 as of December 31, 2022 [262]. - Cash and marketable securities held in the Trust Account were $242,673,094, compared to $240,113,631 as of December 31, 2022 [262]. Liabilities and Obligations - Current liabilities increased to $156,640 from $103,031 as of December 31, 2022 [262]. - The company may lack sufficient funds to consummate the initial Business Combination due to Cartica Management's decision not to approve the purchase of Forward Purchase Shares [177]. - The company has no off-balance sheet arrangements or liabilities as of March 31, 2023 [201]. Business Combination and Future Plans - The company has until July 7, 2023, to complete a business combination, with the possibility of extending this deadline by up to 24 months [173]. - The company has agreed to file a registration statement for Class A ordinary shares issuable upon exercise of the warrants within 20 business days after the initial Business Combination [251]. Internal Controls and Accounting - Management does not anticipate any material effects from recently issued accounting standards on the financial statements [208]. - The company has not experienced any changes in internal control over financial reporting that materially affected its operations during the fiscal quarter ended March 31, 2023 [246].
Cartica Acquisition p(CITE) - 2023 Q1 - Quarterly Report